Finance Minister to present Mid-year Budget Review Monday

The Minister of Finance, Ken Ofori-Atta, is expected to use Monday’s Mid-Year Budget Review to pave the way for the government to pursue a transformative economic agenda for the second part of the year.

Sources close to the Ministry of Finance told the Daily Graphic that the government, through the mid-year policy and programme review, would adopt an aggressive approach to pushing for economic growth, with a focus on implementing various strategies to promote and support growth across various sectors.

Mr Ofori-Atta last week told a forum with stakeholders that the review would not request additional funding for government expenditure.

However, he insisted that the intentions were to prioritise investment in key sectors of the economy, such as industry and agriculture, to stimulate growth.

In that vein, the government would energise the manufacturing sector through targeted industrialisation efforts, attract both domestic and foreign investments to drive economic diversification and boost production capacity.

A source at the ministry said the prioritisation meant optimising the use of allocated resources.

Some analysts had said it could take various forms such as ensuring that ministries, departments and agencies (MDAs) exhaust their existing allocation instead of seeking additional funding, as well as finding additional efficiencies across sectors to help direct more investments into the priority sectors of agriculture and industry.

The Daily Graphic has also learnt that the government would also rely on the Mid-Year Budget Review to re-direct significant investments into agriculture. 

“This will include the continuation of successful programmes such as the Planting for Food and Jobs (PFJ) initiative into its second phase, as well as programmes to enhance agricultural productivity and ensure food security for the nation,” another source at the Finance Ministry told the Daily Graphic.

The Finance minister at the same forum last Monday pledged food security for Ghanaians, stating, “Affordable food is a must. The government will do all it can to ensure food security for Ghanaians.”

Prosperity dialogue 

During the stakeholder engagement, Mr Ofori-Atta said the “Ghana Mutual Prosperity Dialogue Framework”, a public-private partnership for growth, was expected to serve as the cornerstone of the reforms, which had been touted as “designed to promote shared growth anchored on job creation, exports and import substitution.”  

During the budget review presentation, the finance minister is expected to stress the critical importance of such strategic interventions in achieving sustainable economic growth and development. 

Sources at the Ministry of Finance argued that by addressing systemic weaknesses and building resilience in key areas, the government was seeking to create a solid foundation for the economy to flourish, amid uncertainties posed by global events of COVID-19 and the war in Ukraine.