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There will be no supplementary budget – Ofori-Atta

Source The Ghana Report

The Minister of Finance, Ken Ofori-Atta has disclosed that government will not require a Supplementary Budget for the 2023 fiscal year.

Mr. Ofori-Atta said this while presenting the 2023 Mid-Year Budget Review on the floor of Parliament on Monday, July 31.

This, he attributed to the revision of the Appropriation from GHS227.7 billion as presented and approved in November 2022 to GHS206.0 billion.

“This is in line with Regulations 24 sub-regulation (3) of Public Financial Management Act Regulations 2019 (L.I. 2378). Mr. Speaker, we will, therefore, not require a Supplementary Budget,” he stated.

The minister cited the improvements in non-oil tax revenue, as well as the lower domestic interest payment and “amortization, following the completion of a part of the Domestic Debt Exchange Programme(DDEP)” as the reason for the revision.

Mr. Ofori-Atta revealed that Ghana’s economy is recovering from the hardships COVID-19 and other external factors caused.

He also extended the government’s appreciation to the International Monetary Fund(IMF), the World Bank, and other development partners for their contribution to bringing the economy back on track.

“Our steps are more grounded, the vision is clearer, the path to recovery is better set, and confidence in our economy is back, growing gradually.

“We have turned the corner and, more importantly, we are determined to continue down that path. Soon, we expect the measures taken to result in economic activity greater than anything experienced in the history of the Fourth
Republic,” he stressed.

The budget review also highlights policies implemented to stabilize the economy, promote growth and provide social protection for the vulnerable, as outlined in the IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG).

 

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