highlights of the finance minister’s presentation of the 2023 budget

For the fiscal year 2023, the government freezes employment for civil and public officials.

For the fiscal year 2023, the government has stopped hiring new public and civil officials.

Ken Ofori-Atta, the finance minister, claims that this is a component of the government’s initiatives to reduce spending in response to the current economic difficulties.

“a halt to new hires among civil and government employees. In 2023, no new government organizations will be created “declared Ken Ofori-Atta.

Government will 45% reduce imports.

Additionally, the Ghanaian government stated that it will encourage the private sector by focusing on select particular products for import replacement in 2023.

Ofori-Atta claims that the targeted goods make up around 45% of the country’s total annual imports, placing pressure on the cedi.

“Mr. Speaker, as I’ve already said, Ghana’s reliance on imports puts a lot of pressure on the Cedi and results in a negative balance of payments situation. “A varied range of goods, including iron, steel, aluminum, sugar, rice, fish, poultry, palm oil, cement, fertilizers, pharmaceuticals, toilet paper, toothpicks, fruit juices, etc., account for the majority of Ghana’s import bill, which surpasses US$10 billion yearly,” he said.