The Minister of Finance, Ken Ofori-Atta, will today (Thursdays) July 23, 2020, present the Mid-year Budget Review and Supplementary Estimates for the 2020 fiscal year to parliament.
The annual event is in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921).
The Minister is expected to brief the house on the overview of the country’s macroeconomic developments since the beginning of the year.
Mr. Ken Ofori-Atta would also provide analysis of revenue, expenditure, and financing performance of the country so far and provide a revised fiscal outlook for the unexpired term of the financial year.
Majority Leader on Mid-year budget review
Addressing a press conference last month, the Majority Leader, Osei Kyei Mensah Bonsu said the Finance Minister will use the opportunity to explain how the government intends to replenish advances taken from the Contingency Fund to mitigate the effects of the Covid-19 pandemic on the country’s economy.
Parliament granted the request by the government to withdraw an amount of ₵1.2 billion, an equivalent of $219 million from the Fund to finance the Coronavirus Alleviation Programme, (CAP)”.
CAP was to help salvage economic activities and the hardship imposed on Ghanaians by the disease and cushion industries which have been hard hit by the pandemic.
The government also received a $1 billion rapid credit facility from the International Monetary Fund (IMF), part of which is being used to provide electricity relief package for Ghanaians.
What Ghanaians expect in the budget
With the adverse effects of the COVID-19 pandemic on all sectors of the economy, almost all industry players are expecting some form of relief from the government to enable them to lessen the impact the pandemic has had on their businesses.
Already, sectors such as the education, tourism, manufacturing, and services sectors are counting on the government for pragmatic steps as well as some financial incentives to revive the ailing sectors.
Some financial analysts have also called on the government not to introduce any new taxes so as to enable businesses to manage their already scanty finances.