Election 2024: No reckless spending this year, we're holding the line — Finance Minister

Dr. Mohammed Amin Adam, the Minister for Finance, has reassured that government will exercise fiscal prudence in this election year, emphasizing a commitment to staying within expenditure limits.

Speaking at a side meeting with investors from Rand Merchant Bank at the ongoing 2024 African Development Bank Annual Meetings in Nairobi, Kenya, Dr. Adam invited the investor community to support Ghana's economic recovery efforts, which have exceeded projections.

He highlighted Ghana's endeavors to facilitate a conducive business environment through pragmatic policies and stakeholder engagements, emphasizing the government's dedication to fiscal responsibility, especially during an election year.

Dr. Adam underscored the importance of adhering to expenditure margins, describing it as a crucial prerequisite for the country's IMF program.

"Inflation is trending downwards from 54 percent in 2022 to 25 percent today and is expected to reach 15 percent by the year's end. As a government, we are holding the line in this election year to avoid overspending," he disclosed.

The Minister emphasizes government's support for Small and Medium Enterprises (SMEs), recognizing their role in employment generation and contribution to the country's GDP. Support mechanisms for SMEs include access to finance, market opportunities, digital marketing, and managerial expertise.

"The growth we are aiming for requires sustainable investment, and that is why we continue to rely on your esteemed partnership," he added.

The Minister was accompanied by Mrs. Elsie Addo Awadzi, the 2nd Deputy Governor of the Bank of Ghana, officials from the Ministry of Finance, Bank of Ghana, and the Ghana Investment and Infrastructure.