Overview
Ghana’s economy urgently needs a reset - perhaps, more urgently than many might have thought. Our overall sense is that the mid-year budget review indicates that, as a country, we have more pain to endure before things get better. Our starting assumptions for 2023 were ambitious, the reality has turned out a little worse than we had anticipated; oil prices have not held up, expenditure, especially public sector pay, is higher than we budgeted, revenues have not come in as expected, etc. So, overall, it signals that we have a longer road to contend with before we get back on track. It is, therefore, no surprise that all the indicators have been revised downwards.
Arguably, the revised targets are more reasonable. However, in our view, these revisions still highlight that the economy remains vulnerable and urgently needs the structural adjustment (i.e., the reset) that we have long spoken about. We must point out that businesses and households should continue to expect to tighten their belts before things get better.
Watch our 2023 Mid-Year Budget Review videos here
2023 Ghana Mid-Year Budget Digest | Part 1
PwC’s Gifty Appiah shares her views on the general outlook on taxes in the Mid-Year Review of the 2023 Budget Statement and Economic Policy of Government of Ghana presented by the Hon. Minister for Finance on 31 July 2023.
2023 Ghana Mid-Year Budget Digest | Part 2
In this Mid-Year Budget Review video, Hayfron Aboagye, Partner, PwC Ghana shares his views on how measures on arrears clearance and prevention strategies outlined in the Mid-Year Review of the 2023 Budget Statement and Economic Policy of Government of Ghana can achieve needed results.
Register to download the PwC 2023 Mid-Year Budget Digest report here
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