The mid-year Budget Review will include the continuation of successful initiatives like the Planting for Food and Jobs (PFJ) program, along with efforts to enhance agricultural productivity and ensure food security for the nation.
Accra, Ghana - The Minister of Finance, Ken Ofori-Atta, is set to unveil an ambitious economic agenda during Monday's Mid-Year Budget Review, aimed at propelling the nation's growth for the remainder of the year.
Sources close to the Ministry of Finance have revealed that the government plans to adopt a proactive approach to push for economic growth, focusing on implementing strategies that promote and support development across various sectors.
Addressing stakeholders at a forum last week, Mr. Ofori-Atta emphasized that the review would not seek additional funding for government expenditure. Instead, the government's intention is to prioritize investment in key sectors such as industry and agriculture to stimulate growth.
To revitalize the manufacturing sector, the government plans to implement targeted industrialization efforts. Additionally, it aims to attract both domestic and foreign investments to foster economic diversification and enhance production capacity.
The strategy of prioritization will involve optimizing the use of allocated resources. Experts suggest this could mean ensuring that ministries, departments, and agencies (MDAs) fully utilize their existing allocations instead of seeking additional funds. The government will also identify additional efficiencies across sectors to redirect more investments towards the priority areas of agriculture and industry.
In pursuit of food security, the Mid-Year Budget Review will emphasize significant investments in agriculture. This will include the continuation of successful initiatives like the Planting for Food and Jobs (PFJ) program, along with efforts to enhance agricultural productivity and ensure food security for the nation.
During the stakeholder engagement, Mr. Ofori-Atta highlighted the "Ghana Mutual Prosperity Dialogue Framework," a public-private partnership aimed at promoting shared growth through job creation, exports, and import substitution.
The finance minister is expected to stress the critical importance of such strategic interventions in achieving sustainable economic growth and development during his budget review presentation.
The government's transformative economic agenda comes at a time when global uncertainties, such as the COVID-19 pandemic and the war in Ukraine, pose challenges to economies worldwide.
By addressing systemic weaknesses and building resilience in key areas, Ghana's government seeks to lay a solid foundation for the economy to flourish in the face of these challenges. The Mid-Year Budget Review is anticipated to be a pivotal moment for the nation's economic trajectory, guiding its growth and development for the rest of the year.
Source: Tellusghana || Naa Lamley
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