Finance Minister, Ken Ofori-Atta, is scheduled to present the Mid-Year Budget Review to Parliament on Thursday, July 27, 2023.
This is in compliance with Section (28) of the Public Financial Management Act, 2016 (PFMA) Act 921, which requires the finance minister to present a Mid-Year Review to parliament six months after the main budget for that fiscal year is presented.
The Majority Leader of Parliament Osei Kyei Mensah Bonsu disclosed on the floor of Parliament on Friday, June 30, 2023.
Ahead of the mid-year budget review, stakeholders have called on the government to withdraw some tax measures to reduce the excessive hardship on companies.
This is due to the passage of 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).
Meanwhile, President Nana Addo Dankwa Akufo-Addo has stated that the International Monetary Fund relief program will not lessen the economic woes the country is plunged into.
He believes the program will however help to restore confidence and reopen avenues that have been closed to the country in recent years.
Addressing the nation on Sunday, May 28, 2023, Akufo Addo acknowledged that the bailout will not immediately restore the ailing economy but its arrival is a positive step to put the country back on track.
“Access to the IMF facility will not spell the immediate end of the difficulties we are in presently, but the fact that we have been able to negotiate such a deal sends a positive message to our trading partners…
