{"id":12214,"date":"2023-07-31T14:13:43","date_gmt":"2023-07-31T14:13:43","guid":{"rendered":"https:\/\/expressnewsghana.com\/?p=12214"},"modified":"2023-07-31T14:13:43","modified_gmt":"2023-07-31T14:13:43","slug":"fulltext-of-2023-mid-year-budget-review","status":"publish","type":"post","link":"https:\/\/expressnewsghana.com\/?p=12214","title":{"rendered":"FullText of 2023 Mid-Year Budget Review"},"content":{"rendered":"

The Minister for Finance, Ken Ofori Atta on Monday, July 31, 2023, presented the Mid-Year Budget Statement to parliament, cataloging policies the government had taken to mitigate the economic challenges.<\/strong><\/p>\n

The Minister also announced the government’s decision to reduce physical and capital expenditures as part of measures to revive the ailing economy due to external factors.<\/p>\n

Full Copy of statement<\/p>\n

2023 Budget Statement and Economic Policy of the Government of Ghana
\n<\/strong>Presented to Parliament on Monday, 31st July, 2023<\/strong>By
\nKEN OFORI-ATTA<\/strong>
\nMINISTER FOR FINANCE<\/strong>
\nON THE AUTHORITY OF<\/strong>
\nHIS EXCELLENCY NANA ADDO DANKWA AKUFO-ADDO<\/strong>
\nPRESIDENT OF THE REPUBLIC OF GHANA<\/strong>
\n2
\nINTRODUCTION
\n1. Right Honourable Speaker, Honourable Members of Parliament, I stand before you,
\non the authority of His Excellency, President Nana Addo Dankwa Akufo-Addo, to
\npresent the Mid-Year Fiscal Policy Review of the Budget Statement and Economic
\nPolicy of the Government of Ghana for the 2023 Financial Year.
\n2. Today’s presentation is in fulfilment of Section 28 of the Public Financial
\nManagement Act, 2016 (Act 921) and Regulation 24 of the Public Financial
\nManagement Regulations (L.I. 2378).
\n3. I respectfully request that the entire 2023 Mid-Year Fiscal Policy Review document
\nis captured in the Hansard.
\nUnited for Progress
\n4. Mr. Speaker, eight months ago, I presented the 2023 Budget Statement and
\nEconomic Policy of the Government- \u2018NKABOM\u2019 Budget. At the time, the economy
\nwas going through a very difficult period amidst unprecedented global turbulence.
\n5. Mr. Speaker, eight months ago, I presented the 2023 Budget Statement and
\nEconomic Policy of the Government- \u2018NKABOM\u2019 Budget. At the time, the economy
\nwas going through a very difficult period amidst unprecedented global turbulence.
\nThis was within the context of major external shocks coupled with domestic
\nvulnerabilities triggered by credit rating downgrades, tightened domestic financing
\nconditions and increased cost of borrowing. With the cost of shipping a container
\nincreasing seven-fold in the 18 months following March 2020, just about every
\ncountry in the world grappled with soaring prices from 2021.
\n6. Our country, like many others globally, experienced unusually sharp increases in
\nfood, fertiliser and fuel prices, rising inflation and exchange rate depreciation,
\nleading to severe economic challenges and hardships for the people. A headline in
\nthe December 2022 edition of The Economist captured the global situation in these
\nwords: \u201c2022 has been a year of brutal inflation\u201d.
\n7. Mr. Speaker, it is no exaggeration to say we cannot find another period in our
\nhistory where so many different headwinds hit our economy at the same time with
\nunrelenting speed and scale. Thankfully, as the numbers are beginning to show and
\nas many Hon. Members of the House have indicated to me in our engagements, we
\nhave, together as a nation, turned the corner.
\n8. Mr. Speaker, we have avoided the unimaginable, but what could have been so easily
\npossible under different leadership circumstances. With a lot of effort, we have
\nmanaged to avoid empty shop shelves for medicines and other essentials; we have
\n3
\nseen no shortages of food; we have been spared the frustrating spectre of long
\nqueues for fuel at our filling stations; and, we have managed, in spite of all the
\nchallenges, to keep the lights on. Indeed, as the Psalmist said (in Psalm 118:23) this
\nis the LORD\u2019s doing; and it is marvellous in our eyes.
\n9. This \u2018turning the corner\u2019 is underpinned by the investments and sacrifices we have
\ncollectively made during this difficult period since March, 2020.
\n10. Mr. Speaker, it is important that we acknowledge some of the major milestones that
\nthis country has experienced in the last 3 years. We should be still and appreciate
\nthat despite our challenges as a country, we have been saved from many extreme
\nconditions that others have suffered, including peace, health, security, continuous
\nsupply of power, and life itself, amongst others.
\n11. Over that period, the country has gone through extremely difficult situations, and
\nthe gratitude of His Excellency the President and his government goes to the good
\npeople of Ghana for their patience, understanding and positive contributions to
\nGovernment\u2019s efforts to weather the storm:
\ni. During the CoVID-19 period, we indeed lost family members and friends.
\nBut, it is also true that Ghana recorded some of the lowest cases of mortality
\nand infections worldwide. This was due to the implementation of a swift
\nand robust COVID response programme led by H.E the President. We
\nrecorded 171,653 CoVID-19 cases and 1,462 deaths as against 10.8 million
\nrecorded cases and 228,738 deaths on the African continent alone, and 249
\nmillion recorded cases and 2 million deaths in Europe. May the souls of the
\nfaithfully departed, rest in peace.
\nii. We invested immensely in education to ensure that school years were not
\ndisrupted, and we did so because we knew the alternative would be
\nsignificantly costlier to society. That was why the President ensured that
\nour children returned to school earlier to write their examinations to enable
\nus to build the requisite human capital for the future;
\niii. We ensured consistent power supply and kept the lights on to enable
\nbusinesses and households function, despite the increasing cost of legacy
\nenergy agreements;
\niv. We continued paying salaries and wages of all public sector employees and
\nfactored in a 30% increment of base pay for workers on single spine salary
\nstructure this year;
\nv. We invested in the security of the nation and protected our citizens,
\nincluding the lives of the 1.1 million visitors who responded to our \u201cBeyond
\n4
\nthe Year of Return\u201d programme, thus boosting tourism even in the middle
\nof the crises; and<\/p>\n\n\n\n
vi.<\/td>\nWe cleaned up and strengthened the Financial Sector to promote
\nentrepreneurship and private sector businesses, including agriculture,<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

tourism, hotels, manufacturing, etc.
\n12. Mr. Speaker, 2022 was the most difficult year for me as Ghana\u2019s Finance Minister.
\nOn July 1st 2022, we took what was then a very difficult but necessary decision to
\nrequest support from the IMF to implement our Post-COVID-19 Programme of
\nEconomic Growth (PC-PEG). The country was going through a dire period of
\neconomic uncertainties and despondency.
\n13. A year on, our steps are more grounded, the vision is clearer, the path to recovery
\nis better set, and confidence in our economy is back, growing gradually.
\n14. Mr. Speaker, we have turned the corner and, more importantly, we are determined
\nto continue down that path. Soon, we expect the measures taken resulting in
\neconomic activity greater than anything experienced in the history of the Fourth
\nRepublic. Our plans and programmes should soon lead to a sustained increase in
\ndomestic production, including manufacturing and farming, replacing many of the
\nproducts that we are used to importing.
\n15. Mr. Speaker, when I presented the 2023 Budget in November last year, I indicated
\nthat we would pursue major fiscal and monetary policy measures within the
\nframework of the PC-PEG \u2013 our coordinated response to the macro-fiscal
\nchallenges, which H.E the President charged us to develop in March, 2022, before
\ngoing to the IMF \u2013 thus the PC-PEG.
\n16. As a first step towards fulfilling this objective, Parliament passed the revenue, and
\nexpenditure measures as well several other macro-critical economic policies we
\npresented in the 2023 Budget, and we are grateful for that. Along these lines, we
\nalso needed to create additional fiscal space by:<\/p>\n\n\n\n
i.
\nii.
\niii.<\/td>\n		negotiating an International Monetary Fund (IMF) Programme;
\nconcluding a debt operations programme; and
\nattracting significant investments (especially green investments) for a
\nvibrant growth strategy.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
    \n
  1. Mr. Speaker, I can now report that we have been diligent and resolute in
    \nimplementing these measures and successfully:
    \ni. Negotiated the US$3 billion 3-year IMF-ECF Programme, which was
    \napproved on 17th May, 2023 to support the implementation of our PC-PEG
    \n5<\/li>\n<\/ol>\n\n\n\n
    ii.<\/td>\nConcluded on February 14th the initial part of the Debt Operations, of which
    \nthe Domestic Debt Exchange Programme (DDEP);<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n\n\n\n
    iii.<\/td>\nDeveloped a framework for the V20 Climate Prosperity Plan to attract
    \nclimate investments from the private sector; and<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n\n\n\n
    iv.<\/td>\nInitiated the Mutual Prosperity Dialogue to crowd in domestic and
    \nexternal private investment to underpin our growth strategy.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
      \n
    1. These achievements have been with the support and commitment of this august
      \nHouse and the Ghanaian people. It demonstrates that when we speak with one
      \nvoice, we can achieve what we set our minds to do- Genesis 11:6- \u201cif as one people
      \nspeaking the same language, they have begun to do this, then nothing they plan to
      \ndo will be impossible for them\u201d
      \n19. Right Honourable Speaker, accordingly, H.E. President Akufo-Addo has asked that
      \nI convey his profound gratitude to this House for passing all the revenue Bills as
      \nwell as the expenditure measures.
      \n20. Indeed, our sincere gratitude also goes to all investors, financial institutions and
      \nbondholders for the sacrifice, support and forbearance in this difficult period of our
      \ncountry\u2019s economic history. We appreciate your contribution towards \u201cturning the
      \ncorner\u2019\u2019 and commitment to partner us in transforming the economy.
      \n21. We must also extend our appreciation to the IMF, the World Bank and other
      \nDevelopment Partners as well as the G7 and G20 members who stood so strongly
      \nwith us.
      \n22. Mr. Speaker, for the first six months of the year, we continue making progress to
      \nexceed our non-oil revenue targets for the year. We have seen improvements in nonoil tax revenue collection despite some noticeable shortfalls in VAT. However, oil
      \nrevenues have fallen short of expectations due to changes in global prices. We will,
      \ntherefore, undertake a downward review of the oil-related revenue as well as the
      \ncorresponding expenditures to align with the underperformance of some of our
      \nrevenue handles. Specifically, this will impact the Annual Budget Funding Amount
      \n(ABFA).
      \n23. Mr. Speaker, in view of the reason outlined above, as well as the lower domestic
      \ninterest payment and amortization, following the completion of a part of the DDEP,
      \nand the reduction in the foreign financed CAPEX, the Appropriation has been
      \nrevised from GHS227.7 billion as presented and approved in November 2022 to
      \nGHS206.0 billion. This is in line with Regulations 24 sub-regulation (3) of Public
      \nFinancial Management Act Regulations 2019 (L.I. 2378).
      \n6
      \n24. Mr. Speaker, we will, therefore, not require a Supplementary Budget.
      \n25. Mr. Speaker, Government is, however, committed to pursuing a robust growth
      \nstrategy within the limited fiscal space and our fiscal consolidation programme.
      \nThis will be done by attracting domestic and foreign private sector investments and
      \nexpanding production, which will be encouraged and stimulated by Government
      \npolicies and agencies.
      \n26. Government\u2019s Mutual Prosperity Dialogue with the private sector, will seek to
      \nfacilitate the ease of doing business in order to crowd-in private domestic and
      \nforeign investments.
      \n27. Mr. Speaker, security continues to be a priority of Government. The United Nations
      \nrecently reported that over 1,800 terrorist attacks, resulting in nearly 4,600 deaths,
      \nwere recorded in our region – West Africa in the first six months of this year. Due to
      \nthis instability among others, increasing numbers of West African nationals are
      \nseeking refuge in our country. This has required a review of our security
      \nexpenditures within our limited fiscal space.
      \n28. Mr. Speaker, this 2023 Mid-Year Fiscal Policy Review will:
      \ni. provide an update on economic performance for the first\u2013half year of 2023
      \nand outlook for the rest of the year;
      \nii. provide an update on the implementation of the IMF-supported PC-PEG
      \nincluding update on structural reforms and the progress towards achieving
      \nthe quantitative performance criteria and indicative targets;
      \niii. provide an update on the Debt Restructuring Programme;<\/li>\n<\/ol>\n\n\n\n
      iv.<\/td>\npresent a revised 2023 fiscal framework which aligns with the IMF
      \nsupported PC-PEG; and<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
        \n
      1. outline government\u2019s Growth Strategy to drive the recovery process.
        \n29. I will now proceed to update the House on the macro-fiscal performance of the
        \neconomy since December, 2022.
        \n30. Mr. Speaker, as we usually do, the 2023 Budget was presented in November 2022
        \nusing end-September 2022 data. We now have end-December 2022 data, which
        \nindicate that:<\/li>\n<\/ol>\n\n\n\n\n
        i.<\/td>\nOverall Real GDP growth was 3.1 percent compared to the revised target of 3.7
        \npercent;
        \nNon-Oil Real GDP growth was 3.8 percent compared to the revised target of<\/td>\n<\/tr>\n
        ii.<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

