A new Medium-Term National Development Policy Framework (MTNDPF), 2022-2025 has been drafted to guide the medium-term economic recovery and transformation of the country.
This is consistent with the Ghana Beyond Aid agenda and is informed by our COVID-19 response strategy outlined in the Ghana CARES Obaatanpa Programme to enable us “build forward better”.
Mr Ken Ofori-Atta, the Minister of Finance, announced this when he presented the 2022 Budget Statement to Parliament in Accra on Wednesday.
The theme for the 2022 is “Building a sustainable entrepreneurial nation: fiscal consolidation and job creation.”
He said the broad macroeconomic goals to support the medium-term objectives included restoration of macroeconomic stability with a focus on fiscal consolidation and debt sustainability; maintaining a healthy balance between the implementation of the revitalisation and transformation programme and fiscal consolidation to promote growth within a stable macroeconomic environment.
It is also to providing an environment that was supportive of private sector (including promoting entrepreneurship) for domestic businesses and for FDI to thrive; building a robust financial sector to support growth and development and deepening structural reforms to make the machinery of Government work more efficiently and effectively to support socio-economic transformation.
The Minister said it was also to support implementation of reforms to increase revenue mobilization and the efficiency of public expenditures and plug leakages and prosecution of offenders.
Mr Ofori-Atta said guided by the medium-term policy objectives, the macroeconomic targets set for the medium-term (2022-2025) included overall real GDP to grow at an average rate of 5.6 per cent and non-Oil Real GDP to grow at an average rate of 5.9 per cent.
He said the end of December 2022 inflation to be within the target band of 8±2 per cent with overall fiscal balance and primary balance to return to the Fiscal Responsibility Act threshold targets by 2024.
The Minister said the gross International Reserves to cover at least 4 months of imports.
He said based on the macroeconomic objectives and the medium- term
targets, the following macroeconomic targets were set for 2022 with overall real GDP growth of 5.8 per cent; non-oil real GDP growth of 5.9 per cent with end of December 2022 inflation rate of 8 per cent and fiscal deficit of 7.4 percent of GDP, the primary surplus of 0.1 percent of GDP and gross international reserves to cover not less than 4 months of imports.