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 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.

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.

Below is the full statement from the Finance Ministry:

KEN OFORI-ATTA TO PRESENT 2019 MID-YEAR BUDGET REVIEW TO PARLIAMENT

In accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921) the Minister for Finance is expected to present the Mid-Year Review and Supplementary Estimates to Parliament not later than 31^st July of each financial year. This year’s presentation to Parliament will take place on Monday 29^thJuly, 2019.

1. This year’s presentation will have a particular focus on issues affecting the energy sector, alongside their planned reforms. Another 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 will also be highlighted.
2. This presentation to Parliament will see an upward revision of the 2019 appropriation ceiling and its underlying measures, in order to achieve the objectives of the 2019 budget theme of expanding the economy and increasing jobs. Government will, therefore, seek the approval of Parliament for supplementary estimates.
3. Aside from highlighting Ghana’s fiscal performance between January and June 2019, as well as fiscal strategy going forward, this year’s Mid-Year Budget Review will touch on policies leading to increases in industrial output, such as the agro-food sector. Roads Rehabilitation & Construction, the strengthening of Security, and Government Priority Programmes, among others, will also be addressed.
4. Against the backdrop of the Ghana Beyond Aid vision, this 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).
5. The review covers:

• a brief overview of the macroeconomic developments (2018 & 2019);
• analysis of revenue, expenditure, and financing performance for 2019;

• a revised fiscal outlook for the unexpired term of the financial year; and
• overview of the implementation of the annual budget.

ISSUED BY PUBLIC RELATIONS UNIT

 MINISTRY OF FINANCE