        4.3 percent;
        \n7<\/p>\n

        of GDP against a revised target of a surplus of 0.4 percent of GDP; and
        \nx. Gross International Reserves was equivalent to 2.7 months of import cover.
        \n31. Mr. Speaker, with the approval of Parliament, Government set out to achieve the
        \nfollowing key macroeconomic targets for 2023:
        \ni. Overall Real GDP growth of 2.8 percent;
        \nii. Non-Oil Real GDP growth of 3.0 percent;
        \niii. End-December inflation rate of 18.9 percent;<\/p>\n\n\n\n
        iv.<\/td>\nOverall budget deficit of 5.9 percent of GDP (on commitment) and 7.7
        \npercent on cash basis;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
          \n
        1. Primary Balance (Commitment basis) of a surplus of 0.7 percent of GDP and
          \ndeficit of 1.1 percent of GDP on cash basis; and
          \nvi. Gross International Reserves to cover not less than 3.3 months of imports.
          \n32. As I have indicated, we have made significant progress on restoring macroeconomic
          \nstability and the narrative is changing. The economy is showing signs of recovery.
          \nThe exchange rate has stabilised, inflation has softened, and interest rates have
          \ndeclined since December, 2022.
          \n33. Mr. Speaker, these outturns are the result of focused implementation of all the
          \nmeasures we presented in the 2023 Budget and the positive sentiments arising from
          \nthe progress with the IMF Programme, which I will now discuss.
          \n8
          \nIMF-SUPPORTED PC-PEG
          \n34. Mr. Speaker, towards addressing the macro-fiscal challenges the economy faced in
          \n2022, Government engaged the IMF to support the implementation of our PC-PEG.
          \n35. On 17th May, 2023, the Executive Board of the IMF approved a 36-month Extended
          \nCredit Facility (ECF) in an amount equivalent to SDR 2.242 billion (approximately
          \nUS$3 billion). The Programme is anchored on Government\u2019s PC-PEG and designed
          \nto restore macroeconomic stability and debt sustainability. It includes extensive
          \nreforms to strengthen resilience and lay the foundation for stronger and more
          \ninclusive growth.
          \n36. Mr. Speaker, the Programme has been designed to address the key issues facing the
          \neconomy through the following key priority targeted interventions:
          \ni. large and frontloaded fiscal consolidation to bring public finances back
          \non a sustainable path. The programme envisages a cumulative fiscal
          \nadjustment of 5.1 percentage points (ppt) of GDP over the programme
          \nperiod (2023-2026) with a fiscal effort of 3.8 percentage points (ppt) in 2023
          \nalone. The primary deficit on commitment basis will be reduced from 4.3
          \npercent of GDP in 2022 to 0.5 percent in 2023. The fiscal consolidation will
          \nbe executed by both mobilising more domestic revenue, and improving the
          \nefficiency of spending;
          \nii. protect the vulnerable through enhancement of existing social protection
          \nprogrammes, including the Livelihood Empowerment Against Poverty
          \n(LEAP), National Health Insurance Scheme (NHIS), the Capitation Grant,
          \nand the School Feeding Programme. The 2023 Budget, for example,
          \ndoubled the benefits under the LEAP Programme as well as boosted the
          \nallocations to the School Feeding Programme;
          \niii. strong and ambitious structural reforms in tax policy, revenue
          \nadministration, public financial management, financial sector, as well as
          \nstrong measures to enhance revenue mobilisation and address weaknesses
          \nin the energy and cocoa sectors \u2013 both are critical to bring public finances
          \nback on sustainable path while creating fiscal space for critical development
          \nspending;
          \niv. bring inflation under control through prudent monetary policy including
          \nappropriate monetary policy tightening and the elimination of monetary
          \nfinancing of the budget. Containing inflation pressures requires
          \ncoordination between fiscal policy and monetary policy.
          \n9
          \nv. rebuild international reserve buffer to 3 months of imports by the end of
          \nthe Programme. The Bank of Ghana is pursuing enhanced flexible
          \nexchange rate policies to help rebuild international reserves;<\/li>\n<\/ol>\n\n\n\n
          vi.<\/td>\nrestore debt sustainability and preserve financial stability following the
          \nDomestic Debt Exchange Programme (DDEP) to support private<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

          investment and growth; and<\/p>\n\n\n\n
          vii.<\/td>\npursue reforms to encourage private investment, strengthen growth, and
          \ncreate more jobs<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
            \n
          1. Mr. Speaker, it is instructive to note that our path towards securing an approved
            \nIMF-supported Programme has been characterised by speed and resoluteness.
            \nMore specifically, the following key and significant milestones were accomplished.
            \nWe, among others,:
            \ni. achieved Staff Level Agreement (SLA) in December 2022, 6 months after we
            \nformally requested for the IMF\u2019s support to back our PC-PEG;<\/li>\n<\/ol>\n\n\n\n
            ii.<\/td>\nwere supported by China\u2019s agreement to co-chair the Ghana\u2019s Paris Club
            \nOfficial Creditor Committee (OCC);<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

