Finance Minister Dr Mohammed Amin Adam is seeking the banking sector’s support ahead of the mid-year budget review scheduled for July 23, 2024.
He noted the vital role of the banking industry in fostering business growth.
Speaking at a stakeholders’ engagement on the 2024 budget implementation with bankers, he assured that fiscal responsibility would be maintained to drive growth under the IMF programme.
“We expect the mid-year budget review to announce measures on how we can promote economic growth.
“Getting the banks to understand and align with our expectations is crucial because they will play a key role in financing private sector participation, which is essential for achieving an accelerated growth rate for the development of our country,” he said.
He also hinted at possible amendments to the Fiscal Responsibility Act, exploring options that would impose fiscal rules on debt levels.
The minister seeks input from stakeholders and business associations to ensure government policy reviews are well-supported and to shape a broader policy framework for the presentation.
For his part, the Chief Executive Officer of the Ghana Association of Banks, John Awuah, reiterated the sector’s dedication to economic recovery and stressed the importance of mitigating risks.
“As banks, we are fully committed to supporting economic recovery as long as it does not pose undue risks to the industry. We recognize that a robust economy creates favourable conditions for business growth, enabling banks to offer essential support without exacerbating current impairment risks.”
