A QUICK REVIEW OF THE 2022 BUDGET

The 2022 National budget rightly tagged “Building a Sustainable Entrepreneurial Nation: Fiscal Consolidation and Job Creation” aspires to sustain the recovery efforts from the socio-economic impact of the COVID-19 pandemic and get the nation quickly back to pre-pandemic growth trajectory and on a sustainable debt path. It also outlines the strategies to address one of Ghana’s significant problems: youth unemployment and improving the quality of living standards while ensuring peace and security.

This year, the government of Ghana anticipates spending about 137.5 billion Ghana Cedis, a 21% increment compared to the 2021 budget of 113.8 billion Ghana Cedis. The 2022 budget also saw a 39 % increment in revenues and grants projection (100.5 billion Ghana Cedis) juxtaposed with an estimated 72.5 billion Ghana cedis  last year. Although there is a substantial growth in the projected revenue, the budget still has a deficit of 37.1 billion Ghana Cedis, which is 10%  lesser than the 2021 shortage of 41.3 billion Ghana cedis.