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Ofori-Atta to present 2021 budget on October 28

Finance Minister, Ken Ofori-Atta, is expected to outline the financial plan of government for the first quarter of 2021 on October 28.

The advanced budget termed Expenditure in Advance of Appropriation is expected to be presented to parliament to seek approval for expenses covering January – March 28.

The usual norm is the presentation of the following year’s budget to be presented in November. Still, the 2020 elections on December 7 means early budget preparation to prevent disruption by the election activities.

Majority Leader and Chairman of Parliament’s Business Committee, Osei Kyei-Mensah-Bonsu disclosed this on the floor of the House on Friday, October 23.

“The House is also expected to consider the report by the Finance Committee and take the consequential parliamentary actions,” he added.

He also outlined arrangements by parliament for the presentation.

“As recommended during the previous presentation statements, the House is programmed to sit on Monday, October 26, 2020, and be extended beyond 2 pm.”

Mr. Ofori-Atta had indicated that the covid-19 pandemic disrupted government expenditure in 2020 hence a request for GH¢.11.8bn in the supplementary budget, which was approved by parliament in July 2020.

Before this, parliament had earlier in 2019 approved GH¢ 98 billion for the 2020 budget.

Projected expenditure by the government is expected to hit GH¢ 109.9billion by the close of 2020.

The additional funds are to be used for covid-19 preparedness & response plan, provision of health infrastructure (Agenda 88+), coronavirus alleviation programme, capitalisation of the National Development Bank, security, elections, and payment of outstanding claims.

As covid-19 plunged global crude prices, Mr Ofori-Atta indicated that updated fiscal estimates suggest that revenues are expected to fall short of the initial 2020 Budget target by GH¢13,632 million (3.5% of revised GDP) arising from shortfalls in Petroleum Receipts of GH¢5,257 million; Non-Oil Tax revenue GH¢5,089 million; and Non-Tax Revenues of GH¢3,286 million.

 

 

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