The Minister Of Finance, Ken Ofori- Atta has pleaded with the parliament of Ghana to approve the appropriations bill, which will enable the implementation of the 2023 budget.
Ken Ofori -Atta, speaking on the 19th of December, 2022 disclosed that, the approval of the budget which was the first step in the approval process, is followed by a next stage currently ongoing in parliament, which requires the acceptance of the appropriation bills.
The next stage is for parliament to consider and approve the budget estimate of individual Metropolitan, Municipal and District Assemblies (MMDAs), approval of the fiscal measures; both revenue, expenditures and their related legal instruments underpinning the 2023 budget, he disclosed.
“This second stage will culminate in approval of the appropriations bill which will enable the implementation of the 2023 budget. We are therefore calling on the parliament to favorably consider the fiscal measures in the 2023 budget as they are part of the package for addressing the economic challenges facing the country, and will facilitate the approval of the IMF program.”
Ken Ofori Atta
The Minister of Finance further explained that, the International Monetary Fund (IMF) program consist of three important components; attaining a stable macroeconomic environment, obtaining debt sustainability and seeking financing assurances.
“The Government has continued to discuss, dialogue extensively with various stakeholders including regulators and representatives across the pensions, banking, asset management and insurance sectors.”
Ken Ofori-Atta
According to him, there has been discussions with the stakeholders concerning the rationale behind the domestic debt exchange program, understood their perspectives and feedbacks taken for further corrective measures.
Ultimately, confidence and the active participation of all stakeholders are the essential elements of the debt exchange program. As such, government is committed to laying out a path towards attaining debt sustainability informed by sound technical analysis and broad stake holders engagement, he added.
Debt Exchange Program And IMF Agreement Aid In Economic Recovery and Cedi Appreciation
According to Ken Ofori-Atta, the launch of the debt exchange program coupled with Staff level agreement have aided our stability effort and have particularly contributed significantly to rebound of the currency.
“So far, we have all witnessed the gains of the cedi over the past week as well as the attainment of the staff level agreement in near record time. We still have a lot of work to do before the end of the year in order to gain the full benefit of the debt exchange.
“While accommodating the input of stakeholders, we must do all we can to sustain the gain of this initiatives keeping inside the urgency of the sustaining IMF’s approval in the first quarter of 2023. The cause of this not succeeding will be too huge a blow to our economy.”
Ken Ofori-Atta
Ken Ofori-Atta assured the public of the great outcome expected from the debt exchange program, as there has been manifestation of it in the appreciation of the cedi.
He further disclosed government’s extension of the expiration date for the domestic debt exchange to 30th December, 2022, to allow for key concerns raised by stakeholders to be accommodated in some form.
Ken Ofori-Atta pleaded with parliament to support in getting the appropriations bill for the 2023 fiscal year passed. “We also urge parliament to support in particularly in the new revenue measures outlined in the 2023 budget, which aim to improve revenue mobilization. We cannot afford to repeat the mistakes of 2022,” he stated
“Our end game as a government has always been to achieve a Ghana beyond Aid; A wealthy, inclusive, sustainable, empowered and resilient society.
“The necessary pre-condition for this is a stable macro-economic environment build within those lengths. Restructuring our debt is only but a necessary part of our story.”
Ken Ofori Atta
Ken Ofori- Atta communicated on the ensuing year’s focus on building entrepreneurial and export driven economy, as the country grows its economy to protect and create jobs, tackle inflation and strengthen our currency.
Importation of food should soon be a thing of the past.
“We cannot afford to lose this momentum as we navigate towards a stability, predictability and growth.”
Ken Ofori-Attah
“2023 must be our come back year. A year which we put in place stronger foundations that will allow us to change our country for the better and in a way that is enduring inclusive and transformational.
“We all have a role to play and I urge us all to work together and support the government on various interventions being implemented to kickstart our recovery in a determined, bold and courageous way.”
Ken Ofori-Atta
On behalf of H.E. Akuffo Addo, Ken Ofori Atta in his address expressed his gratitude to the Right honorable speaker, the leadership of parliament and all members of parliament for working hard beyond official hours and over weekends to approve policies underpinning the 2023 budget and progress being made to address the economic challenges facing the country.
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