Ghana Readies Plan to Self-Support its Development Programs

February 26, 2025

(3 Minutes Read)

The Minister also brought to the notice of Parliamentarians the need to increase the tax revenue to GDP ratio from 13.8% to 18% and bring down inflation from 23% to 8 per cent plus two or minus two.

Thomas Nyarko Ampem, Deputy Finance Minister-designate, says given the dwindling external aid from major donors to Ghana, the country should have a plan to self-support its development programs.

He referred to the recent cancellation of funding support from the United States of America through USAID, which would create a funding gap of USD 156 million for Ghana this year.

Answering questions in Parliament, Ampem said he would support the substantive sector minister to leverage digital technology systems to rake in revenue for the state. He wanted the Ghana Integrated Financial Management Information System (GIFMIS) platform to prevent procurement breaches. He further observed that Departments, and Agencies (MDAs) to control expenditure and improve transparency and accountability.

The GIFMIS platform is a software system that helps the government to manage public finances in Ghana. The Minister also brought to the notice of Parliamentarians the need to increase the tax revenue to GDP ratio from 13.8% to 18% and bring down inflation from 23% to 8 per cent plus two or minus two.