The Minister of Finance, Ken Ofori-Atta, is set to present the 2023 Mid-Year Budget Review in Parliament on Thursday, July 27.
This was announced by the Majority Leader of Parliament, Osei Kyei-Mensah-Bonsu, on the floor of parliament on Friday, June 30, 2023.
“It is slated for Thursday, July 27, 2023. That is the last Thursday of July, and that is when we will have the mid-year budget review,” he announced.
The presentation is in accordance with Article 179 (8) of the 1992 Constitution and Section 28 of the Public Financial Management Act, 2016 (Act 921).
Per the Act, the Minister of Finance is expected to present the Mid-Year budget to parliament no later than July 31 of each financial year.
Meanwhile, the Ghana National Chamber of Commerce and Industries (GNCCI) and other industry players have appealed to the government to use the Mid-Year Budget Review to address some of the concerns raised by the business communities over the introduction of some taxes.
These taxes are the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill 2022, the Ghana Revenue Authority Bill 2022 and the Income Tax Amendment Bill 2022 – crucial components of Ghana’s $3 billion bailout from the International Monetary Fund (IMF).
The GNCCI maintains that although some of the tax policies being implemented by the government are IMF conditionalities, reconsideration will bring some relief to businesses which are crippling.