Bagbin Urges Ken Ofori-Atta To Reschedule Presentation Of Mid-Year Budget: "We Need To Go On Break Earlier"

• The Speaker of Parliament has told the finance minister Ken Ofori-Atta to consider presenting the mid-year budget review earlier than planned
• The Majority Leader in Parliament Osei Kyei-Mensah-Bonsu earlier indicated that the finance minister was to present the mid-year budget review on July 27
• The Speaker of Parliament has explained that Parliament needs to go on its break earlier because of some other official commitments

The Speaker of Parliament, Alban Bagbin, has urged finance minister Ken Ofori-Atta to present the mid-year budget review to Parliament earlier than scheduled.

Bagbin said in Parliament last week that the mid-year budget statement, initially scheduled for July 27, 2023, would make it difficult for MPs to go on break on time.

Legislators in Parliament were initially expected to go on break on August 9, 2023.

But Bagbin has indicated that Parliament needs to take its break earlier because of other official commitments.

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He noted further that these commitments are ones that Parliament cannot afford to miss, hence the appeal to the finance minister.

“So this is a notice to the Minister of Finance to try as much as possible to submit the mid-year Budget and Supplementary Budget Review earlier than perceived because we have to work on it and approve it before August 10.

“And so, the last day we can get to convene and sit here would be August 3 and we cannot go beyond that because even with the August 3, we would have been late in attending the Commonwealth Parliamentary Association.

Section 28 of the Public Financial Management Act, 2016 (PFMA) Act 921 mandates the finance minister to present a mid-year budget review to Parliament six months after the presentation of the primary budget for a given year.

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Focus of the 2023 budget

YEN.com.gh reported that the focus of the 2023 budget was on strategies to restore and stabilise the economy after the economic crises.

The finance ministry noted that the 2023 budget would help build resilience and promote inclusive growth and value creation in the Ghanaian economy.

It also featured updates on Ghana's engagement with the International Monetary Fund for a supported programme.

Ghana's economy showing positive signs

An IMF team in Ghana in June 2023 noted that Ghana was showing signs of economic recovery.

In a statement, the IMF explained that Ghana's economy was exhibiting signs of stabilisation amid declining inflation.

The team, however, urged Ghana to fast-track its debt restructuring with its creditors.

Source: YEN.com.gh