            iii. secured financing assurances from the OCC, co-chaired by China and
            \nFrance, on 12th May, 2023, 5 months after our formal request in December
            \n2022;<\/p>\n\n\n\n
            iv.<\/td>\nsecured an IMF Board approval on 17th May 2023, 5 months after the SLA
            \nand 10 months after our formal request for a Fund Programme;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
              \n
            1. secured US$3bn IMF financing equivalent to three times Ghana\u2019s quota;<\/li>\n<\/ol>\n\n\n\n
              vi.<\/td>\nfront-loaded disbursement of IMF resources with 40 percent in 2023 and the
              \nrest spread between 2024-2026; and<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              vii. successfully concluded a domestic debt exchange programme.<\/p>\n\n\n\n\n
              viii.<\/td>\nThe results are clear. We are witnessing the catalytic impact of crowding in
              \nother resources-<\/td>\n<\/tr>\n
              \u00b7<\/td>\nwe are in discussions with the World Bank for a $900 million
              \nDevelopment Policy Operation;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                \n
              • the United States, through the International Development Finance
                \nCorporation, has announced a programme to invest US$300 million
                \ntowards the construction of a Data Centre under the G7 Partnership for
                \nGlobal Infrastructure and Investment (PGII).
                \n10
                \n38. Mr. Speaker, several key stakeholders played diverse roles in Ghana\u2019s successful
                \njourney towards the approval of the IMF-Supported Programme. On behalf of His
                \nExcellency, President Akufo-Addo, I would like to express our sincere gratitude to
                \nRt. Hon Speaker and Members of Parliament, our participating bondholders,
                \nretirees, financial institutions and other stakeholders, who played critical roles.
                \n39. Permit me to express our sincere gratitude to the Managing Director of the IMF, her
                \nteam led by Stephan Roudet and the Executive Board for providing the unfathomable
                \ncooperation throughout the whole process. We are also grateful to the World Bank
                \nGroup, the US Treasury and US Development Finance Corporation. Government
                \nappreciates our other Development Partners, both multilateral (such as AfDB and
                \nAfreximbank) and bilateral, for their support under the programme.
                \n40. Mr. Speaker, as a nation, we must and will prevail. Indeed, our only recourse is to
                \nbe successful at the upcoming First Review of the Programme in September, 2023
                \nand all other subsequent reviews. We are, therefore, respectfully calling on every
                \nmember of this august House and \u201cFellow Ghanaians\u201d to support these reforms.
                \n41. Mr. Speaker to support the effective implementation of the IMF-supported PC-PEG,
                \nGovernment has put in place an implementation strategy.
                \nSTATUS OF PROGRESS TOWARDS ACHIEVING IMF PROGRAMME
                \nOBJECTIVES
                \n42. Mr. Speaker, the IMF-Supported Programme will be monitored and reviewed semiannually, based on agreed targets to be met by end-June and end-December each
                \nyear. We will prepare for a comprehensive assessment of the targets by the IMF
                \nduring the First Review in September 2023, which will assess:<\/li>\n<\/ul>\n\n\n\n
                i.
                \nii.
                \niii.<\/td>\n                		9 Structural Benchmarks (SBs);
                \n6 Quantitative Performance Criteria (QPCs); and
                \n3 Indicative Targets (ITs).<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                  \n
                1. Mr. Speaker, the IMF-supported PC-PEG has also prioritized social protection
                  \nreforms to ensure that the vulnerable are protected from the impact of the ongoing
                  \nfiscal adjustment.
                  \n44. Social spending on health, social protection, and education will be closely
                  \nmonitored to ensure timely disbursement of funds to beneficiaries. In addition, an
                  \nindexation mechanism for benefits under the LEAP programme will be put in place
                  \nby end-September 2023. Furthermore, the coverage of LEAP will be expanded, and
                  \nits targeting improved to cover the extreme poor by 2024.
                  \n11
                  \n45. Mr. Speaker, Cabinet also approved a turn-around strategy for COCOBOD as part
                  \nof measures to improve financial viability of the institution and to position it to
                  \ndeliver increased value for the people of Ghana.
                  \n46. I take this opportunity to assure all our key stakeholders of Government\u2019s
                  \ncommitment to the unwavering implementation of our very own PC-PEG (Growth
                  \nProgramme) which undergirds the IMF- approved programme.
                  \nDEBT OPERATIONS
                  \n47. Mr. Speaker, we announced in the 2023 Budget Statement that we will embark on a
                  \ndebt restructuring programme to alleviate fiscal pressures by:
                  \n\u00b7 reducing debt servicing costs;
                  \n\u00b7 improving debt sustainability; and
                  \n\u00b7 ensuring macroeconomic stability and economic growth.
                  \n48. The restructuring is critical to the implementation of the IMF supported PC-PEG
                  \nProgramme. To ensure a return to the path of debt sustainability, a comprehensive
                  \ndebt strategy, centred on a restructuring programme was pursued.
                  \n49. Mr. Speaker, the perimeter for the restructuring includes both domestic (central
                  \ngovernment debt and some parastatals) and external.
                  \n50. The main aim of the operations is to reduce debt servicing costs and restore our
                  \ndebt sustainability. The debt operation focuses on achieving by 2028:
                  \ni. the present value of overall debt and external debt to GDP to below 55
                  \npercent and 40 percent thresholds, respectively; and
                  \nii. external debt service to revenues and exports below the 18 percent and 15
                  \npercent thresholds, respectively.
                  \nDomestic Debt Exchange Programme (DDEP)
                  \n51. Mr. Speaker, on 5th December 2022, Government launched the DDEP in a
                  \ntransparent manner while seeking to minimise its impact on bondholders.
                  \n52. After three (3) months of negotiations with the different bondholder groups and
                  \namendments to the original terms, Government successfully completed the DDEP
                  \non 14th February. Total bonds outstanding at the settlement date amounted to
                  \nGH\u00a2126,978.5 million, of which GH\u00a229,286.2 million were held by Pension Funds,
                  \nbringing the total eligible bonds to GH\u00a297,749.6 million. The Ministry received
                  \nfinal participation of GH\u00a282,994.5 million, representing 84.9 percent of total
                  \neligible bonds.
                  \n12
                  \n53. The DDEP has provided the Government with increased fiscal flexibility and
                  \naddressed cash and other liquidity constraints. Once again, we are grateful to all
                  \ninvestors who participated in this exchange.
                  \n54. Mr. Speaker, to complete the domestic debt operations, Government announced in
                  \nApril 2023 its intention to further pursue the discussions around the following
                  \ndomestic debt instruments which were excluded from the DDEP perimeter:<\/li>\n<\/ol>\n\n\n\n
                  i.
                  \nii.
                  \niii.
                  \niv.<\/td>\n                  		Energy sector Independent Power Producers (IPPs);
                  \nCocobills;
                  \nLocal US dollar denominated bond; and
                  \nBank of Ghana non-tradable debt.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                    \n
                  1. Out of these remaining Debt instruments, Government launched debt operations
                    \nfor the Cocobills and local US dollar-denominated bonds on 14th July, 2023. The
                    \nsettlement date is today 31st July, 2023. We look forward to a successful operation.
                    \n56. Mr. Speaker, although Pension Funds were exempted from the main DDEP, we
                    \ncontinue to engage them.
                    \n57. We are also engaging with the IPPs on debt relief and financing arrangements to
                    \nachieve both debt sustainability for Ghana and financial sustainability for the
                    \nenergy sector.
                    \n58. Mr. Speaker, as part of the restructuring process for external Debt, Government
                    \nrequested the treatment of the bilateral debt under the G20 Common Framework
                    \nbeyond the Debt Service Suspension Initiative. Government also held a series of
                    \nengagements with its bilateral creditors via the Paris Club to provide financing
                    \nassurances to support Ghana\u2019s IMF-ECF request.
                    \n59. The Official Creditor Committee for bilateral creditors was established and cochaired by China and France. The Committee provided financing assurances on 12th
                    \nMay 2023, to support the IMF\u2019s Board approval of Ghana\u2019s IMF-ECF request on 17th
                    \nMay 2023.
                    \n60. Mr. Speaker, Government has also begun the process of negotiating with its
                    \ncommercial creditors (our Eurobond investors). Two bondholder groups have been
                    \nformed, comprising domestic and regional bondholders as well as international
                    \nbondholders. Government has already shared a set of data and scenarios to
                    \ncommence discussions.
                    \n61. On the restructuring of Eurobonds, we expect to receive counteroffers from the
                    \nbondholders in the short-term and envisages an agreement by year end.
                    \n13
                    \nImpact of the Debt Restructuring
                    \n62. Mr. Speaker, the Financial Sector, comprising Commercial Banks, Specialised
                    \nDeposit Taking Institutions, Insurance Sector, and Fund Managers, participated
                    \nsignificantly in the DDEP. The effects of the debt operations on the financial sector is
                    \nelevated liquidity and solvency risks from impairment losses.
                    \n63. Regulators, including the Bank of Ghana, provided temporary regulatory
                    \nforbearance to mitigate the liquidity impact of the DDEP. Importantly, Government
                    \nis working with key partners to establish a Ghana Financial Stability Fund to
                    \nprovide liquidity and solvency support to the financial institutions. The eligibility
                    \ncriteria agreed with regulators and international partners will be published soon.
                    \n64. Mr. Speaker, these macro-prudential interventions and operations were also to
                    \naddress the impact of the large external shocks within a wider global economic
                    \ncontext, which I now proceed to discuss.
                    \n65. Mr. Speaker, we are also mindful of the impact of the debt exchange programme on
                    \nindividuals and Government is working hard to stabilise the economy and towards
                    \na faster economic recovery to ameliorate impact on the welfare of the individuals.
                    \nOVERVIEW OF RECENT MACRO ECONOMIC DEVELOPMENTS
                    \nGlobal Developments
                    \n66. Mr. Speaker, the global economy continues to struggle through a patchy recovery
                    \nphase, following the shocks (including those from the CoVID-19 pandemic and the
                    \nRussia-Ukraine war). It is within such context that the IMF, in its April 2023 World
                    \nEconomic Outlook update, projects global output growth to decline significantly to
                    \n2.8 percent in 2023, from 3.4 percent in 2022, before rising slightly to 3.0 percent in
                    \n2024.
                    \n67. The projected slowdown reflects synchronous policy tightening around the globe,
                    \nespecially in the United States, the Euro area, the United Kingdom, and China, to
                    \ncontain the surge in inflation and worsening financial conditions. Despite signs of
                    \nmodest growth in early 2023, persistent high inflation and the global financial
                    \nmarket turmoil have proven too strong and dampened hopes of a robust recovery.
                    \nCommodity Prices in World Markets
                    \n<\/em>68. Mr. Speaker, the price of crude oil declined by 15.7 percent between August 2022
                    \nand February 2023. This was due to a weakened demand, largely attributed to a
                    \nhuge decline in oil consumption in China. According to IMF\u2019s World Economic
                    \n14
                    \nOutlook update, July 2023, crude oil prices are projected to fall from an average of
                    \nUS$96.4 a barrel in 2022 to US$73.1 a barrel in 2023. However, gold and cocoa prices
                    \nhave performed better than anticipated.
                    \nDomestic Developments
                    \n69. Mr. Speaker, global developments, severely impacted the domestic economy. The
                    \nperformance of key indicators in 2022 are as follows:
                    \ni. Overall real GDP growth declined from 5.1 percent in 2021 to 3.1 percent in
                    \n2022. This was lower than the 3.5 percent projected for the year;<\/li>\n<\/ol>\n\n\n\n\n\n
                    ii.<\/td>\nNon-oil GDP growth declined over the period, recording a growth of 3.8
                    \npercent compared to 6.6 percent recorded in 2021;
                    \nHeadline inflation accelerated consecutively from 13.9 percent in January
                    \nto 29.8 percent in June 2022 and to a peak at 54.1 percent in December 2022
                    \nfollowing the sharp currency depreciation and surge in commodity prices;
                    \nInterest rates broadly trended upward across the spectrum of the yield<\/td>\n<\/tr>\n
                    <\/td>\n<\/td>\n<\/tr>\n
                    <\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                    curve, consistent with the tightening policy stance. The 91-day and 182-day
                    \nTreasury bill rates increased to 35.48 percent and 36.23 percent respectively,
                    \nin December 2022, from 12.49 percent and 13.19 percent respectively, in the
                    \nsame period of 2021;
