The government through the Ministry of Finance has engaged with stakeholders on the 2023 budget and economic statement expected to be presented by Finance Minister Ken Ofori-Atta in November this year.
The engagement which took place in Accra on Friday, forms part of measures by
the Ministry aimed at deepening citizen participation in the budgeting process
and to ensure that the nation achieves inclusive growth and national cohesion
on its policies and programmes. The engagement also afforded stakeholders the
opportunity to make their inputs into the 2023 budget.
Speaking at the engagement, the Deputy Finance Minister in charge of
Wealth Creation, Dr John AmpontuahKumah indicated that such engagements had
become very crucial considering the current economic turbulence being
experienced both locally and globally.
“Our economy, just as many other developing and emerging economies, is still
managing the pressures posed by the current global and domestic challenges such
as revenue underperforming, increasing debt service as a result of growing
interest payments, credit ratings downgrades and rising cost of compensation
payments, among several others and considering the fact that Ghana is not
expected to return to the International Capital Market, (a major financing
source in recent times to augment domestic financing), anytime soon, the
financing challenges currently being faced by Government is likely to persist,”
he said.
The Deputy Minister however added that he was confident that all current
policies and strategies being implemented and explored by the government would
help address the economic challenges.
According to him the government had set various focus areas in the
short to medium term in order to accelerate the economic recovery of the
nation.
“As we make our submissions and propose recommendations for preparation of the
2023 budget, let us be guided by the focus areas of government for the ensuing
fiscal year and the medium-term: which is to restore and sustain
macroeconomic stability, ensure durable and inclusive growth and promote social
protection; maximise revenue mobilisation efforts by widening the tax net,
enforcing compliance measures and vigorously pursuing the digitalisation agenda
to minimise revenue leakages and introduce efficiency measures in the use of
public funds by reducing duplication of functions among covered entities and
reducing waste,” he said.
He added that government would always welcome suggestions, recommendations and
proposals that would enrich the 2023 budget.
“As a government, we believe in the culture of governance that promotes the
principles of transparency and accountability and therefore these engagements
enrich the budgeting process and move us a step closer to achieving these
principles. In fact, there are several engagements that have and continue to
take place in different forms and with diverse stakeholders at various stages
of the budgeting process. Therefore, let me assure you that these engagements
are taken with the utmost seriousness that it deserves.”
The engagement was attended by representatives from SEND-Ghana, Association of
Ghanaian Industries, Makola Women Association, Institute of Statistical, Social
and Economic Research (ISSER) of the University of Ghana, Legon, Ghana
Charismatic and Pentecostal Churches Association and several other civil
society organisations, trade groups, academia who made inputs into the 2023
budget.
Source: ghanaiantimes.com.gh