PwC 2024 Budget Digest

Overview

When the Minister for Finance, Honourable Ken Ofori-Atta presented a summary of the 2024 Budget Statement and Economic Policy to Parliament on 15 November 2023, he repeatedly made the assertion that “we [have] turned the corner”. He cited robust real GDP growth, strong disinflation and remarkable currency stability within the first three quarters of 2023 as evidence of having turned the corner. He also pointed to the credit rating upgrade by Fitch Ratings as well as the profits reported by the banking industry. He provided some details to underscore his point:

• Real GDP growth is reported as having averaged a robust 3.2% over the first two quarters, i.e. January to June 2023. During his presentation on 31 July 2023 of the mid-year review of the 2023 budget, the Hon. Minister had forecast a very conservative annual growth of 1.5% for the year.
• Headline inflation has sustained a remarkable decline, sliding 1,890 basis point (bps) from 54.1% to 35.2% over a period of ten months and bringing it to within 3.9% of the 2023 end- of-year target of 31.3%.
• The Ghana Cedi has been relatively stable against convertible currencies compared to the experience of the previous year. The Minister reported that the Ghana Cedi shed— from February 2023 cumulatively—6.4% of its value relative to the US dollar. In comparison, the Ghana Cedi depreciated by 53.9% over the same period in 2022.

As we typically do following the presentation of the National Budget and its mid-year reviews, PwC has produced a rigorous review of the 2024 Budget and shared our perspectives in our 2024 Budget Digest. Download the 2024 Budget Statement At a Glance here and download our complete 2024 Budget Digest Report below.

Download the 2024 Budget Digest here.

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2024 Budget Digest publication here