                    \nv. Cumulatively, the Ghana Cedi depreciated by 30.0 percent, 21.2 percent
                    \nand 25.3 percent against the US dollar, the Pound Sterling and the Euro,
                    \nrespectively. This compared with an appreciation of 3.5 percent against the
                    \neuro and a depreciation of 4.1 percent, and 3.1 percent against the US dollar
                    \nand the pound respectively, in 2021; and<\/p>\n\n\n\n
                    vi.<\/td>\nGross International Reserves declined by US$3,457.03 million to
                    \nUS$6,238.19 million equivalent to 2.7 months of import cover.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                      \n
                    1. Mr. Speaker, on the fiscal front, there were several key developments in 2022.
                      \n71. Government, sought to, among others, strengthen its fiscal consolidation
                      \nprogramme which commenced in 2021. The objective was to gradually return to the
                      \nFiscal Responsibility Act thresholds of a fiscal deficit of no more than 5 percent of
                      \nGDP and an annual positive Primary Balance at the close of 2024. The strategy
                      \nincluded pursuing a strong revenue-led consolidation to complement expenditure
                      \nrationalisation measures. However, owing to several factors, Government\u2019s fiscal
                      \npolicy suffered major setbacks from both external and domestic shocks.
                      \n72. Mr. Speaker, before discussing the 2022 fiscal outturns, we would like to note that
                      \nthe fiscal anchor in the context of the IMF-supported PC-PEG, is the Primary
                      \nBalance on commitment basis. To align with this requirement, Government,
                      \ntherefore, had indicated in paragraph 210 of the 2023 Budget Statement, that the
                      \n15
                      \nfiscal accounts would henceforth be reported on commitment basis, thereby, taking
                      \ninto account outstanding unpaid commitments of Government.
                      \n73. Mr. Speaker, the assessment on commitment basis promotes transparency, enables
                      \na real-time monitoring of Government\u2019s fiscal performance, and provides a realtime view on the payables, thus helping to prevent while reducing the accumulation
                      \nof arrears. This information is also essential for the public to get a comprehensive
                      \nview of the bold fiscal policies to restore fiscal and debt sustainability in Ghana.
                      \n74. Mr. Speaker, with this context, the provisional data on Government\u2019s fiscal
                      \noperations for 2022, indicate that:
                      \ni. Total Revenue and Grants for the period amounted to GH\u00a296.65 billion
                      \n(15.8% of GDP) compared with the Mid-Year Review target of GH\u00a296.84
                      \nbillion (16.4% of GDP) and the projected outturn of GH\u00a298.08 billion (15.9%
                      \nof GDP); and<\/li>\n<\/ol>\n\n\n\n
                      ii.<\/td>\non the other hand, Total Expenditure (on commitment basis) amounted to
                      \nGH\u00a2165.06 billion (27.0% of GDP) compared to the Mid-Year Review target<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                      of GH\u00a2133.84 billion (22.6% of GDP) and the projected outturn of GH\u00a2159.01
                      \nbillion (25.8% of GDP).
                      \n75. Mr. Speaker, the higher expenditure, together with the lower revenue outturn,
                      \nresulted in an overall budget deficit on commitment basis of GH\u00a272.19 billion
                      \n(11.8% of GDP), compared to the 2022 Mid-Year Review target of GH\u00a237.00 billion
                      \n(6.3% of GDP) and the projected outturn of GH\u00a260.93 billion (9.9% of GDP).
                      \n76. Mr. Speaker, the corresponding Primary Balance (on commitment basis) for the
                      \nperiod was a deficit of GH\u00a226.51 billion (4.3% of GDP) compared to the 2022 MidYear Review target of a deficit of GH\u00a24.36 billion (0.7% of GDP) and the projected
                      \noutturn of a deficit of GH\u00a216.92 billion (2.7% of GDP).
                      \nPetroleum Revenue and Utilisation for 2022
                      \n77. Mr. Speaker, total petroleum receipts (i.e. proceeds from liftings and other
                      \npetroleum receipts) as of December 2022, amounted to US$1.43 billion. This amount
                      \ncomprises receipts from: the 63rd to the 68th liftings from the Jubilee field; the 20th
                      \nand 21st liftings from the Tweneboa Enyenra Ntomme (TEN) field; and the 9th, 10th
                      \nand 11th liftings from the Sankofa-Gye Nyame (SGN) field.
                      \n78. In addition to the total receipts for the year under review, petroleum receipts that
                      \nspilled over from 2021 to 2022 was US$14.82 million bringing the total amount
                      \ndistributed to US$1.44 billion. This compares with the amount distributed of
                      \nUS$808.61 million for the same period in 2021.
                      \n16
                      \n79. A total of US$581.52 million was transferred into the Ghana Petroleum Funds
                      \n(GPFs) in 2022, compared to US$227.49 million in 2021. Out of the amount
                      \ntransferred, the Ghana Heritage Fund (GHF) received US$174.46 million, against
                      \nUS$68.25 million in 2021, while the Ghana Stabilisation Fund (GSF) received
                      \nUS$407.06 million, compared to US$159.24 million in 2021.
                      \n80. The total amount transferred in 2022 from petroleum liftings and related proceeds
                      \nto the Annual Budget Funding Amount (ABFA) was US$526.31 million compared
                      \nto US$352.79 million in 2021.
                      \nUpdate on Public Debt Developments for 2022
                      \n81. Mr. Speaker, as at end-December 2022, Ghana\u2019s central government debt and
                      \nguaranteed debt in nominal terms stood provisionally at GH\u00a2435,306.45 million, up
                      \nfrom GH\u00a2351,787.00 million at end-December 2021, representing an increase of 23.7
                      \npercent.
                      \n82. Using the revised GDP released by the Ghana Statistical Service in April 2023, the
                      \ndebt-to-GDP ratio as at end-December 2022 stood at 71.3 percent.
                      \n83. Mr. Speaker, the composition of the total debt stock was made up of a provisional
                      \namount of GH\u00a2240,919.57 million, equivalent to 39.5 percent of GDP and
                      \nGH\u00a2194,386.89 million, equivalent to 31.8 percent of GDP for external and domestic
                      \ndebt, respectively.
                      \nUpdate on Domestic Macroeconomic Developments in 2023
                      \n84. Mr. Speaker, I now proceed to update the House on the performance of the economy
                      \nsince January 2023 and the reason why there is a consensus that we are turning the
                      \ncorner. Available data indicates that:<\/p>\n\n\n\n\n
                      i.<\/td>\nOverall first quarter growth for 2023 was 4.2 percent, up from 3.0 percent
                      \nrecorded for the same period in 2022. This growth largely reflected an increase
                      \nin the Services Sector which recorded a growth of 10.1 percent;
                      \nHeadline inflation eased in the first half of 2023. From the peak at 54.1 percent<\/td>\n<\/tr>\n
                      <\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                      in December 2022, headline inflation gradually trended downwards from 53.6
                      \npercent in January 2023 to 42.5 percent in June 2023. The moderation in inflation
                      \nwas largely supported by monetary policy tightening, relative stability in the
                      \nexchange rate and lower and stable ex-pump petroleum prices;<\/p>\n\n\n\n
                      iii.<\/td>\nCumulatively, the Ghana cedi depreciated by 22.1 percent against the US Dollar
                      \nin the year to July 17, 2023, compared to 21.1 percent in the same period in 2022.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                      The Cedi, excluding the January, 2023 depreciation of 20%, has depreciated by
                      \nan impressive 1.84% between February and July 17, 2023;
                      \n17
                      \niv. Total export receipts fell by 7.9 percent to US$8,178.56 million on the back of
                      \nlower crude oil exports receipts. Crude oil exports declined by 41.3 percent yearon-year due to a 21.4 percent decline in volumes and 25.3 percent fall in prices;
                      \nv. Current account recorded a provisional surplus of US$849.16 million (1.1% of
                      \nGDP) compared with a deficit of US$1,111.87 million (1.5% of GDP) for the same
                      \nperiod in 2022; and
                      \nvi. Gross International Reserves dropped from US$6.2 billion at the end of
                      \nDecember 2023 to US$5.3 billion (2.5 months of import cover) in June 2023,
                      \nreflecting BOG\u2019s objectives of reducing their foreign liabilities in line with the
                      \nIMF programme. Net International Reserves received a boost from gold reserves
                      \nand improved to US$2,353.95 million equivalent to 1.1 months of import cover,
                      \ncompared with US$1,440.00 million (0.6 months of import cover) recorded at the
                      \nend of December 2022.
                      \nBanking Sector Developments and Outlook
                      \n85. Mr. Speaker, the banking sector posted unexpected, relatively strong performance
                      \nduring the first half of the year, despite the lingering effects of the DDEP. The Banks
                      \nhave reported increased deposits and investments, higher profitability and a return
                      \non equity of over 35 percent. The impact of the DDEP, such as the increase in nonperforming loans (NPLs), was partly moderated by the timely introduction of
                      \ntemporary regulatory reliefs. In the outlook, the operationalisation of the US$750
                      \nmillion Ghana Financial Stability Fund and the planned recapitalisation of banks
                      \nwould ensure stability as well as strengthen financial intermediation to support the
                      \nprivate sector.
                      \n2023 Half Year Fiscal and Debt Developments
                      \nSummary of Fiscal Performance for Half Year 2023
                      \n<\/em>86. Mr. Speaker, the provisional data on Government fiscal operations for the first half
                      \nof 2023 indicate:
                      \ni. a slower pace in expenditure execution relative to revenue shortfall,
                      \nresulting in an overall budget deficit on commitment basis of GH\u00a26.3 billion
                      \n(0.8% of GDP), compared to the 2023 H1 Budget deficit target of GH\u00a228.3
                      \nbillion (3.5% of GDP);
                      \nii. a corresponding Primary balance (on commitment basis) of a surplus of
                      \nGH\u00a28.8 billion (1.1% of GDP), compared to the target of a surplus of
                      \nGH\u00a2310 million;
                      \n18<\/p>\n\n\n\n
                      iii.<\/td>\noverall cash deficit of GH\u00a210.3 billion (1.3% of GDP), against the 2023 H1
                      \nBudget target of GH\u00a235,494 million (4.4% of GDP); and<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                        \n
                      1. a corresponding primary balance (on cash basis) of a surplus of GH\u00a24,804
                        \nmillion (0.6% of GDP), against the 2023 H1 deficit target of GH\u00a26,908
                        \nmillion (0.9% of GDP). We are back on track to a positive Primary Balance.
                        \n87. Mr. Speaker, the fiscal balances, are driven by:
                        \ni. Total Revenue and Grants for the first half of 2023 of GH\u00a259.3 billion (7.4% of
                        \nGDP), 8.4 percent below the target of GH\u00a264.7 billion (8.1% of GDP). Despite
                        \nthe shortfall, the outturn shows a nominal y\/y growth of 41.8 percent. The
                        \nkey driver of the revenue deviation is the lower-than-programmed oil receipts;
                        \nand
                        \nii. Total Expenditure of GH\u00a268.5 billion (8.6% of GDP), 26.3 percent below the
                        \nprogrammed expenditure of GH\u00a292.9 billion (11.6% of GDP). All other
                        \nexpenditure lines were contained within their respective targets for the period
                        \nexcept for Compensation of Employees and Expenditure on Goods and
                        \nServices. The higher-than-programmed Compensation of Employees outturn
                        \nstems from higher payments for wage and salaries from the implementation
                        \nof the 30 percent Base Pay increase for Public Sector Workers which was
                        \nagreed to after the 2023 Budget was presented and approved by this august
                        \nHouse last year. We need to protect our workers.
                        \nUpdate on 2023 Revenue Measures
                        \n<\/em>88. Mr. Speaker, Government introduced several revenue measures to support the
                        \nfiscal consolidation and growth agenda. The policy interventions were specifically
                        \ntargeted at growing the revenue base to yield an estimated 1.35 percent of GDP. The
                        \nMoF and GRA are working together to ensure the realization of the full yield in the
                        \nnear future, through enhanced collection efforts, governance, and E-VAT
                        \nimplementation.
                        \nPublic Debt Developments for January -June 2023
                        \n89. Mr. Speaker, arising from the DDEP, several structural changes have commenced
                        \nin the reporting of Ghana\u2019s debt data. The debt from the Special Purpose Vehicles,
                        \nwhich previously was not part of the Central Government debt, has now been
                        \nincluded. Furthermore, we would be including the long term debt of selected SOEs
                        \nsuch as COCOBOD and contingent liabilities arising from IPPs-PPAs and financial
                        \nsector recapitalisation.
                        \n19
                        \nMACRO-FISCAL OUTLOOK FOR SECOND HALF OF THE YEAR
                        \n90. Mr. Speaker, the macroeconomic environment has changed significantly since the
                        \n2023 Budget was presented to this august House in November 2022.
