2024 Budget: Government completes rationalisation of Free SHS, other programmes – Ofori-Atta

Government, with the help of the World Bank has completed work on the rationalisation of some social intervention programmes like the Free Senior High School initiative.

Some of the initiatives have come under scrutiny by the country’s development partners, following concerns of rising expenditure.

The move is also aimed at urging the government to reduce the country’s growing debt stock to free some fiscal space.

This rationalisation could see some of the programmes reviewed in relation to funding.

The Finance Minister, Ken Ofori-Atta, has been giving more details about this move on a yet to be aired PM Express Business Edition on Thursday, October 19, 2023 at 9 pm.

“These are parts of the structural benchmarks that were needed for the (IMF) approval”, he said.

Mr. Ofori-Atta explained that it is critical to review the programmes to enable the World Bank release about $500 million under the IMF programme for Ghana by December 2023.

He disclosed that about 17 programmes were considered and will be incorporated in the 2024 budget with details.

Describing the funds that would be coming from the World Bank as timely, Mr. Ofori-Atta said the development shows that government is keen on meeting all the benchmarks to fully put the economy back on recovery.

“If you look at everything, it continues to show the favour that we have found and the hard work that we have done”, he said.

He added that the Ghana Financial Stabilization Fund will also result in some $250 million coming from the World Bank to support the financial institution.

He is hopeful the funding will strengthen the recapitalisation of banks, particularly local banks hit hard by the Domestic Debt Exchange Programme.