Ahead of the mid-year budget review presentation to Parliament, Finance Minister Dr Mohammed Amin Adam is seeking the banking sector’s support to consolidate Ghana’s fiscal gains.

He noted the vital role of the banking industry in fostering business growth.

Speaking at a stakeholders’ engagement on the 2024 budget implementation with bankers, he assured that fiscal responsibility would be maintained to drive growth under the IMF programme.

“We expect the mid-year budget review to announce measures on how we can promote economic growth.

"Getting the banks to understand and align with our expectations is crucial because they will play a key role in financing private sector participation, which is essential for achieving an accelerated growth rate for the development of our country,” he said.

He also hinted at possible amendments to the Fiscal Responsibility Act, exploring options that would impose fiscal rules on debt levels.

The minister is seeking input from stakeholders and business associations to ensure government policy reviews are well-supported and shape a broader policy framework for the presentation.

John Awuah, Chief Executive Officer of the Ghana Association of Banks, affirmed the sector’s commitment to economic recovery, provided there are no significant risks to the industry.

“As banks, as long as it does not unduly impose risks on the industry, we are ever ready to support economic recovery.

"We understand that as the economy recovers, it creates a sound environment where businesses can thrive, allowing banks to provide the needed support without increasing the impairment risks we are currently facing,” he added.