Finance Minister Ken Ofori-Atta to present mid-year budget review on 23 July
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Finance Minister Ken Ofori-Atta to present mid-year budget review on 23 July

- The Minister of Finance, Ken Ofori-Atta, is expected to present a mid-year budget review to Parliament

- The presentation, set to take place on Thursday, 23 July 2020, will also be used as an opportunity to request supplementary estimates

- Ofori-Atta is also expected to share details on plans to pay back loans taken to combat the coronavirus

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Information available to YEN.com.gh shows that the Minister of Finance, Ken Ofori-Atta, will soon present the mid-year budget review to Parliament.

Ofori-Atta will present it on Thursday, 23 July 2020, and the action is in line with the requirement of Section 28 of the Public Financial Management Act, 2016 (Act 921).

It has been gathered that the minister will also use the opportunity to request supplementary estimates.

Finance Minister Ken Ofori-Atta to present mid-year budget review on July 23

Finance Minister, Ken Ofori-Atta Source: starrfm.com.gh
Source: UGC

READ ALSO: Parliament grants GHc1.6m tax waiver for Ghana Space Science Institute

Projections for the 2020 financial year have been reportedly derailed following the outbreak of the coronavirus.

Per a report by citibusinessnews.com, Ofori-Atta is expected to present to Parliament a clear plan by the government on strategies to pay back loans taken to combat the pandemic.

This includes GHc10 million borrowed from the Bank of Ghana and $219 million transferred from the Stabilization Fund to the Contingency Fund.

An economist, Dr Adu Owusu Sarkodie, has called on Ofori-Atta to clearly outline progress made so far with the allocation of support under the Coronavirus Alleviation Programme (CAP).

In his opinion, it is important to implement measures to limit budget allocations as increases are likely to negatively affect Ghana’s budgetary plans.

He argued that Ofori-Atta, in 2020, predicted revenue of GHc67.1 billion and GHc86 billion as expenses on projects, which already results in a budget deficit of GHc19 billion.

In other news, Ghanaian importers have expressed fears over new taxes following a GHc3.59 billion drop in government's revenue for the first quarter of the year.

This follows the belief that the government would resort to taxes to close the deficit gap.

YEN.com.gh understands that a target of GHc13.95 billion for the period was missed.

READ ALSO: Inflation falls for the first time in months; current rate is 11.2%

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Source: Yen.com.gh

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