• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

PwC cautions Gov’t against premature celebration of economic recovery

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
592
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

PwC cautions Gov’t against premature celebration of economic recovery

In its assessment of the 2024 budget, global accounting and auditing firm PwC has advised against premature celebrations of an economic revival, cautioning that the journey to recovery is far from complete.

“At PwC, we accept that we might be turning the corner. However, it is our view that we are still quite some distance from the finish line. The next lap could be the hardest section yet to run”, noted PwC.

The assertion by PwC follows statements made by the Finance Minister during the presentation of the 2024 budget on November 15, 2023, on the economy “turning the corner” when “inflation started declining from 54.1 percent in December 2022 to 35.2 percent in October 2023; when, despite a 1.5 percent projected growth, the economy galloped at a remarkable pace, and clocked an average of 3.2 percent growth in the first two quarters of the year,” he stated.

“When the currency, which had been under severe pressure over the past two years, depreciated by a modest 6.4 percent cumulatively from February to date, compared to 53.9 percent over the same period in 2022; when the Banking industry started to record and report a profit-after-tax growth of 43.8 percent (GH¢6.2 billion); when in record time we completed the IMF 1st Staff Review of 6 Performance Criteria, 3 Indicative Targets and 3 Structural Benchmarks,” the Finance Minister added.

While acknowledging the inclusion of socio-economic development programs, notably the Planting for Food and Jobs Phase II, PwC highlights the need for meticulous implementation to ensure the realization of desired outcomes such as strengthened local businesses and job creation.

The firm expresses concern over the potential impact of 2024 election spending, identifying significant threats to disciplined budgetary execution that could impede progress towards overarching medium-term targets of recovery and growth.

PwC’s advice to the government emphasizes the adoption of sound project selection and implementation strategies, cautioning against excessive generosity in the application of social protection principles that may not foster self-sustainability.

“Specifically, we urge Government to avoid the temptation to be overly generous in its application of “social protection and poverty reduction principles” during the 14-month first phase of the five-year Growth Strategy. Such social protection principles are likely to have populist appeal but would simply dissipate scarce financial resources in arrangements where project beneficiaries consider them as “handouts” and do not have sufficient incentive to generate results that could be self-sustaining and eventually grow to support an ever increasing number of beneficiaries”, PwC stated.

Amidst recognition of the ambitious targets set in the budget, including a total revenue and grants target of GHS 176.4 billion, PwC underscores the necessity for innovation, discipline, and transparency.

The call for careful execution extends to the realm of Public Financial Management (PFM) reforms, identified as a critical component for effective budget implementation.

“Despite being ambitious, we believe the 2024 Budget contains tangible promise. But to realise that promise, government needs to be innovative, have discipline, consult widely and sincerely, and be transparent and accountable in its dealings with its stakeholders. The Public Financial Management (PFM) reforms will be a critical piece in the efforts to achieve such effectiveness in budget execution”, it stated.

In a proactive stance, PwC offers its support to the government, expressing a willingness to contribute its knowledge and experience to aid in the successful execution of PFM reforms.

In conclusion, while acknowledging the promise inherent in the 2024 Budget, PwC’s analysis underscores the imperative of strategic execution and fiscal prudence to navigate the challenges ahead and realize the envisaged economic recovery.

Tags: economic recoveryPwCPwC cautions Gov't against premature celebration of economic recovery
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.