Finance Minister to present 2023 Annual Budget to Parliament today

The 2023 Budget Statement and Economic Policy of the Government will be presented to Parliament today, Thursday, November 24.

The presentation of the Budget is in accordance with Article 179 of the 1992 Constitution and Section 21 (3) of the Public Financial Management Act, 2016, (Act 921).

Article 179(1) of the 1992 Constitution states that: “The President shall cause to be prepared and laid before Parliament at least one month before the end of the financial year, estimates of the revenues and expenditure of the Government of Ghana for the following financial year”.

Over the years, the Finance Minister is appointed by the President to present the Budget Statement to Parliament, however there had been calls for the removal of the Finance Minister by both the ruling New Patriotic Party (NPP) Majority Caucus and the opposition National Democratic Congress (NDC) Minority Caucus for his alleged roles in the economic hardship the country is facing.

While the Majority called on the President to remove or reassign the Minister, the Minority chose to use a vote of censure.

Mr Osei Kyei-Mensah-Bonsu, the Majority Leader and the Leader of Government Business in Parliament, had already given the House the assurance that in line with Article 179(1) of the 1992 Constitution, the President would surely cause the Budget Statement to be presented to the House.

He noted that what had led to a little delay in the presentation of the 2023 Budget Statement to Parliament was due to the ongoing negotiations between the Government and the International Monetary Fund (IMF).

Meanwhile, following a meeting on the 22nd of November 2022, involving the NPP Majority Caucus, the Leadership of the Party and the Council of Elders, all agreed to refocus and recline to the earlier position requested by the President—the demand be stood down until the conclusion of the round of negotiations with the International Monetary Fund (IMF), which would feed into the 2023 Budget.

Ahead of the presentation, the Ministry of Finance said the budget would focus on restoring macroeconomic stability as well as building resilience to achieve growth.

“The 2023 Budget will focus on Government’s strategies to restore and stabilize the macro economy, build resilience, and promote inclusive growth and value creation,” it said.

It added that the budget would feature updates on Ghana’s engagement with the IMF for an IMF-supported Programme; year-to-date macro-fiscal performance of the economy; the YouStart initiative under the Ghana CARES Programme; climate action strategies; fiscal measures and debt management strategies to ensure fiscal and debt sustainability and promote growth.

The Budget Statement presentation would be followed by a three-day Post-Budget Workshop in Ho from November 25-27 for Members of Parliament (MPs), as well as some select staff of Parliament.

Debate on the Budget Statement is expected to start on Monday, November 28, which would be followed by the passage of the Budget Appropriation Bill.