A Deputy Minister of Finance, Abena Osei Asare is urging Parliament to expedite the approval of the 2024 budget to ensure its timely implementation.

This comes weeks after the Finance Minister, Ken Ofori-Atta presented the budget on the floor of Parliament.

In an interview with JoyNews, the Deputy Minister said the approval will enable the implementation of some tax relief to less the burden on Ghanaians.

“The government initially planned to discontinue the VAT exemption granted to the textiles industry, however, they opted to extend these reliefs for an additional two years. This extension is intended to support the industry, enabling them not only to manage their VAT obligation but also to address other corporate taxes more effectively,” she added.

Read also: Highlights of government’s 2024 Budget Statement and Economic Policy

She further stressed that the discussion during the budget debate, particularly the concerns raised by the Minority, reflects the shared expectation among all members of the House when it comes to elevating the current economic hardship.

Background

On Wednesday, November 15, Finance Minister Ken Ofori-Atta expressed optimism that the nation is gradually overcoming its economic challenges.

He said government has established a robust foundation for the future prosperity of the Ghanaian economy.

During the presentation of the 2024 Budget statement and economic policy in Parliament, Mr. Ofori-Atta pointed to the consistent decline in inflation and the stability of the Ghanaian Cedi as evidence supporting his assertion.