Finance Minister Dr. Mohammed Amin Adam announced that the government will not introduce any new taxes in the upcoming 2024 Budget. Instead, the focus will be on enhancing housing and road infrastructure through collaborations with private companies.
Dr. Amin Adam emphasized the importance of economic growth and the role of banks in funding public projects. He stated, “The government is not able to take as much external credit as it could because we want to achieve our debt sustainability levels. We expect the Mid-Year Budget Review to announce measures to promote economic growth and help banks understand our direction.”
This statement was made during a meeting with bankers, non-bank financial institutions, civil society organizations, academics, and trade groups. The objective was to garner support from banks to boost the economy through these partnerships.
The Minister reassured attendees that Treasury bills (T-bills) remain secure, urging bankers and financial industry workers to trust in the economy, citing data indicating that Ghana is on the right track. “The tough decisions taken during the crisis will not be the same in our economic recovery,” Dr. Amin Adam noted.
He also called on bankers to help build investor confidence, stressing the importance of communicating a smooth and effective recovery to attract potential investors.
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John Awuah, CEO of the Ghana Association of Banks, echoed the need for security within the banking sector. He noted that banks had not yet fully utilized government instruments and expressed readiness to support economic recovery by providing loans, as long as it does not jeopardize the industry. Speaking to the Ghana News Agency (GNA), Awuah mentioned concerns about the delay in rating agencies grading Ghana’s progress, adding, “Banks have already started analyzing the progress Ghana has made.”
