In Ghana’s Parliament, members have engaged in a vigorous debate over the 2024 Budget Statement and Economic Policy. The majority in Parliament has strongly supported the budget, praising its economic policies as “sound, sensible, and pragmatic.” They have called on their minority colleagues to endorse the budget to foster economic growth and stability.
The debate, which began last Tuesday, featured minority lawmakers who sharply criticized the budget as “empty and useless,” arguing it fails to address the needs of the ordinary Ghanaian.
Finance Minister Ken Ofori-Atta presented the 2024 budget statement to the House last week, igniting a series of discussions on the proposed economic measures and programmes.
Information Minister Kojo Oppong Nkrumah, supporting the budget motion, stressed its focus on stability, growth, and development. The budget aims to lower inflation from the mid-30s to 15 percent by the end of the fiscal year and projects an average growth of 2.8 percent for 2024. The government has formed a subcommittee to develop a growth programme to surpass this growth rate.
This growth programme allocates GH₵3 billion to agriculture, including significant funds for the Planting for Food and Jobs initiative and agricultural extension infrastructure. Additionally, the budget reserves GH₵298 million for aquaculture development, GH₵1 billion for trade and industry, and substantial investment in tourism, arts, and culture.
According to a report by the Daily Graphic, National Democratic Congress (NDC) MP for Bolgatanga Central, Isaac Adongo, criticized the budget for failing to fulfill its promises. He questioned past assurances from the Finance Minister, expressing doubts about the projected GDP growth and the government’s ability to meet its Eurobond obligations.
Adongo drew attention to the plight of 70,000 young people under the Nation Builders Corps programme, left unsupported despite earlier promises. He argued that the government’s economic programmes had adversely affected households, particularly during periods of low growth.
Deputy Finance Minister Abena Osei-Asare responded to these criticisms, pointing out past fiscal indiscipline and affirming the government’s commitment to maintaining fiscal discipline in the 2024 budget, notably in an election year. She emphasized the government’s resolve to move away from election-year fiscal pressures and uphold prudent financial management.
NDC MP for Yapei Kusawgu, John Jinapor, challenged this view, noting that the deficit in 2016 was only six percent and questioned the current government’s record in managing election year budgets.
The debate in Ghana’s Parliament mirrors a broader conversation about the country’s economic path, highlighting the need for solid fiscal policies and effective resource management. The outcomes of these deliberations in Parliament will significantly influence Ghana’s economic course and fiscal health.
