GHANA’S Finance Minister, Ken Ofori-Atta, revealed on Wednesday that the nation has outperformed its fiscal targets for the January to August period this year. Presenting the 2024 budget in parliament, Ofori-Atta disclosed that the West African country’s budget deficit stood at 3 percent of the gross domestic product (GDP), a significant improvement compared to the targeted deficit of 4.6 percent of GDP.
During his address, the minister also shared encouraging economic statistics, highlighting an average real GDP growth of 3.2 percent in the first half of 2023. Additionally, he noted a substantial reduction in Ghana’s total public debt, which declined from 73.1 percent of GDP at the close of 2022 to 66.4 percent of GDP as of September 2023.
This positive financial outlook reflects Ghana’s commitment to sound fiscal management and economic stability. The lower-than-expected budget deficit and the downward trend in public debt signal a resilient and growing economy, providing optimism for investors and stakeholders alike.
As the nation navigates the economic landscape, the finance minister’s announcement serves as a testament to Ghana’s prudent fiscal policies, positioning it for sustained growth and development in the coming years.
