Dr. Stephen Amoah, Deputy Finance Minister, assured Ghanaians that economic improvements would eventually enhance their living conditions, urging patience. He acknowledged that the growth in macroeconomic performance often doesn’t immediately impact incomes or living standards due to Ghana’s predominantly SME-led economy, which responds slowly to economic changes.
Speaking at a Ministry of Finance briefing, following the mid-year budget review, Dr. Amoah explained that the government is committed to sustaining recent economic gains through the country’s homegrown programme supported by the US$3 billion IMF loan facility. He highlighted the GHS8.2 billion SME Growth and Opportunity (SME GO) initiative, which aims to help SMEs expand and create jobs.
Dr. Amoah also called for a non-partisan approach to taxation, emphasizing the need for collective effort to build the country. He noted that while Ghana’s taxpayer database includes 7.4 million individuals, only 1.9 million are active taxpayers, with 5.4 million inactive and one million eligible taxpayers dormant. He urged Ghanaians to honor their tax obligations to support national development.
In the first half of 2024, Ghana’s total revenue and grants amounted to GH₵74.7 billion, slightly below the target of GH₵76.1 billion due to a significant reduction in grants and oil and gas receipts.
