In preparation for the mid-year budget review presentation to Parliament, Finance Minister Dr. Mohammed Amin Adam is engaging the banking sector to bolster Ghana’s fiscal achievements.
He emphasized the crucial role of the banking industry in supporting business growth. At a stakeholders’ meeting on the 2024 budget implementation, Dr. Mohammed Amin Adam affirmed a commitment to fiscal responsibility to stimulate growth within the framework of the IMF program.
“We expect the mid-year budget review to announce measures on how we can promote economic growth. Getting the banks to understand and align with our expectations is crucial because they will play a key role in financing private sector participation, which is essential for achieving an accelerated growth rate for the development of our country,” he stated.
He hinted that “we are also discussing amendments to the Fiscal Responsibility Act. We are exploring various possibilities that will impose fiscal rules on debt levels.”
Stakeholders and business associations are being consulted to ensure that government policy reviews garner support from all stakeholders and contribute to shaping a comprehensive policy framework for the upcoming presentation.
John Awuah, CEO of the Ghana Association of Banks, reiterated the sector’s dedication to economic recovery, contingent upon mitigating any substantial risks to the industry.
“As banks, as long as it does not unduly impose risks on the industry, we are ever ready to support economic recovery.
We understand that as the economy recovers, it creates a sound environment where businesses can thrive, allowing banks to provide the needed support without increasing the impairment risks we are currently facing,” he added.
