Mid-year budget: Gov’t revises expenditure downward by 2.1% to GH¢219 million

Finance Minister Dr. Mohammed Amin Adam says a revision has been made to the 2024 fiscal framework indicating a primary balance on a commitment basis.

Total expenditure (commitment) has been revised downward by 2.1 percent, to GH¢219,749 million (21.5% of GDP) from the original budget projection of GH¢226,681 million (21.6% of GDP).

“This revision is largely on the back of Interest. Payments which has been revised downwards by GHs7,934 million to reflect the impact of the external debt restructuring on external interest payment.”

However, Mr. Amin Adam mentioned that the government’s revenue for the 2024 fiscal framework has revised upward by 0.5% to GH¢177 million.

“Mr. Speaker, Total Revenue and Grants have been revised upward by 0.5 percent to GH¢177,220 million (17.4% of GDP) in 2024, from the 2024 Budget target of GH¢176,414 million (16.8% of GDP), largely reflecting increase in Non-Oil Non-Tax Revenue which has been increased from GH¢14,837 million (1.4% of GDP) to GH¢15,638 million (1.5% of GDP) to reflect dividends from interest accrued in the ESLA accounts.”

He indicated that this was in line with the Post-COVID-19 International Monetary Fund(IMF) Programme for Economic Growth (PC-PEG) objectives.

During the 2024 mid-year budget review presented in Parliament on Tuesday, July 23, Dr. Amin Adam emphasised the government’s commitment to revitalizing the economy for the benefit of all Ghanaians.

The Minister also assured that the government remains focused on maintaining the progress made thus far and is determined not to derail the gains achieved in economic recovery and development.

The Mid-Year Budget Review provides a vivid picture of the country’s economy. It allows stakeholders to reflect on the fiscal performance of the first six months and adjust fiscal policies to the changing economy.