Today, Monday, July 31, 2023, the Minister of Finance, Ken Ofori-Atta, will submit the 2023 mid-year budget review in Parliament.
The presentation was originally set for July 27, 2023, but was rescheduled for July 25, 2023, only to be cancelled.
“In accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921), the Mid-Year Fiscal Policy Review of the Budget Statement and Economic Policy of the Government of Ghana for the 2023 Financial Year, is expected to be presented to Parliament on Monday, 31st July 2023,” the Finance Ministry announced in a statement.
The presentation will give an update on the execution of the 2023 Budget, as well as insights into the first half of the year’s economic and fiscal performance.
It will go through measures put in place to stabilise the economy, encourage growth, and protect the vulnerable, as specified in the IMF-backed Post-COVID-19 Programme for Economic Growth (PC-PEG).
The budget-review statement will describe the fundamental imperatives to restore macroeconomic stability and drive Ghana’s economic transformation, with an emphasis on the forecast.
According to the Finance Ministry, the problems that will be highlighted include structural changes in expenditure commitment control and arrears clearing; debt management; financial stability; and a growth plan, among others.
“In line with usual practice, we wish to indicate that Government will undertake the Post-Budget Engagements to explain the various policy choices to the public,” the Ministry of Finance added in its statement.
MPs share expectations
Members of Parliament discussed their expectations for the mid-year budget review in an interview with Citi News.
They expressed optimism that the government will lower taxes, consolidate multiple taxes, and increase financing for the educational sector and the school food scheme.
They also voiced worry about the high percentage of youth unemployment and the country’s fertiliser deficit.
Richard Kwami Sefe, Member of Parliament for Anlo, stated that fertiliser scarcity is having a severe influence on farming operations in his district.
Farmers, he claims, are being forced to pay exorbitant fertiliser costs, making it impossible for them to turn a profit. He requested that the government step in and interfere in the matter.
“My farmers as we talk now, most of them are just willing and ready to work even to do more than what they are doing. But the fertilizer, insecticides and other boosters, you will have some around but the cost is too much. In the last two years, 50kg fertilizer NPK was around GH¢98 [2021]. Last year [2022] it increased to GH¢210, this year we are going as far as GH¢450, GH¢460,” MP for Anlo lamented.
Paul Twum Barimah, Member of Parliament for Dormaa East, expressed hope that the mid-year budget review will not include any additional levies.
He stated that the economy is already stressed and that the government should focus on lowering rather than raising taxes.
“The whole country is in a spectre mood, I strongly believe this mid-year budget review will not come with any tax. My expectation is that the minister of finance should consider the current situation of Ghanaians and see how we can manage the economy,” Member of Parliament for Dormaa East envisaged.
