This year’s Mid-Year Budget Review is set to be presented to Parliament today by Finance Minister, Ken Ofori-Atta. The Finance Ministry noted in a statement that the presentation is in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921).
There has been some back and forth on the exact date for the presentation, although the 25 of July, 2023 was announced at the initial stages, with Parliament also announcing a 27th date.
It is now settled and confirmed that the Mid-year Budget Review will be presented on 31st July 2023.
The budget is expected to shed light on the government’s fiscal plans for the rest of the year and implement measures to ensure economic stability and growth. In anticipation of the Mid-Year Policy Review, several key points have emerged, providing insights into the direction of Ghana’s economic landscape. The Mid-Year Budget Review is expected to prioritize policies aimed at securing economic stability and fostering growth.
Speaking to GBC News, President of IMANI Africa, Franklin Cudjoe said he does not expect new taxes to be introduced, saying if that happens, it will mean further increases in the prices of goods and services. He said Ghanaians can no longer bear any price increases because they are sacrificing a lot.
Mr Cudjoe said the mid-year budget review must be more flexible and asked the Government to reprioritize its spending.
Meanwhile, Deputy Minister of Finance, Abena Osei-Asare, has hinted that the 2023 Mid-Year Budget Review will focus on revenue enhancement through administrative and compliance measures. She said the budget review will also focus on fiscal consolidation and structural measures that were outlined under the IMF programme.
At a recent dialogue in Accra, she said the budget would drive stability and growth in the economy.
Madam Osei-Asare said Ghanaians should expect that the Mid-Year budget would address ”structural weaknesses and build resilience in key areas such as expenditure commitment control and arrears clearance, debt management, financial stability and review of statutory funds”.