.

Global megatrends impacting economies

With this budget, government seeks to sustain the recovery efforts and restore economic growth to pre-pandemic levels whilst achieving a sustainable debt position. From the recent population and housing census, the Ghanaian youthful group is growing at a burgeoning rate amidst high unemployment. Government intends to find innovative solutions to curb the unemployment issue in the country. Several policies have been rolled out in the past to salvage the employment situation by successive governments. We believe that a lot more could be done through a collaborative effort with the private sector. The rising debt levels, which has been a major concern in the economy, calls for drastic debt management measures to bring to sustainable levels.

2022 Budget Highlights

At the beginning of 2021, Ghana, like many other countries started to chart a path to economic recovery with the hope of restoring macro-economic stability to Pre-Covid-19 levels. Despite the ambition and aspiration of government, the country experienced a third wave of the pandemic, which again disrupted economic activities and affected households and individuals. This called for a further prioritisation of the health, safety and well being of the citizenry, which subsequently impacted government expenditure.

Although we are not out of the woods yet, it appears the economy is on a recovery trajectory, albeit at a slower pace but quite competitive in comparison to our peers in the sub-region. Macroeconomic growth rate at the end of June 2021 stands at 3.5% against a projected 5.1% growth rate full year 2021.

On 17 November 2021, the Minister for Finance, Hon. Ken Ofori-Atta presented the Budget Statement and Economic Policy (the budget) under the theme, “Building a Sustainable Entrepreneurial Nation: Fiscal Consolidation and Job Creation” to Parliament on behalf of the President, His Excellency Nana Addo-Dankwa Akufo-Addo. 

Budget Statement and Economic Policy of the Government of Ghana for the 2022 Fiscal Year
2022 Budget Highlights

Related content