Finance Minister, Ken Ofori-Atta, has announced plans by the government to revise the 2022 budget over current economic challenges.
Ghana’s economy is going through turbulent times as it is plagued with a number of challenges, including rising inflation largely caused by a rise in fuel prices.
The country’s currency is also suffering depreciation, especially against the US dollar, while the public debt level has attained an unsustainable level.
Addressing Ghanaians on measures taken by the government to revive the economy on Thursday, March 24, 2022, Mr. Ofori-Atta said, “the global and domestic developments I have outlined are affecting the effective implementation of the budget. Urgent and decisive actions are, therefore, required to address the challenges and ensure the achievements of the objectives and targets of the 2022 budget, including unleashing the entrepreneurial verve of the Ghanaian youth.”
“Whilst we are in the process of revising the 2022 fiscal framework to reflect current developments with the view to go to Parliament to seek approval for the revisions during the Mid-Year Review in July, Government will pursue additional measures to ensure the achievement of the fiscal deficit target of 7.4% of GDP.”
He also indicated that the government will pursue additional measures to ensure the achievement of the fiscal deficit target of 7.4% of GDP for 2022.
Among the new measures is a 50% cut in fuel coupons issued to state officials including state agencies and a further 10% cut in government expenditure.
Fuel prices reduced by 15 pesewas per litre effective April 1
Fuel prices will go down by 15 pesewas per litre effective April 1, 2022. This reduction will be in place for three months. This was disclosed by the Minister of Finance while announcing measures put in place by the government to cushion Ghanaians against current economic shocks.
Among the new measures is a 50% cut in fuel coupons issued to state officials including state agencies and a further 10% cut in government expenditure.
