On Wednesday, 17th November 2021, we presented the Budget Statement and Economic Policy of the Government of Ghana for the 2022 Financial Year to Parliament. The core focus was to sustain the recovery efforts from the impact of the COVID-19 pandemic and other global shocks and get us back quickly to a path of sustainable growth and debt.
Government set out to support all Covered Entities to deliver critical services to the Ghanaian People starting January 2022. This follows all Parliament approval of expenditure and key revenue measures in December 2021 and the outstanding revenue measures in March 2022. The prolonged process to the revenue measures, together with strong external headwinds significantly challenged the implementation of the 2022 Budget.
This consolidated Annual Report has been prepared to assess the implementation of the approved 2022 Budget measures. It is in keeping with the principles of sound and accountable economic governance and in line with Section 27(1-4) of the Public Financial Management Act, 2016 (Act 921).
Recalling that we set out in 2022 with our energies focussed on the theme “Building a sustainable entrepreneurial nation: Fiscal Consolidation and Job Creation”, this report examines the progress towards the ideals of fiscal consolidation and private sector empowerment for building an enduring entrepreneurial culture, amidst significant unforeseen challenges.
Feeding from the Budget Performance Reports of respective Covered Entities, the report details and analyses the utilisation of public funds and summarises the status of implementation of key government policies, programmes, and projects. Specifically, we submit key updates on our commitment to:
- achieve a more sustainable macro-fiscal balance through robust revenue and expenditure measures;
- empower the Private Sector to expand and create jobs by improving access to finance and skills development;
- implement our flagship programmes to improve the living standards of our people; and
- revitalise and transform the structure of our economy by investing in GhanaCARES.
The preparation of the report has benefited from extensive consultations and coordination. We must be encouraged by the feedback provided through this process and endeavour to use the outcomes to shape our efforts to support the recovery of our economy. We must continue to prioritise strategic interventions, including flagship programmes and the GhanaCARES “Obaatan Pa” programme to advance social mobility as we seek to create a WISER (Wealthy, Inclusive, Sustainable, Empowered and Resilient) economy.
I must say that 2022 was a truly eventful year for our nation. Our achievements in the areas specified earlier will endure beyond the immediate and current challenges. As Prof. K.A. Busia rightly observed, “when the hand of providence makes us participants in great and historic events, we find ourselves too close to them, or too engrossed in them to realise their true significance”. Indeed, amidst the strong turbulence, we collectively won some significant victories for the Republic.
On behalf of Government, I extend sincere appreciation to all stakeholders who assisted with the preparation of this Consolidated Annual Budget Performance Report. I invite all Ghanaians to read, be informed and engage as we all strive for economic recovery and transformation.
God Bless us all.