As part of its efforts to boost the economy’s local productive capacity, the government has announced a 50% reduction in imports for public sector institutions that rely on imports for inputs or consumption.
To achieve this, the government will work with the Ghana Audit Service and the Internal Audit Agency to ensure its compliance.
Finance Minister who disclosed this when he presented the 2023 budget said “We will also support large-scale agriculture and agribusinesses interventions through the Development Bank Ghana and ADB Bank and introduce policies for the protection and incubation for newly formed domestic industries to allow them to make the goods produced here competitive for local consumption and also for exports”.
Mr. Ofori-Atta assured that the government will expand productive capacity in the real sector of the economy and actively encourage the consumption of locally produced rice, poultry, vegetable oil and fruit juices, ceramic tiles, and other products to promote exports.
He also stated that the government will improve public sector efficiency and implement Government directives on expenditure measures to integrate public procurement approval processes with GIFMIS.
This, he claims, will ensure that approved projects are in line with budget allocations.
“We will review key government programmes to reflect relevance, promote efficiency, and ensure value for money; and also review the efficiency of Statutory Funds”.
“To implement structural and public sector reform, we will among others impose a debt limit on non-concessional financing and undertake major structural reforms in the Public Sector by reviewing the operations of 36 State-owned Enterprises, 8 Special Purpose Vehicles, 90 Joint Venture Companies, 38 Regulatory institutions, 68 Statutory Bodies and 6 subvented Agencies”.