African Integrity Magazine – Ghana Rolls Out 2023 New Economic Plan

Ghana Rolls Out 2023 New Economic Plan

Feb 11, 2023 Samuel Africa News 0

Given that Budgeting is a proposed estimate of incomes and expenditures of Government for the fiscal year, utmost measures are required by technocrats and policy makers to provide sound policy document that will ensure that the positive derivatives from this Appropriation Act has a trickledown effect on the economy. To this end Ghana’s 2023 Fiscal Year Appropriation comes with a lot of cost saving measures as the Government in its bid to reduce Public Expenditure and growing Public Debt has placed a “freeze” on hiring Civil and Public Servants. The cabinet’s directive on this is expected to take effect from January, 2023 as part of the expenditure

rationalization measures of Government according to the Minister of Finance, Mr.Ken Ofori Atta, while presenting the 2023 Budget and Economic policy of Government to the Ghanaian Parliament. He also stated that all the Ministries, Depar tments and Agencies (MDAs ), Metropolitan , Municipal and Di s t r i c t Assemblies (MMDAs) and State owned Enterprises (SoEs) were directed to reduce their fuel allocation to political appointees, heads of MDAs, MMDAs and SoEs by 50 percent.

The Finance Minister also said government has also placed a ban on the use of V8s\V6s or its equivalent except for cross country travel as all Government vehicles would be registered with GV green number plates from January, 2023 henceforth. He stated further that a limited budget would be made available for the purchase of new vehicles and it shall be restricted to locally

assembled ones.

Mr. Ofori Atta made it clear that only essential official foreign trip across Government

Institutions including SoEs shall be condoned and no official foreign trip shall be condoned by Board member s of SoEs. “Accordingly, all Government Institutions should submit a travel plan for the year 2023 by mid-December of all expected travels to the Chief of Staff, Government Sponsor External training and staff development activities at the office of the President, Ministries and SoEs must be put on hold for the 2023 financial year”.

He added that a Freeze on new tax waivers for foreign companies and review of tax exemptions for free zone, mining, oil and gas companies would be implemented by 2023, While No new Government Agencies shall be established.