IFs Ghana Policy Brief
IFS’ review of the government of Ghana’s 2023–2026 extended credit facility-supported program with the international monetary fund (IMF)1
June 15, 2023

REVIEW OF THE GOVERNMENT OF GHANA’S 2023 MID-YEAR BUDGET AND FISCAL POLICY DIRECTION IN THE FACE OF THE CURRENT FISCAL AND MACROECONOMIC CRISES

The mid-year review of the 2023 budget statement presented to Parliament by the government of Ghana at the end of July 2023 provided, among other things, a critical update on the government’s fiscal policy performance in 2022 and the first half of 2023. It also revised budget estimates for 2023 to reflect happenings in the first half of the year and to align key fiscal targets to the IMF program secured in May 2023.

In this brief paper, we critically analyze the mid-year budget, focusing on the reported fiscal outcomes for 2022 and the first half of 2023 and the revisions made to the 2023 budget. After outlining a number of comments regarding the performance and direction of fiscal policy, we offer recommendations as to how best the government can set its fiscal policy on a firmer path.