Ghana’s 2024 Mid-Year Budget Review has sparked intense debate and criticism following its presentation by Finance Minister Dr. Mohammed Amin Adam.
The review revealed a staggering increase in the country’s public debt, now at GH¢742 billion or 70.6% of GDP, raising alarm bells about Ghana’s financial stability.
Despite economic challenges, the government has committed significant funds to various social programs, including GH¢9.9 billion for the Free Senior High School initiative and GH¢5.4 billion for other interventions such as LEAP and the School Feeding Programme.
In a seemingly optimistic move, the government revised the overall real GDP growth rate for 2024 upwards from 2.8% to 3.1%, a projection that has been met with skepticism by some economic analysts.
The Minority Leader has lambasted the budget as lacking in fresh ideas to address the country’s economic woes, while the opposition has voiced concerns over the government’s management of the economy and the ballooning debt levels.
Adding to the controversy, the government’s plan to reintroduce road tolls has reignited discussions about the effectiveness of previous fiscal measures like the E-levy.
Source: OccupyGh.com
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