Presented By Honourable Dickon Mitchell, Minister for Finance

Mr. Speaker, as I rise to deliver my maiden Budget to this Honourable House, I wish to thank the Almighty God for his mercies and grace. Indeed, we have much to be thankful for.

I am extremely grateful to the citizens of Grenada, Carriacou and Petite Martinique for entrusting our Party, the National Democratic Congress, with a remarkable opportunity to transform our nation. Our citizens have justly voted for progressive change—a break from past failed policies and programmes, from a culture of corruption and victimisation, from inefficient Government and weak governance, and a break from generational poverty by a large segment of our population, and by extension the underdevelopment of our nation. 

Mr. Speaker, this Administration will honour our promise to bring real change that will uplift this nation and secure the future of our children and grandchildren. We will work collaboratively to do what is necessary to achieve a resilient, fair, and prosperous Grenada. 

While it is necessary to remain in Government to effect the change we wish to see, we will not be driven by political expediency. Nor will we be driven by policies aimed at keeping our people poor and vulnerable, which has been the legacy of the past Administration. Instead, Mr. Speaker, we will be driven by genuine love for our people and this beautiful island we are blessed to call home.

Mr. Speaker, I wish to thank my Cabinet Colleagues for their hard work and dedication thus far and for their unwavering support in helping me lead our nation.

I wish to also express my profound gratitude to the Transition Leads, some of whom have been kept on as Advisors, for their devoted time and expertise to help us settle in the seat of Government and to make a positive start.

Let me also thank the many Government employees, who not long ago were downtrodden and uncertain about their futures. Your demonstrated sacrifice and commitment to serve, despite trying circumstances, has not gone unnoticed. 

Finally, I wish to thank the many citizens, within and outside of the Public Sector and in the diaspora, who have embraced our transformation agenda and are working to move Grenada forward. 

Mr. Speaker, the 2023 Budget presents the first full year of our transformational agenda. It represents a strategic pivot towards plans, policies, projects, and programmes that will transform our people and society. It seeks to build a solid foundation upon which transformation, both as a process, and an outcome, will be achieved.

In this regard, I am honoured to present our inaugural budget under the theme, “Vision 2035: People-Centred Transformation. Laying the foundation for resilience, empowerment, and growth.”

Mr. Speaker, this Budget is presented at a time of great uncertainty at the global level, which can have devastating impacts on our economy. The lingering effects of the COVID-19 pandemic, geopolitical tensions, and the escalating war in Ukraine are fuelling inflation in food and energy, causing supply chain disruptions, and shortages and delays of key imports. Increasing interest rates in advanced economies, to curb rising inflation, is driving down demand and fuelling recession in our major trading partners, with significant potential impact on tourism and foreign direct investments. A synopsis of the macroeconomic and social context for the 2023 Estimates of Revenue and Expenditure is included as an Appendix to the published version of this Statement, with further details in the 2022 Annual Economic Review and Medium-Term Fiscal Framework: 2023 – 2025.

Notwithstanding the foregoing, Mr. Speaker, we are highly confident that our policies and programmes will continue to spur growth and the creation of sustainable jobs, empower our less fortunate citizens, and begin a process of real progress and development among our people. Following on the 6% growth this year, the economy is forecasted to expand further by 3.6% in 2023 underpinned by continued strong recovery in tourism and robust construction activities.

Mr. Speaker, on our journey to bring genuine development to our country, we will undoubtedly face mounting challenges. However, we are certain that we can withstand and surmount every trial if we face them together—as one people, and one nation under God.

There is a well-known African proverb that states: “If you want to go fast, go alone, but if you want to go far, go together.” Mr. Speaker, we want to change this narrative. We believe it is possible to go fast and far by working collectively towards a clear and common goal, with positivity and unwavering determination.

See the full speech below.