{"id":57012,"date":"2023-10-16T06:46:55","date_gmt":"2023-10-16T06:46:55","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=57012"},"modified":"2023-10-16T06:36:17","modified_gmt":"2023-10-16T06:36:17","slug":"government-commits-to-more-expenditure-cuts-aggressive-growth-jobs-2024-budget","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/government-commits-to-more-expenditure-cuts-aggressive-growth-jobs-2024-budget","title":{"rendered":"Government commits to more expenditure cuts, aggressive growth, jobs \u2013 2024 budget"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>The government has assured Ghanaians that it will safeguard current economic gains, and make it reflect in the living conditions of everyone in the coming months.<\/b><\/p>\n

To this end, there would be more expenditure reduction measures in the 2024 budget, as well as policies to consolidate macroeconomic gains, ensuring that inflation and exchange rate are tamed.<\/p>\n

Mr Ken Ofori-Atta, Finance Minister and Mr Kojo Oppong Nkrumah, Information Minister, gave the assurances on Friday evening ahead of the budget presentation in November.<\/p>\n

They spoke on the sidelines of the 2023 International Monetary Fund (IMF)\/World Bank Group (WBG) Annual Meetings in Marrakech.<\/p>\n

\u201cYou\u2019ll see more prudent fiscal measures in the 2024 budget to keep the macroeconomy stable so that inflation continues to go down and the currency remains stable.<\/p>\n

That\u2019s an assurance from government that will surely happen\u201d Mr Ofori-Atta said.<\/p>\n

\u201cWe\u2019ll also find various incentives and resources into the growth agenda that we have to catalyse the private sector to thrive,\u201d the Minister pledged during a press briefing.<\/p>\n

The government introduced a number of cost-cutting measures in the 2023 budget, including, a freeze on employment in the public sector, reduction in salaries of some government officials, aimed at supporting macroeconomic stability.<\/p>\n

Mr Nkrumah said those measures had started yielding positive results, but the government would do more, which would be specified in the 2024 budget.<\/p>\n

\u201cAlthough we don\u2019t have the final figures, one of the clearest ways to examine the performance of the measures to reduce expenditure is to look at the primary balance, and there\u2019s a clear indication that we\u2019re doing well to stay within the revenue envelope that we have,\u201d he said.<\/p>\n

Ghana\u2019s primary balance \u2013 the difference between the amount of revenue the government collects and spends on providing public goods and services, excluding debt payment, was \u22121.3 as of the first half of 2022, but stood at 0.6 the same period, 2023.<\/p>\n

Reiterating government\u2019s commitment to fiscal discipline, Mr Nkrumah said: \u201cGoing forward, our focus is to stay on that path to ensure that we don\u2019t blow the fiscals out of gear.\u201d<\/p>\n

Some Civil Society Groups, Economists and Governance experts in the country have been calling for a reduction in the number of ministers and government officials as part of measure to maintain fiscal discipline, but that is yet to happen.<\/p>\n

They have also encouraged the government to be more aggressive on collecting property taxes, incentivise to rope the informal sector into the tax net, and reduce the rate of the Electronic Transactions Levy (E-levy) to about 0.5 per cent from the one per cent.<\/p>\n

That they expressed confidence in increasing domestic revenue to support expenditure reduction measures, making the economy more robust.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. The government has assured Ghanaians that it will safeguard current economic gains, and make it reflect in the living conditions of everyone in the coming months. To this end, there would be more expenditure reduction measures in the 2024 budget, as well as policies to consolidate macroeconomic gains, ensuring that inflation and […]<\/p>\n","protected":false},"author":84,"featured_media":57011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-57012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nGovernment commits to more expenditure cuts, aggressive growth, jobs \u2013 2024 budget - Ghana<\/title>\n<meta name=\"description\" content=\"The government has assured Ghanaians that it will safeguard current economic gains, and make it reflect in the living ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/government-commits-to-more-expenditure-cuts-aggressive-growth-jobs-2024-budget\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government commits to more expenditure cuts, aggressive growth, jobs \u2013 2024 budget\" \/>\n<meta property=\"og:description\" content=\"The government has assured Ghanaians that it will safeguard current economic gains, and make it reflect in the living ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/government-commits-to-more-expenditure-cuts-aggressive-growth-jobs-2024-budget\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-16T06:46:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/10\/sm_1697425478.365325.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/government-commits-to-more-expenditure-cuts-aggressive-growth-jobs-2024-budget#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/government-commits-to-more-expenditure-cuts-aggressive-growth-jobs-2024-budget\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Government commits to more expenditure cuts, aggressive growth, jobs \u2013 2024 budget\",\"datePublished\":\"2023-10-16T06:46:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/government-commits-to-more-expenditure-cuts-aggressive-growth-jobs-2024-budget\"},\"wordCount\":467,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/government-commits-to-more-expenditure-cuts-aggressive-growth-jobs-2024-budget#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/10\/sm_1697425478.365325.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/government-commits-to-more-expenditure-cuts-aggressive-growth-jobs-2024-budget#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/government-commits-to-more-expenditure-cuts-aggressive-growth-jobs-2024-budget\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/government-commits-to-more-expenditure-cuts-aggressive-growth-jobs-2024-budget\",\"name\":\"Government commits to more expenditure cuts, aggressive growth, jobs \u2013 2024 budget - 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