An International Monetary Fund (IMF) program is being negotiated with rehabilitation efforts while the nation experiences economic hardship.
Thus, many are anticipating a budget and economic strategy that would offer long-term remedies to the current financial crisis, but Prof. Bokpin warned that citizens may have to prepare themselves to pay more for the eagerly awaited recovery.
"This is the first and most significant declaration the administration hopes to make regarding its adherence to an IMF program. To that point, the government will need to prioritize measures that will increase revenue and enforce spending restraint. Because of this, in order for the government to clean up its mess, you and I will have to sacrifice quite a bit. The cost falls on us.
Ken Ofori-Atta, the under-fire finance minister, will give the government's 2023 annual budget statement and economic policy to Parliament today, November 24, 2022.
The Finance Minister will carry out this constitutional task on the President Nana Addo Dankwa Akufo-behalf. Addo's
The 2023 Annual Budget Statement and Economic Policy of Government will be laid before Parliament on Thursday, November 24, 2022, in accordance with Article 179 of the 1992 Constitution and Section 21 of the Public Financial Management Act, 2016 (Act 921), according to a statement from the Finance Ministry.
The government's plans to rebuild and stabilize the macroeconomic environment, foster resilience, and encourage inclusive growth and value creation will be the main topics of the budget, according to the Ministry of Finance.
It will also include updates on Ghana's interaction with the IMF for a program that is supported by the IMF, the economy's year-to-date macrofiscal performance, the YouStart initiative under the Ghana CARES Program, strategies for addressing climate change, fiscal measures, and debt management plans that will ensure fiscal and debt sustainability and foster growth.
Due to the current economic crisis, Ghana is currently asking the International Monetary Fund for a $3 billion bailout package.
The negotiations have not yet come to an end.