A Senior Economic Lecturer at the University of Ghana, Priscilla Twumasi Baffuor, is pressing on government to exhibit fiscal discipline in order to achieve the macroeconomic targets captured in the 2024 Budget.
Speaking to Journalists at the 2024 post-budget forum organised by KPMG and the UNDP, she said very bold actions are needed to keep the economy stable.
For instance, she said policies like the Planting for Food and Jobs if well implemented could be a game changer and help drive down food inflation which has been a major factor in the inflation basket.
“Inflation target of 15.0 is not unattainable. But it may require a certain fiscal discipline which we will be observing, because next year is an election year and a very crucial year for the government so let’s see”
“I believe that when you look at the determinants of inflation in recent months, it has been food and so if the policies like the Planting for Food and Jobs are well implemented then it should drive down food inflation which will have a huge influence on the Consumer Price Index”, she mentioned.
In the 2024 Budget, the government is seeking to achieve an overall Real Gross Domestic Product growth of at least 2.8%, a Non-Oil Real GDP growth of at least 2.1% and an end-period inflation rate of 15.0% in 2024. It also projects a Primary Balance on Commitment basis of a surplus of 0.5% of GDP and Gross International Reserves to cover not less than 3.0 months of imports.
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