Mid-year budget: Cedi’s struggle is subsiding – Ahiagbah

The Cedi is regaining its strength against the major trading currencies especially the Dollar, Director of Communications of the New Patriotic Party (NPP) Richard Ahiagbah has said.

Mr Ahiagbah noted that the economy is growing, inflation is decreasing

He said this in a post on his X platform ahead of the mid-year budget presentation on Tuesday, July 23.

Regarding the budget, Ahiagbah said that there would be no new taxes in the mid-year budget presentation for 2024.

“To foster growth and job creation, there is a planned investment of GHc8.2 billion in SMEs. Let’s focus on the positive aspects and not be swayed by pessimism. Is it possible,” he wrote.

Dr. Mohammed Amin Adam (MP), per Section 28 of the Public Financial Management Act, 2016 (Act 921), will be presenting to Parliament, the Mid-Year Fiscal Policy Review of the Budget Statement and Economic Policy of the Government of Ghana for the 2024 Financial Year, Tuesday, July 23.

A statement issued by the Finance Ministry said that the Mid-year review offers an update on the implementation of the 2024 Budget, with insights into the economic and fiscal performance for the first half of the year, including updates on growth measures, revenue, and expenditure performance, financing, debt sustainability, and related matters as well as the IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).

The document will also highlight budget implementation for the rest of the year and a possible review of proposed policies on growth with a focus on SME growth, status on implementation of key government programmes, revenue measures, and expenditure controls, and financing adjustments based on the half-year performance.

“This is the first time Dr. Amin Adam will be making a statement in Parliament since assuming office as Finance Minister in February 2024,” the statement stressed.