A REPORT BY LIMA PARTNERS
The 2023 Budget reading was arguably the most anticipated economic event in our recent history as the country battled high inflation, high interest rates and a crippling general economic outlook by rating agencies worldwide. Cost of living has skyrocketed due to inflation caused by a foreign exchange decline primarily because the country relies heavily on imports. This led to a run for forex, causing the Ghana Cedi to depreciate by more than 50% to the dollar as at December 2022. Other factors like the COVID pandemic and the Russian-Ukraine conflict remain a lead cause of shortage of food and related items resulting in heightened inflationary levels.
In this article, we present a detailed review of the 2023 Budget presented by the minister for finance, Hon. Ken Ofori-Atta.