                        \n91. Mr. Speaker, although pressures still exist, and there are formidable risks in the
                        \nhorizon, our economy is in a better position than it was seven months ago as the
                        \nmacroeconomic environment has seen relative stability since the beginning of the
                        \nyear.
                        \n92. This is largely explained by factors, including the positive sentiments following the
                        \nStaff Level Agreement reached in December 2022 and the subsequent approval of
                        \nthe 3-year US$3.0 billion IMF-ECF; the eventual passage of all fiscal measures in the
                        \n2023 Budget; the completion of the DDEP; and China\u2019s agreement to co-chair the
                        \nOCC.
                        \n93. Mr. Speaker, I have also discussed the significant improvements in the key macroeconomic indicators, including inflation, exchange rate, interest rates, reserve
                        \nposition, growth rate and the performance of the Banks since December 2022.
                        \nRevision to 2023 Macroeconomic Framework
                        \n94. Mr. Speaker, all these developments, together with the need to align with the targets
                        \nof the IMF-supported PC-PEG, warrant a revision to the macroeconomic
                        \nframework. This was necessary because the framework was guided by the
                        \nSeptember, 2022 data, that underpinned the 2023 Budget in November, 2022. The
                        \nrevisions to the macro-fiscal framework generally seek to align the 2023 Mid-Year
                        \nFiscal Policy Review with the IMF-ECF supported PC-PEG.
                        \n95. Mr. Speaker, key revisions to the macro-fiscal targets for 2023 year include:
                        \ni. Overall Real GDP Growth rate of 1.5 percent down from 2.8 percent;<\/li>\n<\/ol>\n\n\n\n\n
                        ii.
                        \niii.
                        \niv.<\/td>\n                        		Non-Oil Real GDP Growth rate of 1.5 percent down from 3.0 percent;
                        \nEnd-period headline inflation of 31.3 percent, from 18.9 percent;
                        \nPrimary Balance on Commitment basis of a deficit of 0.5 percent of GDP
                        \ncompared to a surplus of 0.7 percent of GDP, aligning with IMF-supported
                        \nPC-PEG target Primary balance;
                        \nGross International Reserves (programme definition) sufficient to cover at
                        \nleast 0.8 months of imports of goods and services by 2023.<\/td>\n<\/tr>\n
                        <\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                        20
                        \nRevisions to GDP Projections
                        \n<\/em>96. Mr. Speaker, the overall Real GDP growth for 2023 has been revised to 1.5 percent
                        \nfrom 2.8 percent, and non-oil Real GDP growth has also been revised to 1.5 percent
                        \nfrom 3.0 percent. The downward revision in projected growth for 2023 is an
                        \nindication of a broad slowdown in the three sectors of the economy as a result of
                        \nfactors such as the fiscal consolidation plan and difficult global conditions.
                        \n97. Mr. Speaker, overall GDP Growth is, however, projected to rebound to 2.8 percent,
                        \n4.7 percent, and 4.9 percent in 2024, 2025 and 2026, respectively. This is a result of
                        \nimplementation of growth-oriented and structural transformation strategies in the
                        \nPC-PEG. We have, however, been charged in the PC-PEG to develop an enhanced
                        \nGrowth Strategy supported by crowding in of private domestic and foreign
                        \ninvestments to further boost growth. We are confident of a private sector outlook
                        \nto boost growth and jobs.
                        \nRevisions to the 2023 Fiscal Framework
                        \n<\/em>98. Mr. Speaker, the 2023 revised fiscal framework is now fully aligned with the IMF
                        \nprogramme fiscal objectives in terms of primary balance (cash and commitment),
                        \nrevenue path, and trajectory of primary expenditures. The drivers of the revisions
                        \nto 2023 Fiscal Framework includes:
                        \ni. Fiscal developments for Jan-June 2023 reflecting shortfalls in revenues and
                        \nlower spending;<\/p>\n\n\n\n\n\n
                        ii.<\/td>\nIncrease in base pay on Single Spine Salary Structure of 30 percent compared
                        \nto the assumed 20 percent for the 2023 Budget;
                        \nPartial restoration of capped transfers to the NHIS and GETFund;
                        \nThe impact of the completed Domestic Debt Exchange Program (DDEP) on
                        \ndebt service cost as well as on revenue mobilisation;
                        \nIMF ECF Programme disbursements for 2023 of US$1.2 billion and reflection
                        \nof other catalytic financing including the World Bank US$530 million (DPO<\/td>\n<\/tr>\n
                        <\/td>\n<\/td>\n<\/tr>\n
                        <\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                          \n
                        • US$300 million and Emergency Projects – US$230 million) and expected
                          \ndisbursements of US$103mn from the AFDB;<\/li>\n<\/ul>\n\n\n\n\n
                          vi.<\/td>\nRevision in exchange rates, interest rates, crude oil prices, crude oil volumes,
                          \nand GDP projections; and
                          \nThe need to align 2023 Mid-Year Review to the approved IMF-supported
                          \nPC-PEG.<\/td>\n<\/tr>\n
                          <\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                            \n
                          1. These realignments in the 2023 fiscal framework results in a revised primary balance
                            \non commitment basis of a deficit of 0.5 percent of the revised GDP. This is an
                            \nadjustment of 3.2 percent from 3.7 percent of GDP, lower than the initial target of a
                            \n21
                            \nsurplus of 0.7 percent of GDP set in the 2023 Budget. This aligns with the IMFsupported PC-PEG fiscal consolidation path.
                            \nRevisions to Petroleum Revenues
                            \n<\/em>100. Mr. Speaker, at the time of presenting the 2023 Budget, a Benchmark Revenue crude
                            \noil price of US$88.55 per barrel was used to project petroleum revenues for 2023, in
                            \nline with provisions of the Petroleum Revenue Management Act (PRMA) 2011, (Act
                            \n815) as amended. Recent global economic developments have led to a decreased
                            \ndemand for crude oil.
                            \n101. Therefore, consistent with Section 7 of the Petroleum Revenue Management
                            \n(Amendment) Act 2015, (Act 893), the average crude oil price has been revised to
                            \nUS$74.0 per barrel down from the price of US$88.55 per barrel used in the 2023
                            \nBudget. Accordingly, the total petroleum receipts have been revised downwards
                            \nfrom US$1,484.47 million to US$1,008.65 million, representing a 32 percent decline.
                            \nPERFORMANCE OF GOVERNMENT INITIATIVES IN THE 2023 BUDGET<\/li>\n<\/ol>\n\n\n\n
                            102.<\/td>\nMr. Speaker, in the 2023 Budget, Government outlined a series of measures to
                            \nmitigate the impact of the severe economic challenges and also to preserve growth.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                             <\/p>\n\n\n\n
                            103.<\/td>\nThese include the implementation of flagship programmes, such as One District
                            \nOne Factory, Planting for Food and Jobs (PfJ) – Phase II, Strategic Anchor Industries,<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                            Infrastructure for Poverty Eradication Programme (IPEP), GhanaCARES, YouStart,
                            \nAgenda 111, among others.<\/p>\n\n\n\n
                            104.<\/td>\nMr. Speaker, within the context of our IMF-backed PC-PEG, these interventions
                            \nassume greater significance in promoting growth and medium-term fiscal<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                            consolidation. In addition, as stated earlier, we are pursuing a social protection
                            \nagenda to mitigate the impact of adjustment on the vulnerable.
                            \nOne District One Factory
                            \n105. Mr. Speaker, in line with Government’s unwavering commitment to
                            \nindustrialisation, the implementation of the flagship One District One Factory
                            \n(1D1F) Initiative is on course. As of June, 2023, 126 factories were operational
                            \nnationwide. Over 160,000 direct and indirect jobs have been created, especially for
                            \nthe youth who have been mobilised to establish agro-processing factories in 58
                            \ndistricts.
                            \n22
                            \nGhana Priority Health Infrastructure Projects – Agenda 111
                            \n106. Mr. Speaker, Government initiated the Agenda 111 to address infrastructure deficit
                            \nin the health sector and improve healthcare outcomes in the country. As at May
                            \n2023, total payments under the programme stood at US$189.34 million, with 83
                            \nactive project sites in all 16 regions of the country.
                            \nAgriculture and Food Security
                            \n107. Mr. Speaker, Planting for Food and Jobs has brought substantial improvements in
                            \nGhana\u2019s agriculture sector. This has resulted in increased food security,
                            \nemployment along agricultural value chains, and accessibility of raw materials for
                            \ndeveloping industries. The programme has directly contributed to increased crop
                            \nyields for major food staples such as maize, rice, and soya by 135 percent, 67 percent
                            \nand 18 percent respectively within the period.
                            \n108. After a comprehensive review, Government is finalising PfJ Phase II to ensure a
                            \nmore efficient and targeted support for the agricultural sector. The key elements of
                            \nPhase II are Inputs Credit System, Storage and Distribution Infrastructure,
                            \nCommodity Trading and Digitised Platform.
                            \nThe GhanaCARES \u201cOBAATAN PA\u201d programme
                            \n109. Mr. Speaker, I can report that efforts toward promoting commercial agriculture,
                            \nbuilding technological capability, and advancing digitalisation under the
                            \nGhanaCARES programme are on track.
                            \n110. Last year, I indicated that Government is spearheading the Economic Enclaves
                            \nProject (EEP) to establish \u2018growth poles\u2019 in key locations including Kasunya
                            \n(Greater Accra), Kumawu (Ashanti) and Banda (Oti Region). The approach under
                            \nthe EEP is to provide agriculture infrastructure and land development support to
                            \nour entrepreneurial youth and the formal private sector.
                            \n111. Mr. Speaker, to enhance production and value-addition in the enclaves, the
                            \nprovision of ancillary services such as housing, training facilities, irrigation canals,
                            \nfarm roads, and electricity have also commenced.
                            \n112. Mr. Speaker, it is gratifying to note that the domestic private sector has responded
                            \npositively to the provision of these services. About ten (10) medium and large-scale
                            \nenterprises with experience in the commercial agriculture space have applied to
                            \nplay diverse roles, ranging from anchor farmers to machine and equipment services,
                            \nin the EEP site in Kasunya.
                            \n23
                            \n113. Mr. Speaker, in partnership with the National Service Scheme, about 20,000 acres of
                            \nland in Sekyere Kumawu in the Ashanti region, is being developed to accelerate
                            \nmaize, tomato, groundnuts and animal production.
                            \n114. Mr. Speaker, Government expects that by end-2023, the EEP will have:
                            \ni. Fully seeded 7,500-acres of rice, on-boarded qualified private sector
                            \nentrepreneurs as anchor farmers, embarked on value chain activities such as
                            \nrice milling and packaging in Kasunya; and<\/p>\n\n\n\n
                            ii.<\/td>\nDeveloped and seeded 1,500 acres of lands in Kumawu and Banda (Oti Region)
                            \nrespectively and also engaged private sector partners in these Enclaves.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                              \n
                            1. With these efforts, Mr. Speaker, we expect to gradually drive down the food
                              \ncomponent of inflation, create jobs for our youth, improve food security and reduce
                              \nthe volatility on the forex market.
                              \nYouStart
                              \n116. Mr. Speaker, to equip participants with entrepreneurial skills, investment readiness
                              \ntools as well as coaching and mentoring services under the YouStart initiative,
                              \n26,626 persons nationwide have received business advisory support services since
                              \nits launch last year.
                              \n117. We will continue to work with Participating Financial Institutions, National
                              \nEntrepreneurship and Innovation Programme (NEIP) and Ghana Enterprises
                              \nAgency (GEA) to provide soft loans and managerial skills for the setting-up of
                              \nyouth-led enterprises.
                              \nNational Entrepreneurship and Innovation Programme
                              \n118. Mr. Speaker, the National Entrepreneurship and Innovation Programme, with
                              \nsupport from the Ghana Economic Transformation Project (GETP), launched the
