2024 Budget: Ghana’s economy projected to exceed GH¢1 trillion next year – Ofori-Atta

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Ghana’s economy is anticipated to surpass GH¢1 trillion in 2024, according to the Finance Minister, Ken Ofori-Atta.

He revealed that, during President Akufo-Addo’s final year in office, the country’s economic value is projected to escalate from GH¢219.5 billion in 2016 to the historic milestone of GH¢1 trillion.

Addressing parliament on Wednesday, Ofori-Atta emphasized the significance of the 2024 Budget, stating, “Mr. Speaker, the 2024 Budget is even more significant because we will cross the GH¢1 trillion Gross Domestic Product (GDP) mark for the first time in our economic history. Let me repeat, Mr. Speaker, Ghana’s economy under President Akufo-Addo’s final year in office is projected to be valued at over GH¢1 trillion in 2024 from GH¢219.5 billion in 2016.

“Mr. Speaker, with such a milestone ahead of us, the Government is protecting, at all cost, the foundation for sustained economic expansion. A foundation that has been achieved through the sweat and patience of the Ghanaian people. We pledge to protect this for all our people and especially for private sector growth. And we shall do so by ensuring that the enabling factors are in place and accessible to all.

“These will include reliable energy supply, stable Cedi, lower inflation and lower interest rate regimes, access to private sector credit, infrastructure provision, food security, national security, and inter-continental market linkages through increasing active platforms such as the AfCFTA.”

The Finance Minister also shared that the government has allocated GH¢220 million to support the relief phase for communities affected by the Akosombo spillage and floods in the Oti, Savannah, and Bono-East Regions.

He outlined plans for the restoration phase, where additional resources from the Ministry of Agriculture would aid in rebuilding livelihoods.

In response to the crises, Ofori-Atta highlighted proactive measures, stating, “Mr. Speaker, the Government has budgeted an amount of GH¢220 million to support the relief phase for the communities affected by the Akosombo spillage as well as floods upstream in the Oti, Savannah, and Bono-East Regions. For the restoration phase, the Government through the Ministry of Agriculture will allocate additional resources to support the restoration of livelihoods.

“In addition, after the visit, the Ministry of Finance was quickened to respond. We have requested funding from the World Bank under the IDA Crisis Response Window (CRW) to support the resettlement of the victims, restoration of livelihoods, compensation and reconstruction of infrastructure in the affected communities.”

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