IMF Updates And Other Things To Expect From The 2023 Mid-Year Budget Review

• The Ministry of Finance has said the 2023 mid-year budget review will outline measures to boost Ghana's economy
• The budget review will also give further details on Ghana's fiscal and economic performance in 2023 so far
• The finance ministry said there would be further engagements after the budget to explain the various policy decisions

The finance ministry has said the Mid-Year Fiscal Policy Review of the 2023 budget will highlight measures to restore macroeconomic transformation.

The ministry in a statement also said the review will also look at measures put in place to boost economic transformation.

“The issues that will be highlighted include structural reforms in expenditure commitment control and arrears clearance; debt management; financial stability and a growth agenda, amongst others,” the statement said.

Furthermore, the statement said that the presentation will provide an update on the 2023 Budget's implementation.

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The ministry said there will be insights into the economic and fiscal performance for 2023 so far.

"It will discuss policies implemented to stabilize the economy, promote growth and provide social protection for the vulnerable as outlined in the IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG)."

The ministry also said that there will be further programmes to explain the various policy choices to the public.

Appeal for earlier reading

YEN.com.gh reported that the Speaker of Parliament, Alban Bagbin, had urged Ofori-Atta to present the review to Parliament earlier than scheduled, which was July 27.

Bagbin said the previous plan would make it difficult for MPs to go on break on time. He explained that MPs needed to break earlier because of other official commitments.

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“So this is a notice to the Minister of Finance to try as much as possible to submit the mid-year Budget and Supplementary Budget Review earlier than perceived because we have to work on it and approve it before August 10," Bagbin said earlier.

Focus of the 2023 budget

YEN.com.gh reported that the focus of the 2023 budget was on measures to stabilise the economy.

The finance ministry assured that the 2023 budget would help build resilience and promote inclusive growth and value creation in the Ghanaian economy.

It also contained updates on Ghana's engagement with the IMF for a supported programme.

An IMF team in Ghana in June 2023 said that Ghana's economy was showing signs of improvement.

Source: YEN.com.gh