Five Interesting Allocations in Ghana’s 2023 budget

Five Interesting Allocations in Ghana’s 2023 budget

GhNewsBanQ presents five interesting allocations in Ghana’s 2023 budget.

Ghana’s national budget for the following year was ultimately revealed on Thursday after a delay that caused considerable worry and dissatisfaction among Ghana’s parliamentary members.

The budget was presented on Thursday, November 24, 2022, by the finance minister, Ken Ofori Atta.

As is obvious from the insistence on incorporating the $3 billion rescue loan from the International Monetary Fund, it is anticipated that the budget for Ghana this year will be centred on the recovery of the Ghanaian economy.

Dozens of ideas were pointed out, but a few aspects of the budget presented stood out. The five most interesting allocations from Ghana’s 2023 national budget are listed below.

  1. Importation cut downs

The government of Ghana has promised to promote local producers with a designated budget in order to increase domestic product production. In addition to this, the finance minister promised a 50% reduction in imports. The government, according to him, would also encourage the aggressive production of tactical substitution items.

2. Debt restructuring

The finance minister said during his presentation that the administration is dedicated to keeping debt levels under control despite the country’s elevated levels of debt. According to the finance minister, the government would conduct a debt exchange programme in conjunction with the public of Ghana, the investor community, and development partners to resolve the issues found in the portfolio.

3. Regulation of vehicles

According to the finance minister, the usage of V6 and V8 engines would be restricted. A ban on the usage of V8s, V6s, or their equivalents would be enacted, with the exception of cross-country trips. All government cars will be issued GV green licence plates starting in January 2023.

4. Fertilizers

The finance minister said that more needs to be done to increase domestic food production.
Since the year began, Sub-Saharan Africa has been plagued by widespread food shortages, and Ghana is no exception. The finance minister emphasised that providing farmers with immediate access to fertilisers would boost agricultural output in the country and that funding would be provided to local fertiliser manufacturers.

He said the government was also facilitating the establishment and expansion of local organic fertiliser production plants with support from the EXIM Bank.

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5. Youth empowerment

The budget would give the YouStart initiative, which was introduced this year, a significant cash boost. According to the finance minister, the government has successfully signed an MoU for the implementation of the program’s commercial component with the Ghana Association of Banks (GAB) and 11 other commercial banks.

Up until now, this programme is thought to have benefited as many as 70 youth-led SMEs. Click here to register for the YouStart initiative

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