                              \nHubs Acceleration Grant Programme in April 2023.
                              \n119. The programme has supported 30 Business and Innovation Hubs with grants to
                              \nresource start-ups in communities nationwide. Each Hub has received up to
                              \nUSD$180,000 and is required to resource 20 start-ups. In the second half of the year,
                              \n15 new Hubs will be supported to set up across the Country.
                              \nTourism and Creative Arts
                              \n120. Mr. Speaker, to make Ghana the Tourism Hub for the West Africa, the Domestic &
                              \nRegional Tourism Campaign, dubbed \u201cExperience Ghana, Share Ghana\u201d was
                              \nintensified across the country by Government.
                              \n24
                              \n121. Our goal is to complement this campaign, the Kwame Nkrumah Memorial Park,
                              \nwhich was redeveloped and modernised with support from the World Bank and
                              \nother development partners, was commissioned by President Akufo-Addo on 4th
                              \nJuly, 2023. The redeveloped park will boost domestic and heritage tourism and is
                              \nexpected to attract over 1 million tourists annually.
                              \n122. Government will continue with the redevelopment of Aburi Botanical Gardens,
                              \nSalaga and Pikworo Slavery Camps and Yaa Asantewaa Mausoleum to boost
                              \ndomestic tourism. Furthermore, in partnership with the Ghana Museums and
                              \nMonuments Board (GMMB) efforts will continue to renovate selected Forts, Castles
                              \nand Museums across the country.
                              \n123. Mr. Speaker, Government will work closely with the private sector to improve key
                              \ntourist sites and events as part of the Beyond the Year of Return initiative. We have
                              \nmade considerable progress towards achieving 1.2 million visitors for 2023 with
                              \n150,000 jobs along the value chain, and 2 million foreign visitors and 1.5 million in
                              \ndomestic tourism by 2025.
                              \nRoad, Interchange and Bridge Infrastructure<\/li>\n<\/ol>\n\n\n\n
                              124.<\/td>\nMr. Speaker, to improve mobility and accessibility, as well as safety along major
                              \ntrunk roads, the following projects are at various stages of completion:<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                                \n
                              1. Works on the 31.2km Assin Fosu-Assin Praso portion of the National Trunk
                                \nRoad N8 (Phase 2) – was completed and commissioned in June 2023;<\/li>\n<\/ol>\n\n\n\n
                                ii.<\/td>\nAccra-Tema Beach Road (Lot 1 and Lot 2) – 79 percent and 89 percent complete
                                \nrespectively;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                iii. Construction of a 3-tier interchange at Nungua Barrier – is ongoing;<\/p>\n\n\n\n
                                iv.<\/td>\nDevelopment works on the Kumasi Lake Road and Drainage Extension project
                                \n– is 98 percent complete;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                                  \n
                                1. Selected Roads in Sekondi and Takoradi Phase 1 – is 21 percent complete;
                                  \nvi. Tema-Aflao road – is 30 percent complete;
                                  \nvii. Nsawam-Ofankor road – is 26 percent complete;<\/li>\n<\/ol>\n\n\n\n
                                  viii.<\/td>\nReconstruction of Bechem-Techimantia-Akomadan road – is 64 percent
                                  \ncomplete;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                                    \n
                                  1. Reconstruction of Agona Nkwanta-Tarkwa road – is 34 percent complete;
                                    \n25
                                    \nx. Phase 2 of the Obetsebi Lamptey Circle Interchange and other ancillary works
                                    \n– is 86 percent complete as at June 2023;<\/li>\n<\/ol>\n\n\n\n
                                    xi.<\/td>\nConstruction of a 4-tier interchange at Suame in the Ashanti Region – has
                                    \ncommenced;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                     <\/p>\n\n\n\n
                                    xii.<\/td>\nConstruction of 50 prefabricated bridges in all sixteen regions continued in
                                    \n2023 and are 86 percent complete as at end June;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                     <\/p>\n\n\n\n
                                    xiii.<\/td>\nDesign, fabrication and delivery of 87 No. steel panel bridges – is ongoing, with
                                    \n45 bridges delivered; and<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                     <\/p>\n\n\n\n
                                    xiv.<\/td>\nNew bridge under construction at Twifo Praso to separate vehicular traffic
                                    \nfrom the railway line – is 93 percent complete.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                     <\/p>\n\n\n\n
                                    125.<\/td>\nGovernment will embark on a community roads improvement programme to
                                    \nincrease productivity and facilitate the transportation of food crops. Districts<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                    Assemblies will be given complementary equipment to ensure that their local roads
                                    \nare motorable through-out the year.
                                    \n126. Mr. Speaker, these notwithstanding, Government remains committed to improving
                                    \nroad infrastructure in line with the fiscal consolidation plan in the IMF-backed PCPEG and in partnership with the private sector.
                                    \n127. Mr. Speaker, the Road Sector\u2019s Public Private Partnerships (PPP) programme for the
                                    \nfinancing, construction and management of road infrastructure has two projects at
                                    \ndifferent stages of preparation:
                                    \ni. Phase 1 of the Accra-Tema Motorway Extension Project (31.7km) involves the
                                    \nreconstruction of the Motorway. The Concession Agreement and draft
                                    \nEngineering Procurement and Construction (EPC) agreement have been
                                    \nfinalised and will be laid in this House.
                                    \nii. The Development of Tema Arterial Roads will be structured on a PPP basis
                                    \nusing the Build Operate and Transfer (BOT) model. The appraisal of the project
                                    \nis ongoing.
                                    \nFisheries Resource Management Programme
                                    \n128. Mr. Speaker, civil works on Phase 1 of the Anomabo Fisheries College project is
                                    \ncomplete and enrolment and training of students will commence by the end of the
                                    \nyear.<\/p>\n\n\n\n
                                    129.<\/td>\nAs part of efforts to prevent diversion and hoarding of premix fuel which results
                                    \nin acute shortages, 37 out of a target of 50 premix automated vending machines<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                    26
                                    \nwere installed in various landing beaches at Elmina, Chorkor and Nungua among
                                    \nothers. Government will install the remaining 13 automated vending machines by
                                    \nend of the year at various landing beaches across the country.<\/p>\n\n\n\n
                                    130.<\/td>\nGovernment has also piloted the use of electronic monitoring systems on trawlers
                                    \nto help check illegal, unreported and unregulated fishing practices.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                    Infrastructure for Poverty Eradication Programme
                                    \n131. Mr. Speaker, under the Infrastructure for Poverty Eradication Programme,
                                    \nGovernment continues to embark on strategic investments across our communities
                                    \nnationwide in line with the fiscal consolidation plan. Through the Development
                                    \nAuthorities, approximately 340 projects have been completed and accordingly
                                    \nhanded over to the beneficiary communities. The remaining 297 projects are at
                                    \ndifferent stages of completion.
                                    \nExport Promotion and AfCFTA
                                    \n132. Mr. Speaker, as part of our effort to take full advantage of AfCFTA, Government
                                    \nhas established an Export Trade House in Nairobi, Kenya to promote made-inGhana products and services. We have also undertaken a marketing expansion
                                    \nexpedition to Kenya with 63 Ghanaian companies to introduce them to the East
                                    \nAfrican market.
                                    \n133. Government has also facilitated the issuance of AfCFTA Certificates of Origin to 51
                                    \nGhanaian companies and businesses covering 300 product lines, indicating eligibility
                                    \nto be traded under AfCFTA.
                                    \nPrivate Sector Interventions
                                    \nFinancial Intermediation for Entrepreneurship<\/em><\/p>\n\n\n\n
                                    134.<\/td>\nMr. Speaker, Government remains committed to promoting access to competitive
                                    \nfinancing for the private sector. Over the course of the past five years Government<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                    has established and recapitalised critical institutions that are able to provide
                                    \nfinancial intermediation to the private sector.
                                    \n135. These institutions include Ghana Incentive-based and Risk-Sharing Scheme for
                                    \nAgricultural Lending (GIRSAL); Development Bank, Ghana (DBG); the
                                    \nConsolidated Bank Ghana (CBG), the Ghana Commodity Exchange (GCX); the
                                    \nGhana Infrastructure Investment Fund (GIIF); and the Venture Capital Trust-Fund
                                    \n(VCTF),
                                    \n27
                                    \n136. Mr. Speaker, as the economy recovers, we need to support these critical institutions
                                    \nto deepen their interaction with private sector to spur growth and create more jobs.
                                    \nGovernment will place emphasis on:
                                    \ni. Supporting DBG capital raising to the US$1 billion mark in the medium term
                                    \nand disbursing about GHC 1 billion in loans, from the current GHS450 million,
                                    \nby the end of the year;
                                    \nii. DBG and GIRSAL providing Partial Credit Guarantees that will reduce risk
                                    \nand attract more private sectors actors to expand agricultural operations;
                                    \niii. Operationalising an equity fund in partnership with other private sector
                                    \ninvestors to augment existing capital for SMEs; and
                                    \niv. Supporting GIIF to execute commercially sustainable infrastructure
                                    \nconstruction solutions, including the Agenda 111 Hospitals, Accra-Tema
                                    \nExpressway project, and affordable University Hostel accommodation
                                    \nEnergy Security
                                    \nRenewable and Alternative Energy Development Programme
                                    \n<\/em>137. Mr. Speaker, the Ghana Nuclear Power Programme has made significant policy
                                    \nprogress towards the development of Ghana\u2019s first nuclear power plant.
                                    \nGovernment has shortlisted vendor companies and countries to identify the
                                    \neconomical and resilient nuclear power technology for Ghana, as a source of clean
                                    \nand sustainable energy and other peaceful purposes only.
                                    \nPetroleum Sector Development and Management Programme
                                    \n<\/em>138. Mr. Speaker, total oil production from all the producing assets within Ghana was
                                    \napproximately 18.5 million barrels from January to May 2023. This translates to an
                                    \naverage production of 122,000 barrels per day. Total gas export to the Gas
                                    \nProcessing Plant (GPP) at Atuabo and the Onshore Receiving Facility (ORF) at
                                    \nSanzule within the same time was approximately 44.7 billion standard cubic feet
                                    \nwith a corresponding average export rate of 296 million standard cubic feet per day.
                                    \n139. The Cash Waterfall Mechanism (CWM) and the Natural Gas Clearing (NGC) have
                                    \nbeen used to equitably distribute revenues in the sector. Under the updated ESRP,
                                    \nthe CWM is being reformed to ensure mandatory compliance to provide cash flow
                                    \npredictability to key players (IPPs and State Energy entities) within the energy
                                    \nsector.<\/p>\n\n\n\n
                                    140.<\/td>\nMr. Speaker, to address the impact of excess capacity payments on the economy,
                                    \nGovernment has sustained collaborative engagements with IPPs. Currently IPPs are<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                    28
                                    \nbeing engaged to restructure the accrued outstanding balances and eliminate
                                    \npayment shortfalls and arrears accrual in the sector.
