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2020 Mid-Year Review of the Budget Statement and Economy Policy

2020 Mid-Year Review of the Budget Statement and Economy Policy

Right Honourable Speaker, on the authority of His Excellency, President Nana Addo Dankwa Akufo-Addo, I beg to move that Honourable Members of this august House approve the Mid-Year Review of the Budget Statement and Economic Policy of the Government of Ghana and a Supplementary Estimate for the 2020 Financial Year, I present today, 23rd July 2020.


Mr. Speaker, I am performing this function in accordance with Article 179 (8) of the 1992 Constitution, Standing Order 143 of this august House, as well as Section 28 of the Public Financial Management Act, 2016 (Act 921).


Mr. Speaker, I want to take this opportunity to thank God for the privilege and extend my appreciation to His Excellency the President for the opportunity to lead this important assignment of managing the public finances of this Country. I am grateful to God for His Grace, Mercy and Goodness towards us. Indeed, when we look back at where we were and where we are now – we cannot help but be grateful.


Mr. Speaker, when we took over the management of this economy in January 2017, things were dire. We were recording the lowest growth rate in history in most of our critical sectors. Expenditures in sectors like Education, Agriculture and Health that addressed the basic human needs of our people were low. This had resulted in low productivity, deteriorating standards of living and general despondency. There was general lack of opportunities for social advancement for our fellow Ghanaians. Our governance institutions had also been deprived of the needed resources to play their critical roles.


Mr. Speaker, through well thought out economic and social policies underpinned by our belief in the ingenuity of our people and improving the well-being and livelihoods of Ghanaians, we set out to:

 

  • Restore macro-economic stability for growth and sustainable jobs;
  • Promote economic freedom by ensuring social mobility and social justice
  • Invest in human capital to improve the lives of Ghanaians;
  • Strengthen the PFM system to protect the public purse; and
  • Enhance governance institutions by providing adequate resources.

Mr. Speaker, from 2017 to date, through the diligent implementation of this Plan, we have completely changed the story. Mr. Speaker, not only should we acknowledge what God has done by turning this country around but we should celebrate him continuous favour on this land.

Mr. Speaker, the running theme undergirding all our policies and expenditure plans has been a commitment to invest and improve the lives of Ghanaians to access better opportunities. To ensure that even as we promote business and expand the middle class, the undergirding philosophy will continue to be driven by the preferential option for the poor. This unwavering belief has reflected in the over fifteen (15) flagship programmes that we have initiated and implemented in the various sectors of the economy including education, agriculture and health.

 

In the wake of the COVID-19 pandemic and as part of measures to ensure the safety of all our stakeholders,
you are kindly directed to e-mail your correspondence to the address below:
correspondence@mofep.gov.gh

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