2024 Mid-Year Budget Review – Full Text

On Tuesday, July 23, Finance Minister Mohammed Amin Adam presented the 2024 mid-year budget review before Parliament.

In his address, Dr. Amin Adam assured that the government is committed to staying within its budgetary allocations.

He emphasised that the government’s focus is on fiscal discipline, aiming to manage expenditures carefully and avoid overspending.

Dr. Amin Adam reaffirmed the administration’s dedication to adhering to its financial limits and maintaining budgetary control.

 

 

On The  Ghana’s Economy

 

The Finance Minister, Dr. Mohammed Amin Adam, says the measures put in place to improve the economy are beginning to show results.

The Minister admitted that the past two years have been globally challenging, with Ghana being no exception.

According to him, the difficult economic environment impacted businesses and families, especially the vulnerable in society.

Presenting the midyear budget review to parliament, the Finance Minister stated that, “Mr. Speaker, over the last two years, the government has embarked on a number of decisive measures to get us back on the path of fiscal consolidation, economic stability, and growth. I am happy to note that these policies that we have implemented are yielding the expected results.”

The Minister also stated that growth continues to exceed expectations. He highlighted that the 4.7 percent growth rate reported by the Ghana Statistical Service for the first quarter of 2024 surpasses the revised target of 3.1 percent.

Dr. Mohammed Amin Adam noted that inflation is declining, with the end-June inflation rate at 22.8 percent, a reduction of 31 percentage points since December 2022.

The MP said that this suggests that reaching the target threshold of +/- 2 of 15 percent by the end of 2024 is possible.

He added that the exchange rate has largely stabilized compared to December 2022, despite recent pressures.

The finance minister pointed out that the 18.6 percent depreciation rate against the US dollar as of June 2024 represents an improvement over the 22.0 percent recorded for the same period last year.

“Gross International Reserves reached 3.1 months of imports as of June 2024, against 2.5 months of imports in the same period last year. Mr. Speaker, it is evident that we are on the right trajectory. The economy is rebounding stronger than anticipated. The choices we have made and the policies we are implementing yield results. We have reversed the negative trends; all the indicators are looking better. I want to assure you that we will stay on this path and continue to make the right choices. Our economic recovery is fast and strong.”

 

 

On The Road sector

The Finance Minister, Dr. Mohammed Amin Adam, has announced that the government has invested approximately GH¢10 billion in the road sector since January 2024.

Presenting the mid-year budget review on Tuesday, July 23, Dr. Amin Adam stated that this investment aims “to enhance transportation and spur economic growth”.

He further confirmed, “The government has secured equipment to complement the efforts of our local authorities in improving community roads nationwide.”

Furthermore, he revealed that the government has given the green light for the development of a structure for the reimplementation of road and bridge tolls in 2025.
Regarding other infrastructure projects, Dr. Amin Adam highlighted ongoing progress on various key projects, including:

Komfo Anokye Teaching Hospital

Ofankor-Nsawam Road

Keta Water Supply

Obetsebi Lamptey and Flower Pot Interchanges

Three by-passes on the Kumasi-Accra Highway

Tema-Mpakadan Railway Line

“We have completed the Prempeh I International Airport in Kumasi and the Yakubu Tali International Airport in Tamale,” he added.

On the Agenda 111 project, he noted that many hospitals across the country, including the Afari Hospital in Kumasi, are at various stages of completion.

To advance the country’s digitalisation drive and expand the unique identification system, the noted that government has invested about GH₵135 million in the National Identification Programme since January 2024.

Dr. Amin Adam also mentioned the Economic Roads Improvement Programme (ERIP), aimed at generating economic activity and growth by connecting producing areas to market centers and key tourist sites. Critical economic roads have been prioritized under this program, with structured financial arrangements to ensure their timely completion. These roads include:

 

 Ghana’s public debt

Dr Mohammed Amin Adam, the Finance Minister, has disclosed that the central government’s provisional total debt stood at GH¢742 billion (US$50.9 billion) as of June this year.

This figure represents 70.6 per cent of the Gross Domestic Product (GDP).
Below is the full 2024 Mid-Year Budget Review

 

2024 Mid-Year Speech as at 4am updated

 

 

 

 

 

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