The Director of Communications of the New Patriotic Party (NPP) Richard Ahiagbah has said that he expects that the 2024 budget will do more to sustain the evolving stabilization of the economy and restore growth through increased investment in agriculture, industry, and tourism.
Perhaps an important specific tax relief that will benefit many people will be announced by the Minister, he said.
“I also expect a budget that would try to increase revenue not necessarily through new taxes, but rather by widening the tax net, increasing compliance, and tax administration efficiency.
“Overall, I expect a budget that inspires hope, and discipline and promotes inclusive growth and resilience,” he tweeted.
I expect a budget that will do more to sustain the evolving stabilization of the economy and restore growth through increased investment in agriculture, industry, and tourism. Perhaps an important specific tax relief that will benefit many people will be announced by the… pic.twitter.com/VqKIO5AI26
— Richard Ahiagbah (@RAahiagbah) November 15, 2023
The Minister of Finance is expected to present the 2024 budget statement in Parliament today Wednesday, November 15.
The budget statement will throw further light on the performance of the economy, and efforts to boost the country’s productive capacity through the new growth strategy, the Finance Ministry said.
The Ministry described the budget as a crucial document to be presented by the Minister.
The Ministry said the budget comes on the back of the successful first review of the 3-year programme with the International Monetary Fund (IMF).
A statement issued by the Ministry on Tuesday, November 14 said “The budget is crucial because it is developed to support the implementation of the IMF-backed post-COVID-19 programme of economic growth.
“It comes just after the successful first review of the three-year US43 billion IMF-ECF programme.
“It will also heighten among others the performance of the economy, efforts to boost the productive capacity of the economy through the new growth strategy, fiscal measures, and debt management strategies to deepen stability and promote growth.”
The government is currently discussing with its external creditors for debt relief worth $10.5 billion.
The Finance Minister earlier submitted proposals to its commercial creditors seeking a haircut of up to 40% and additional debt rework with its bilateral creditors including China and the Paris Club.