The recent presentation of a 48-page budget document to Parliament by Finance Minister Ken Ofori-Atta has sparked noteworthy discussions about impactful changes and provisions. Here are the 10 key takeaways from his presentation, reflecting both immediate relief measures and broader economic strategies set forth by the Ghanaian government.
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# 1. Akosombo Dam Spillage Relief
In response to the challenges posed by the Akosombo Dam spillage, the government has earmarked a substantial amount of GH¢220 million to provide support during the relief phase, demonstrating a commitment to aiding affected communities.
#2. Construction of LA General Hospital
The funding allocated within the national budget will facilitate the resumption of work on the LA General Hospital construction project, demonstrating the government's commitment to bolstering healthcare infrastructure.
# 3. Sanitary Pad Tax Removal
To promote accessibility and affordability, the implementation of a zero VAT rate and import duty waivers for raw materials used in locally manufactured sanitary pads represents a significant step towards addressing women's health needs.
# 4. African Print Industry
Building on existing measures, the extension of the zero VAT rate on locally manufactured African prints for an additional two years underscores the government's support for local industries and cultural products.
# 5. Night Economy Boost
By establishing a task force through a public-private partnership, the government aims to enhance security and lighting infrastructure, thereby fostering a vibrant night economy and ensuring a safe and conducive environment for nighttime activities.
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# 6. Successful Conclusion of DDEP
The successful conclusion of the Debt and Debt-Service Suspension Initiative (DDEP) and ongoing progress in external debt restructuring reflect the government's efforts to manage and address financial liabilities effectively.
# 7. External Sector Outlook
The performance outlook of the external sector is interconnected with negotiations with external creditors, the implementation of an IMF-supported program, cocoa syndication loans, mining inflows, and the anticipated second tranche of the IMF Loan, illustrating a multifaceted strategy for managing external financial relations.
# 8. GH¢4 billion Dedicated For Financial Sector Support
A substantial allocation of GH¢4 billion in the 2024 budget is designated to tackle challenges within the financial sector, including the critical task of recapitalizing the National Investment Bank and distressed Savings and Loans companies (SDIs), aiming to stabilize and strengthen the financial landscape.
# 9. Anticipated International Funding Support
The anticipation of approximately $2 billion from the IMF and World Bank, as well as Cocoa syndication, signifies the government's proactive approach to securing vital international funding, bolstering the country's economic outlook.
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# 10. Expenditure Surge
An anticipated increase in total expenditure by GH¢21.3 billion demonstrates the government's commitment to addressing critical areas such as social relief, economic support, and broader developmental initiatives, signaling a proactive approach in the face of evolving financial pressures.
In summary, Finance Minister Ken Ofori-Atta's outlined measures cater to immediate needs while also laying the foundation for sustainable economic growth and stability, elucidating a multi-pronged strategy characterized by targeted relief efforts, sector-specific support, and strategic financial planning.
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