The Minister of Finance, Ken Ofori-Atta has assured Ghanaians of government’s commitment to pursuing a robust growth strategy within the country’s limited fiscal space and the fiscal consolidation programme to ensure an economic boom.
“This will be done by attracting domestic and foreign private sector investments and expanding production, which will be encouraged and stimulated by government policies and agencies,” he added.
Mr Ofori-Atta made the assurance when he presented the Mid-Year Fiscal Policy Review of the 2023 Budget Statement and Economic Policy of the Government of Ghana in Parliament in Accra on Monday.
He indicated that the government’s Mutual Prosperity Dialogue with the private sector would seek to facilitate the ease of doing business in order to crowd in private domestic and foreign investments.
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He indicated that government wouldn’t need supplementary budget ahead of the new fiscal year due to significant gains being recorded in terms of non-oil revenue.
The finance Minister said the appropriation has been revised from GHC227.7 billion as presented and approved in November 2022 to GHC 206.0 billion in line with the Public Financial Management Act Regulations 2019.
He said: “For the first six months of the year, we continue making progress to exceed our non-oil revenue targets for the year. We have seen improvements in nonoil tax revenue collection despite some noticeable shortfalls in VAT. However, oil revenues have fallen short of expectations due to changes in global prices.”
“We will, therefore, undertake a downward review of the oil-related revenue as well as the corresponding expenditures to align with the underperformance of some of our revenue handles. Specifically, this will impact the Annual Budget Funding Amount (ABFA),” he said.
He added: “In view of the reason outlined above, as well as the lower domestic interest payment and amortization, following the completion of a part of the DDEP, and the reduction in the foreign financed CAPEX, the Appropriation has been revised from GHS227.7 billion as presented and approved in November 2022 to GHS206.0 billion… We will, therefore, not require a supplementary budget.”
