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GENERAL

Osei Kyei-Mensah-Bonsu appeals to MPs to approve 2024 Budget

Mr. Osei Kyei-Mensah-Bonsu, the Majority Leader and Leader of Government Business in Parliament, has appealed to Members of Parliament (MPs) to approve the 2024 Budget Statement and Economic Policy of the Government.

Date Created : 11/30/2023 12:00:00 AM : Story Author : Iddi Yire/Ghanadistricts.com

He made the appeal in his concluding remarks during the debate on the 2024 Budget Statement.

"I should bear witness that the 2024 Budget Statement and Economic Policy presented to the House by the Minister of Finance, Mr Ken Ofori Atta on the authority of the President, Nana Addo Dankwa Akufo-Addo is indeed the "Nkunim" Budget in which all of us should be well pleased and stand united to build back better!" he stated.

"It is the reason why I strongly urge all of us to do what is right for God and country by supporting and approving the motion before us: “That this House Approves the

Budget Statement and Economic Policy of the Government of Ghana for the 2024 Financial Year.”

Mr. Kyei-Mensah-Bonsu said it was abundantly clear that the Government’s economic policies over the past seven years, had yielded positive results, and that but for the disruptions occasioned by COVID and the Russia-Ukraine war, economic growth in Ghana would have been monumental.

He said to respond more aggressively and to overcome domestic vulnerabilities that ensued from the COVID-19 pandemic and the Russia-Ukraine war and which exposed the economy to high cost of living, unsustainable debt burden, fiscal stress, dwindling International Reserves, rising interest rates, low growth and exchange rate volatilities, government has developed home-grown Post COVID-19 Programme forEconomic Growth (PC-PEG).

He noted that the Economic Growth was steadily rising after the COVOD-19 pandemic and the thorn-pricks of the Russian-Ukrainian War as the gross domestic product (GDP) figures show.

He said Living Standards were accordingly being revised up as Ghanaians were observing; adding that inflation was cascading down and lending rates were climbing down.

The Majority Leader said interest rates were tumbling, international reserves were building up and employment opportunities were opening up, even if gradually, to Ghanaians, especially the youth.

He said the Free Senior High School (SHS) programme was thriving against the declaration of the doomsday prophets that it was not going to be sustainable.

Mr. Kyei-Mensah-Bonsu said health infrastructure in every district was expanding under the Agenda 111 initiative and that districts were witnessing the revival of dead factories, or the expansion of existing factories or the construction of new factories to process and add value to their local products and offer employment to local people.

He said the 2024 budget was to promote private sector investment and entrepreneurship by committing about GH¢2 billion to private sector lending.

Mr. Kyei-Mensah-Bonsu said this budget aimed to coordinate with the Bank of Ghana to bring down interest rates to single digit in the next two years as the inflation path improves to make the economy more competitive to attract private investment.

He reiterated that the 2024 Budget had been developed to consolidate and complete on-going infrastructure projects to improve productivity and welfare.

He said the Budget had been developed to build resilience and promote climate-sensitive growth.