Govt targets ¢176.4bn revenue in 2024 but aims to spend ¢226.7bn

Ghana’s Finance Minister, Ken Ofori-Atta has revealed government’s financial goals for 2024 during his speech to Parliament on November 15, 2023. The target is to generate GH¢176.4 billion in revenue in 2024, while planning to spend GH¢226.7 billion.

Ofori-Atta emphasized the need for fiscal strategy and announced a substantial reduction in overall expenditure, equivalent to 6.1 percentage points of GDP compared to 2022. This reduction is achieved through a combination of measures, including adjustments to revenue and primary expenditure.

Ofori-Atta also highlighted the positive impact of potential interest rate savings from ongoing external debt operations on public finance sustainability. He went on to explain that the projected budget deficit for 2024 is GH¢61.9 billion, or 5.9 percent of GDP, with a corresponding primary deficit of GH¢5.9 billion, equivalent to 0.6 percent of GDP.

Read the full budget presented by Ghana’s Finance Minister Ken Ofori-Atta

Final 2024 BUDGET SPEECH 11_30 #12updated