In preparation for the mid-year budget review presentation to Parliament, Finance Minister Dr. Mohammed Amin Adam is seeking the support of the banking sector to bolster Ghana’s fiscal stability.
Dr. Amin Adam emphasized the critical role of the banking industry in fostering business growth. During a stakeholders’ engagement on the implementation of the 2024 budget with bankers, he reassured that fiscal responsibility will be upheld to promote growth under the IMF programme.
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“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 said.
He also mentioned ongoing discussions about amending the Fiscal Responsibility Act, exploring various possibilities to impose fiscal rules on debt levels.
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The inputs from stakeholders and business associations aim to ensure that government policy reviews have the backing of all stakeholders and help shape a comprehensive policy framework for the budget presentation.
John Awuah, Chief Executive Officer of the Ghana Association of Banks, affirmed the sector’s commitment to economic recovery, provided there are no significant 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.
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