Finance Minister Dr. Mohammed Amin Adam is requesting assistance from the banking industry in order to solidify Ghana’s fiscal achievements before to the mid-year budget review presentation to Parliament.
He emphasised the banking sector’s critical role in promoting the expansion of businesses.
During a stakeholder meeting with bankers to discuss the implementation of the 2024 budget, he gave assurances that fiscal restraint will be upheld to promote growth under the IMF programme.
“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.
Additionally, he made suggestions about potential changes to the Fiscal Responsibility Act, including measures that would place budgetary constraints on debt levels.
To make sure government policy reviews are well-supported and to help develop a more comprehensive policy framework for the presentation, the minister is soliciting feedback from stakeholders and industry associations.
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.