Accra, Ghana//-Ghana’s government has assured its citizens and the investor community that it would spend within its appropriation budget for the 2022 fiscal year.
A Deputy Minister of Finance, Dr John Kumah gave the assurance at a webinar on the 2022 Midyear Budget Review for members of Institute of Financial and Economic Journalists (IFEJ) and Parliamentary Press Corps in Accra.
He admitted that although the government is under pressure to spend outside the budget, Dr Kumah is confident that they won’t spend above the appropriation budget.
He noted that global developments including the impact of the COVID pandemic and the Russia – Ukraine war, have really undermined and disrupted most economies of which Ghana is no exception.
Governments across the globe are facing strikes and demonstrations, as workers see their standards of living plummeting with prices of goods and services jumping to heights not seen in over two generations.
The managers of the Ghanaian economy recognised that the country’s post-COVID economic recovery has been uneven and risks remain high. According to the IMF, the global outlook is grim and has darkened significantly, and global uncertainty is exceptionally high, and 2023 is even more uncertain.
However, in the 2022 Budget, the government is committed to chart a course towards growth and fiscal sustainability and this Mid-Year Fiscal Policy Review, Dr Kumah reasserted that commitment.
The government said it has seen some major shifts in its budget assumptions compared to November, 2021, when it presented the Budget.
These changes have led to reduced revenues, increased interest payments and changes in interest rates and exchange rates.
However, Dr Kumah marinated that the government is are committed to staying within the appropriation for 2022. In spite of the underperforming revenues and strong external headwinds, we are not seeking additional funds in this Mid-Year Review.
He was quick to add that they are determined to efficiently use the windfall from the upstream Petroleum Sector to make-up for their revenue shortfall and aggressively improve revenues even as they rationalise expenditures.
In the coming months, Dr Kumah added that the government would continue to optimise and support its flagship programmes, and make strategic investments in the real sector to increase production, enhance productivity, and create jobs.
The YouStart programme will be a fundamental intervention to advancing an entrepreneurial nation to create jobs. While its iconic National Builder’s Corps (NaBCo) programme, which was initially to run for three years and extended for an additional year, will be completed by 1st September, 2022.
The Programme- which engaged a 100,000 young graduates, has prepared thousands of them for the world of work. So far the government has invested approximately GH¢2.2 billion.
As they exit, the current cohort on the programme is encouraged to take advantage of the YouStart initiative and other existing programmes in its drive to Build an Entrepreneurial Nation.
Government’s policy is to support dynamic young entrepreneurs access training and funds to build their businesses and become a significant pool of job providers for their fellow young people.
African Eye Report
