Ahead of the mid-year budget review presentation to Parliament, Finance Minister Dr. Mohammed Amin Adam is urging the banking sector to support the consolidation of Ghana’s fiscal gains.
He emphasized the critical role of the banking industry in fostering business growth during a stakeholders’ engagement on the 2024 budget implementation.
Dr. Amin Adam assured stakeholders of the government’s commitment to fiscal responsibility under the IMF program. He highlighted the importance of the banking sector’s alignment with government expectations to finance private sector participation, which is essential for accelerated economic growth.
“We expect the mid-year budget review to announce measures on how we can promote economic growth,” he said.
The minister also mentioned discussions on amendments to the Fiscal Responsibility Act, aiming to impose fiscal rules on debt levels.
The inputs from stakeholders and business associations are being sought to ensure government policy reviews are well-supported and form a comprehensive policy framework.
John Awuah, CEO of the Ghana Association of Banks, affirmed the sector’s commitment to economic recovery, provided there are no significant risks to the industry.
He stated, “As banks, as long as it does not unduly impose risks on the industry, we are ever ready to support economic recovery.”
