2021 mid-year budget review to be delivered by Ofori-Atta will have no new taxes

2021 mid-year budget review to be delivered by Ofori-Atta will have no new taxes

  • The 2021 mid-year budget review to be delivered in Parliament on Thursday, July 29 will have no new taxes introduced
  • This was announced by a deputy finance minister, John Kumah
  • It comes in the wake of minority reports that Ken Ofori-Atta will introduce new taxes to stem the tide of rising debt stock in the country

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Accra - A Deputy Finance Minister, John Kumah, has mentioned that the 2021 mid-year budget review to be delivered in Parliament by the Minister of Finance on Thursday, July 29 will have no new taxes introduced.

This piece of information comes as a relief to Ghanaians as most budget reviews have new taxes being introduced.

According to a report filed by 3news, this comes in the wake of minority reports that Ken Ofori-Atta will introduce new taxes to stem the tide of rising debt stock in the country.

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2021 mid-year budget review to be delivered by Ofori Atta will have no new taxes
2021 mid-year budget review to be delivered by Ofori Atta will have no new taxes Photo credit: Graphic.com.gh
Source: UGC
“I can tell you that there will no introduction of taxes in the mid-year budget review,” John Ampontuah Kumah told TV3.

The Minority in Parliament has already suggested that government must go to the International Monetary Fund (IMF) for urgent debt relief as a result of the current debt stock.

The caucus claims the failure of the government to do so immediately could plunge the country into an unsustainable economic crisis by February 2023.

Ghana might go back to HIPC

Still on finance, a former Deputy Minister of Finance, Dr Cassiel Ato Forson, has stated that Akufo-Addo's borrowing trend could plunge the country back into the Heavily Indebted Poor Countries (HIPC).

In a report filed by Graphic.com.gh, he said if the government continues to borrow to undertake various projects and activities despite the risings debt stock of the country, Ghana will end up with HIPC.

The Member of Parliament for Ajumako-Enyan-Esiam constituency made the remarks in a presentation he delivered at the NDC Ranking Members' Forum on policy dialogue on Ghana’s economy on Monday, July 26, 2021.

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He stated that Ghana's debt sustainability ratio is worrying. He added that Parliament ought to set benchmarks to restrain the government from further borrowing.

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Source: Yen

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