Finance Minister To Present Mid-Year Budget Today
The Finance Minister, Ken Ofori-Atta, will today [Monday, July 29, 2019] present the mid-year budget review and supplementary estimates in Parliament in accordance with Section (28) of the Public Financial Management Act, 2016 (Act 921).
The presentation had been postponed twice.
Ahead of the presentation, some pressure groups have warned the government against the introduction of new taxes.
They have also called for a downward review of the already existing taxes.
But a statement from the Finance Ministry indicated that one major area expected to be addressed is the financial sector’s performance, Ghana’s debt situation, domestic revenue mobilization, and the review of the Luxury Vehicle Tax.
The government will, therefore, seek the approval of Parliament for supplementary estimates.
Aside from touching on Ghana’s fiscal performance between January and June 2019, as well as fiscal strategy, the Finance Minister will touch on policies leading to increases in industrial output, such as the agro-food sector.
The mid-year presentation to Parliament is expected to explain how Ghana will take advantage of the opportunities that come with the hosting of the Secretariat of the Africa Continental Free Trade Area (AfCTA) which falls in line with the Ghana Beyond Aid agenda.
Mr. Ofori-Atta will provide a brief overview of the 2018 and 2019 macroeconomic developments as well as analyse the country’s 2019 revenue, expenditure, and financing performance for 2019.