The nation awaits pivotal economic announcements as Finance Minister Dr. Cassiel Ato Forson prepares to present a high-stakes budget tomorrow.
This financial blueprint is expected to detail President John Mahama’s ambitious plan to “reset” Ghana’s economy, tackling critical issues such as inflation, currency instability, and mounting public debt.
Speaking during a virtual town hall discussion with youth on X (formerly Twitter), on March 8, Dr. Forson outlined several priority areas set to shape the government’s fiscal policy:
• Boost in School Feeding Program: A 33% increase in funding, raising the daily allocation per child from GHC1.50 to GHC2.00.
• Agriculture Investment: Increased funding to enhance food security and promote agro-industry growth.
• Sports Development: New investments in infrastructure and talent development.
• Inflation Control: Aiming for an inflation target of 8% (±2), a significant reduction from current levels.
Additionally, Dr. Forson confirmed sweeping expenditure cuts across ministries and a resumption of external debt repayments, a move that has already sparked debate among policymakers and the public.
With Ghana’s economy facing significant financial constraints, the government is prioritizing fiscal discipline while maintaining essential social programs.
The Executive Director of the Centre for Public Policy and Economic Analysis, Julius Nana Yaw Gyimah, shared his insights on the budget during an interview with Beatrice Adu on 3FM’s Midday News on March 10.
“We need programs that protect the poor and vulnerable in society. Usually, we see governments rolling out pro-poor policies that benefit the ordinary Ghanaian. However, in doing so, they have to reduce expenditure, particularly on compensation for sector workers,” he stated.
The upcoming budget presentation is expected to generate intense discussion as the government attempts to balance austerity with economic growth.
While the commitment to external debt repayment may reassure investors, concerns remain about how spending cuts will affect public sector employment and essential services.
As the nation awaits Dr. Forson’s address, there is growing anticipation for the government’s strategy in navigating economic recovery while safeguarding the livelihoods of its citizens.
With Ghana’s economic stability at stake, this budget will serve as a crucial test of the administration’s ability to manage fiscal challenges while promoting sustainable development.
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By Elsie Nana Adjoa Aidoo
Source:
3news.com
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