                                    \n141. The Gas Sales Agreement between VRA and N-Gas has been renegotiated to reduce
                                    \nthe take or pay commitment and other financial obligations to the State.
                                    \nClimate Change and Financing<\/p>\n\n\n\n
                                    142.<\/td>\nMr. Speaker, the World Bank estimates that climate change could cost Ghana
                                    \napproximately 1.7 percent of GDP annually by 2030 if left unaddressed.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                     <\/p>\n\n\n\n\n
                                    143.<\/td>\nCognisant of this assessment, Government is working to secure carbon financing to<\/td>\n<\/tr>\n
                                    support its Nationally Determined Contributions<\/td>\n(NDCs) and meet its<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                    commitments under the Paris Agreement. This will drive foreign direct green
                                    \ninvestment to benefit local businesses.
                                    \n144. Mr. Speaker, as part of our efforts to address loss and damage from climate change,
                                    \nGhana, as one of the first pathfinder countries, launched the in-country process for
                                    \nGhana\u2019s participation in the Global Shield against Climate Risk and the Global Risk
                                    \nModelling Alliance. These initiatives will enable us to assess quantitatively our
                                    \nclimate risk, design solutions informed by the data and facilitate access to resources
                                    \nfrom the Global Shield
                                    \n145. Mr. Speaker, Government in partnership with the Green Climate Fund has
                                    \nestablished the Ghana Shea Landscape Emission Reduction Project (GSLERP) at an
                                    \nestimated cost of US$54.5 million. The GSLERP will focus on the Shea Landscape
                                    \nand will address the country\u2019s efforts to reduce emissions from deforestation and
                                    \nforest degradation (REDD+).
                                    \n146. Additionally, Government is implementing the Ghana Cocoa Forest REDD+
                                    \nProgramme (GCFRP), which covers 5.9 million ha (79% off-reserve, 21% on reserve)
                                    \nin seven regions. The programme will benefit 12 million urban and rural residents.
                                    \nGhana became the second African country after Mozambique to receive FCPF
                                    \nREDD+ payments in January 2023.
                                    \n147. Mr. Speaker, Ghana continues to have an impressive record in the climate space.
                                    \nThe President currently chairs the Climate Vulnerable Forum while the Finance
                                    \nMinister chairs the V20 Group of Finance Ministers. This is an organisation of 58
                                    \ncountries with a population of 1.5 billion people in the most affected regions of the
                                    \nworld.
                                    \n148. Under the leadership of the President, we are transforming the Climate Vulnerable
                                    \nForum and V20 into a permanent Inter-Governmental Organisation. The aim is to
                                    \nchampion, principally, a \u2018Fair Share\u2019 Agenda to ensure appropriate financing for
                                    \n29
                                    \nadaptation, mitigation, and loss and damage; whilst leveraging our natural
                                    \nresources to raise carbon financing for accelerated climate action and to ensure that
                                    \nthe 1.5-degree Celsius temperature threshold is not breached.
                                    \nSocial Protection
                                    \n149. Mr. Speaker, Government continues to sustain social protection programmes to
                                    \nprotect the poor and the vulnerable. The half-year performance of the identified
                                    \nprogrammes are provided below:
                                    \ni. Under the LEAP programme, Government disbursed a total of GH\u00a2169.95 million
                                    \nas at June 2023 to 346,019 households comprising 1,533,748 individuals. This
                                    \nincludes the increase of the monthly grant to beneficiary households from
                                    \nGH\u00a232.00 to GH\u00a264.00 for one-member household and GH\u00a238.00 to GH\u00a276.00 for
                                    \ntwo-member households. Our target under this programme period is to reach
                                    \nabout 8 percent of the population, that is 2.5million people.
                                    \nii. Under the Ghana School Feeding Programme, coverage increased considerably
                                    \nfrom 1,671,777 beneficiaries in 2016 to 3,801,491 beneficiaries by June 2023. The
                                    \nfeeding grants cost per meal, per child, per day increased from GH\u00a21.00 to
                                    \nGH\u00a21.20 for the 2023 academic year. We have also settled all arrears owed to
                                    \ncaterers under the programme for the second and third terms of the 2022 academic
                                    \nyear; and the first term of 2023.
                                    \niii. The Capitation Grant contributed to increased enrolment in public basic schools
                                    \nfrom 6,048,897 pupils for the 2021\/2022 academic year to 6,114,302 pupils for the
                                    \n2022\/2023 academic year.
                                    \niv. Under the Free Senior High School (Free SHS)\/Technical and Vocational
                                    \nEducation and Training (Free TVET) programmes, a total of 447,396 first-year
                                    \nstudents enrolled during the 2022\/2023 academic year to bring the total number
                                    \nof Free SHS\/TVET beneficiaries to 1,318,035 students. Government continued
                                    \nwith the construction of 9 state-of-the-art TVET centres to offer modern facilities
                                    \nand equipment, enable effective skills training and empower young people with
                                    \nthe relevant skills required for employment and entrepreneurship.
                                    \nv. Under our Complementary Education for underprivileged groups, including outof-school children, Government commenced the implementation of Cycle 8 of the
                                    \nComplementary Basic Education Programme (CBEP) in February 2023, with a
                                    \ntotal enrolment of 5,000 learners as at end June 2023.
                                    \n30
                                    \nGROWING THE ECONOMY
                                    \n150. Mr. Speaker, the PC-PEG Government is implementing with the support of the IMFECF facility requires strong fiscal consolidation. This will enable us quickly reestablish macroeconomic stability and debt sustainability. These are necessary preconditions for high long-term economic growth, job creation and rapid
                                    \ntransformation.
                                    \n151. A key pillar of the PC-PEG is the focus on inclusive growth. Our renewed push for
                                    \ngrowth is informed by the usual experience that fiscal consolidation tends to have
                                    \nnegative impact on growth. For the medium term, we are targeting revised
                                    \neconomic growth rates of 1.5% for 2023; 2.8% (2024); and 4.7% (2025).<\/p>\n\n\n\n
                                    152.<\/td>\nMr. Speaker, we need to be deliberate and strategic in our actions if we are to exceed
                                    \nour pre-CoVID-19 strong economic growth which averaged 7%, compared to 4.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                    and 2.6% in Lower Middle-Income Countries (LMIC) and Sub-Saharan Africa
                                    \n(SSA), respectively.
                                    \n153. With the economy showing signs of stabilisation, Government intends to pursue a
                                    \nGrowth Agenda that is fully aligned with the 2028 timeline for returning to a path
                                    \nto debt sustainability.
                                    \nFunding the Growth Agenda
                                    \n<\/em>154. Mr. Speaker, given the limited fiscal space as well as our determination not to
                                    \naccumulate new arrears, our growth agenda will be mainly financed from domestic
                                    \nand external private sector investments as well as a rationalisation of ongoing
                                    \nprogrammes. The approach is to prioritise existing programme that are critical for
                                    \ngrowth and can be implemented to deliver quick results without huge demands on
                                    \nthe available budgetary resources.
                                    \nObjective of the Growth Strategy
                                    \n<\/em>155. Ultimately, we will aggressively encourage the private sector, under the \u2018Ghana
                                    \nMutual Prosperity Dialogue Framework\u2019 to promote shared growth anchored on
                                    \njob creation, food security, exports and import substitution.<\/p>\n\n\n\n
                                    156.<\/td>\nTowards this objective, Government expects to finalise a Growth Strategy in
                                    \nAugust, 2023.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                                      \n
                                    1. Mr. Speaker, the key elements of the Growth Strategy include:
                                      \n31
                                      \ni. accelerating scaling-up and aggregation in Agriculture and value-addition for
                                      \nkey staples such as rice, poultry, maize, soya, tomatoes;
                                      \nii. supporting Industrial Parks and Economic zones that promote innovation and
                                      \npositive spillovers, and efficiency for key sectors such as the automotive,
                                      \npharmaceutical, technology, textile and garment industries;
                                      \niii. promoting tourism to attract international and domestic tourist to boost
                                      \nincomes and create jobs;
                                      \niv. deepening the digitalisation of Public Services to promote efficiency in service
                                      \ndelivery and protecting the public purse;
                                      \nv. expanding housing delivery programmes to improve access to jobs and
                                      \naccommodation; and
                                      \nvi. deepening financial intermediation programmes to enhance inclusion and
                                      \nentrepreneurship.
                                      \n32
                                      \nCONCLUSION
                                      \n158. Mr. Speaker, in preparing this 2023 Mid-Year Budget, we have held extensive
                                      \nengagements with Cabinet and also with diverse stakeholders including; Organised
                                      \nLabour, Employer Associations, Association of Ghana Industries, Ghana Union of
                                      \nTraders Association, Peasant Farmers Association, Civil Society Organisations,
                                      \nChamber of Mines, Think-Tanks, African Leadership Institute for West Africa, the
                                      \nAcademia, Faith Based Organisations, the investor community, the Council of State,
                                      \nNational Development Planning Commission, Chief Directors and PPME
                                      \nDirectorates of MDAs, and Chief Executives of all Metropolitan, Municipal and
                                      \nDistrict Assemblies, and many others.
                                      \n159. In all these meetings, stakeholders provided insights into issues such as widening
                                      \nthe tax net, SOE Governance, expenditure controls, optimising extractive industry
                                      \ncontributions, providing increased and targeted support to agriculture and
                                      \nindustry, revamping ports operations and duties, as well as growing and changing
                                      \nthe structure of the economy.
                                      \n160. Mr. Speaker, the feedback has been illuminating and well received. The Faith-Based
                                      \nOrganisation, for example, agreed to form a Committee to educate their
                                      \ncongregation on their responsibility to pay taxes. We will continue to engage to find
                                      \nmutually acceptable solutions as we prepare the 2024 Budget Statement in
                                      \nNovember, 2023.
                                      \n161. Mr. Speaker, last Friday, I had the singular privilege to be invited to participate in
                                      \nthe Joint Caucus Meeting of Parliament. Indeed, the meeting effectively reflected
                                      \nthe theme of the 2023 \u2018Nkabom\u2019 Budget. It was a pleasant and intimate experience.
                                      \nI appreciated the opportunity to engage and receive valuable feedback from the
                                      \nHon. Members. I want to thank the leadership of the House for the opportunity and
                                      \nthe shared urgency to transform our economy.<\/li>\n<\/ol>\n\n\n\n
                                      162.<\/td>\nMr. Speaker, I will be the first to admit that it has been an extremely difficult year
                                      \nfor our country and our citizens.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                       <\/p>\n\n\n\n
                                      163.<\/td>\nWhilst most countries are still going through difficulties due to what is happening
                                      \nglobally, our economic crisis also emanates from fundamental and systemic<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                      weaknesses that we must boldly confront.
                                      \n164. These include:<\/p>\n

