We’re living within our means – Finance Minister

Finance Minister Dr. Mohammed Amin Adam has informed Ghanaians that the government is staying within its budgetary constraints.

During the presentation of the mid-year budget review in Parliament, he reiterated that the government has closely managed spending to stay under the 2024 Budget Appropriation limit. 

Dr. Amin Adam also disclosed that the government will exceed its mid-year income target by 0.2 percent by the end of June 2024. He emphasized that any new expenditures would be carefully reviewed so as not to jeopardize recent economic gains.

The Minister underlined the government's commitment to fiscal restraint and defending previous economic gains. "In fact, Mr. Speaker, we're living within our means. Indeed, keeping with our plans with the IMF, we are on track to achieve a primary surplus of 0.5% of GDP by the end of the year," he stated on Tuesday, July 23.

"We have successfully concluded the second review of our Extended Credit Facility with the International Monetary Fund (IMF) which led to the disbursement of the 3rd tranche of 360 million US Dollars, bringing total disbursement to about US$1.6 billion; We have completed the Debt Restructuring programme with the Official Creditor Committee (OCC), covering US$5.1 billion dollars resulting in approximately 2.8 billion US Dollars of debt relief. This means that we will not service our debt to our official creditors from 2023 to 2026."

"We have concluded negotiations with our Eurobond holders, covering 13.1 billion US Dollars, which will lead to a cancellation of 4.7 billion US Dollars of our debt and provide debt service relief of 4.4 billion US Dollars between 2023 and 2026," he stated.

Source : Florence Kyei/ Lead News Online