Economist Prof. Peter Quartey has warned of potential economic risks if Parliament fails to approve the mini budget before its Christmas recess.
He stressed that delays in approving the budget could disrupt essential government activities and create significant financial challenges in the first quarter of 2025.
In an interview with 3News.com, Prof. Quartey emphasized that the mini budget is crucial for maintaining fiscal stability and ensuring that key government programs and obligations are adequately funded.
He added that failing to pass the budget on time could derail efforts to stabilize the economy, exacerbating the country’s financial woes, which are already burdened by high debt levels and a fragile economic recovery.
“This is not the time for delays or political disagreements,” Prof. Quartey warned. “Approving the mini budget is essential to maintain confidence in the economy and ensure that the government can meet its obligations in early 2025. If this does not happen, we could face serious consequences in the months ahead.”
His concerns arise amid rising tensions in Parliament over the delayed presentation of the mini budget by Finance Minister, Dr. Mohammed Amin Adam.
Observers note that this delay could complicate fiscal planning and create uncertainty for businesses and investors heading into the new year.
The mini budget, also known as the mid-year fiscal policy review, plays a crucial role in government planning, addressing revenue shortfalls, and adjusting expenditure priorities to meet the country’s pressing needs.
With Parliament set to recess for the holidays by the end of this week, stakeholders and citizens alike are anxiously awaiting the outcome of the budget deliberations. Prof. Quartey has urged lawmakers to prioritize the nation’s economic stability by putting aside partisan differences and approving the budget before adjourning.
https://editors.3news.com/analysis/looming-government-shutdown-in-ghana-how-political-gridlock-and-a-budgetary-impasse-could-disrupt-essential-services-and-impact-millions/
By: Bismark Awusah