                                        \n
                                      1. \nMr. Speaker, what I have outlined today begins a strong effort on the part of
                                        \nGovernment to address these issues. Most of the structural reforms we proposed in
                                        \nthe PC-PEG, with which we secured an IMF programme, are geared towards
                                        \naddressing these fundamental issues.
                                        \n166. In the next 15-months, there will be renewed efforts to undertake the necessary
                                        \nreforms and implement very critical measures.
                                        \n167. Mr. Speaker, I want to, once again, acknowledge the sacrifices that our people have
                                        \nmade, especially in the roll-out of the DDEP. Government sincerely appreciates all
                                        \nthese sacrifices. We are a resilient people but we must be resolute if we are to get
                                        \nour Community across the Jordan.
                                        \n168. On our part, we will ensure that we implement:
                                        \ni. Systems to enhance revenue collection through compliance measures to
                                        \nbring public finances back to a sustainable path while growing the real
                                        \nsector of the economy, especially agriculture;<\/li>\n
                                      2. Mr. Speaker, while concluding the 2023 Budget Statement in November, 2022 in this
                                        \nHouse, I emphasised that our unity \u2013 \u201cNkabom\u201d – will be vital in confronting the
                                        \ndaunting challenges facing our economy.
                                        \n170. Mr. Speaker, today, I have provided updates to demonstrate that we have delivered
                                        \non these critical areas. We thank \u201cfellow Ghanaians\u201d and partners for their
                                        \ninvaluable support and sacrifices. Our economy is showing signs of stabilisation.
                                        \nAnd we are deeply grateful for the abiding grace of God, which has been more than
                                        \nsufficient to enable us turn the corner.
                                        \n34
                                        \n171. By being hopeful, speaking the same language of productivity, growth and working
                                        \nclosely together, we are securing our own collective success.
                                        \n172. Mr. Speaker, the implementation of on-going fiscal adjustments and sustained
                                        \ninvestments in our people have contributed immensely to the stabilisation we are
                                        \nseeing in the economy. Exchange rate has stabilized, inflation has softened, and
                                        \ninterest rates have declined since December, 2022, and private investments have
                                        \nbeen announced due to increased investor confidence in our economy.
                                        \n173. Ordinarily, Mr. Speaker, these positive trends should ease the burden on our
                                        \npockets. As a Finance Minister and a family man myself, I will continue to work
                                        \nhard to build and sustain a favourable macroeconomic environment, and remain
                                        \nconfident that the prices of goods and services would reflect the trend for all of us –
                                        \nfor our families and enterprises.
                                        \n174. Mr. Speaker, we must all work together \u2013 Regulators, Market Federations and
                                        \nUnions and the individual citizen \u2013 and play our part to ensure consumers are
                                        \ntreated fairly to complete the turnaround.
                                        \n175. This Mid-Year Fiscal Policy Review has outlined the strategy for re-aligning our
                                        \nProgramme to sustain our progress to stability. We have not asked for additional
                                        \nfunding. We have not asked for new tax measures. We have committed to stay
                                        \nwithin appropriation and be even more efficient in mobilising resources and
                                        \nmanaging expenditure.
                                        \n176. Mr. Speaker, we have indicated that we are focused on:
                                        \ni. Structural reforms to address systemic weaknesses and strengthen resilience
                                        \nin key areas including revenue mobilisation, expenditure management,
                                        \ncommitment control and arrears clearance, debt management, financial
                                        \nstability as well as energy and cocoa sector SOEs reformation.
                                        \nii. Rejuvenating the growth agenda with a prioritised Growth Strategy, which
                                        \nemphasises private sector-led investments in areas such as agriculture, local
                                        \nmanufacturing, tourism, and digital transformation. The PfJ (Phase II),
                                        \nAquaculture, YouStart, Economic Enclaves Project, 1D1F, and Tech Hubs will
                                        \nbe integral to this Growth Strategy. We will strengthen the ecosystem of
                                        \nfinancial services to enhance the catalytic role of the DBG, CBG, GCX, GIRSAL,
                                        \nGhanaEXIM, GIIF and VCTF.<\/li>\n<\/ol>\n\n\n\n
                                        iii.<\/td>\nLaunching the Mutual Prosperity Dialogue framework to enhance the ease of
                                        \ndoing business and crowd-in significant private sector (domestic and foreign)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                        investment, first from existing companies and also a global search for new
                                        \nentrants.
                                        \n35
                                        \niv. Safeguarding Social Protection for the vulnerable.<\/p>\n\n\n\n
                                        177.<\/td>\nMr. Speaker, intermediate results from our collective efforts and our resources,
                                        \nespecially our people, indicate that we will succeed. Beyond these current<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                        challenges, our economic prospects remain bright. But we must adapt quickly and
                                        \naddress unexpected challenges ahead in order to rebuild our resilience.<\/p>\n\n\n\n
                                        178.<\/td>\nMr. Speaker, as I conclude, I would like to bring our attention to several critical
                                        \nimperatives that require our immediate and collective action:<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                                          \n
                                        1. The energy sector, especially IPP power payments, remains a critical
                                          \nchallenge. We must support the ECG to significantly improve its collection
                                          \nto reduce the burden the sector imposes on public finances. I am pleased, Mr.
                                          \nSpeaker, to announce that we have an updated Energy Sector Recovery Plan,
                                          \nand we must all support its implementation to bring the sector towards a
                                          \nsustainable path;
                                          \nii. Expenditure control has become more important to ensure that revenue
                                          \nshocks are efficiently managed. Even as we address the systemic challenges
                                          \nthrough technology and capacity development, Government will work with
                                          \nstate institutions to enforce the sanctions outlined in the PFM Act, especially
                                          \nregarding off-budget commitments by MDAs;
                                          \niii. Improving non-oil domestic revenue collection cannot be overemphasised.
                                          \nIn this vein, it is important to support the GRA to enhance collection and
                                          \noperationalise measures to strengthen revenue administration effort. To
                                          \nachieve the ambitious non-oil revenue target in the PC-PEG of 20 percent
                                          \nrevenue to GDP, enhanced commitment is required; and
                                          \niv. Completing the domestic debt operations is essential to restore debt
                                          \nsustainability and move forward our engagement with the external creditors.
                                          \n179. Mr. Speaker, this Mid-Year Review offers us an even better opportunity to jointly
                                          \nwork towards entrenching stability for our economy. We must seize it. We must
                                          \nclaim now a successful First Review with the Fund in September.
                                          \n180. Let us continue to believe in Ghana. Let us have the courage to be proud about what
                                          \nwe can achieved. Let us be and think positively. Let us act patriotic and stand firm.
                                          \nWith hard work, integrity, fraternity, and mutual respect, we will stabilise and
                                          \ntransform our economy as well as build a Righteous Nation \u2013 one of Peace,
                                          \nProsperity and Freedom, today and into the future.
                                          \n181. As 1 Peter 1: 10 exhorts us, let us use whatever gift we have received to serve Ghana,
                                          \nas faithful stewards of God\u2019s grace. Let us indeed be perfectly united in mind and
                                          \nthought and build this great Republic.
                                          \n36
                                          \n182. Mr. Speaker, we all, including myself, have been \u2018battered, bruised, and broken\u2019 in
                                          \nthis past year but we held our Resolve as a Resilient nation. The Battle has indeed
                                          \nalways been the Lord\u2019s. As we sit today, let us use this moment to glorify Him for:
                                          \nHe has Rescued us; He has Recovered and Restored what we lost; and He is
                                          \nReviving our economy.
                                          \n183. Mr. Speaker, we need to Rejoice in fervent gratitude to the Lord. Mr. Speaker, we
                                          \nmust endeavour to build a Righteous Republic, united in our Resolve to transform
                                          \nour economy, for in speaking one language and nothing will be impossible for us to
                                          \nachieve our manifest destiny of greatness.
                                          \n184. Mr. Speaker, let me once again express my profound appreciation to this House and
                                          \nto all fellow Ghanaians for the support and cooperation towards stabilising the
                                          \neconomy. Let me assure you and the nation that under President Akufo-Addo, we
                                          \nhave steady hands piloting this ship of state.
                                          \n185. Right Honourable Speaker, thank you for the opportunity to present the Mid-Year
                                          \nFiscal Policy Review to this August House.
                                          \n186. May God continue to bless our homeland Ghana and make her great and strong.
                                          \nNkunim y\u025b Y\u0190N NYINAA dea! Victory is ours, all of us; together.<\/li>\n<\/ol>\n

                                           <\/p>\n

                                           <\/p>\n

                                           <\/p>\n

                                           <\/p>\n","protected":false},"excerpt":{"rendered":"

                                          The Minister for Finance, Ken Ofori Atta on Monday, July 31, 2023, presented the Mid-Year Budget Statement to parliament, cataloging policies the government had taken […]<\/p>\n","protected":false},"author":1,"featured_media":12215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[3057],"class_list":["post-12214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-finance-minister-mid-year-budget"],"yoast_head":"\nFullText of 2023 Mid-Year Budget Review - Express News Ghana<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/expressnewsghana.com\/?p=12214\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FullText of 2023 Mid-Year Budget Review - 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