Finance Minister, Ken Ofori-Atta is scheduled to present the Mid-Year Budget Review to Parliament on Thursday, July 27, 2023.
The presentation of the review is mandated by Section (28) of the Public Financial Management Act, 2016 (PFMA) Act 921.
This provision requires the finance minister to present a Mid-Year Review to parliament six months after the main budget is presented for the fiscal year.
The Majority Leader of Parliament, Osei Kyei Mensah Bonsu, made this announcement on the floor of parliament.
The Mid-Year Budget Review has been marked for Thursday, July 27, 2023, which coincides with the last Thursday of July.
This review provides an opportunity to assess the government’s fiscal performance and make necessary adjustments to the budget.
The finance minister’s presentation will shed light on the country’s economic progress and outline any revisions to revenue targets, expenditures, and policy measures.
In anticipation of the Mid-Year Budget Review, some industry players have expressed concerns and called on the government to withdraw certain tax measures.
They argue that these measures are contributing to excessive hardship on companies.
Their concerns are heightened by the recent passage of crucial bills in Parliament, including 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.
These bills are significant components of Ghana’s $3 billion bailout from the International Monetary Fund (IMF).
However, the government has defended these tax measures, asserting that they are aimed at enhancing revenue mobilization for the country.
The government maintains that these measures are crucial for sustainable economic growth and development. T
he Mid-Year Budget Review will provide an opportunity for the finance minister to address these concerns and clarify the government’s stance on tax policies.
As the date for the Mid-Year Budget Review approaches, stakeholders, including businesses and citizens, will eagerly await the finance minister’s presentation.
They will be keen to understand the government’s plans to stimulate economic growth, manage fiscal challenges, and alleviate the burden on companies.
The review will also offer insights into the government’s broader economic vision and its commitment to addressing the country’s financial needs effectively.