Government says it is making amends to some aspects of the 2022 budget statement and economic policy to address emerging concerns of stakeholders including the minority caucus in Parliament.
Finance Minister, Ken Ofori-Atta who made the announcement at a press briefing in Accra on Monday, December 6, 2021, said the modifications are in response to concerns raised by relevant stakeholders on some aspects of the policy document.
Outlining these modifications, the Minister acknowledged that he has written to the Speaker of Parliament, Alban Bagbin with details of these amendments for the consideration of the house.
Among the modifications he said are;
- Agyapa Royalties agreement: we shall amend paragraphs 442 and 443 to take out references to mineral royalties collateralization. It is important to note that, any reference to Agyapa was for informational purposes, and as such was not reflected in the fiscal framework;
- Keta tidal waves: we shall make the necessary budgetary allocations of at least GHS10 million to complete the Feasibility and Engineering studies for the coastal communities adversely affected. We will broaden the scope of the study to consider a more comprehensive solution to protect Ghana’s 540 Km of coastline, including the 149 Km between Aflao and Prampram. Meanwhile, NADMO has responded to the humanitarian crisis created by the tidal waves on the Keta coastline;
iii. Aker Energy transaction: we shall amend paragraph 829 of the 2022 Budget on the acquisition of a stake from Aker Energy and AGM Petroleum by GNPC, to reflect the resolution of Parliament dated 6th July, 2021 that “the terms and conditions of the loan for the acquisition of the shares shall be brought to Parliament for consideration pursuant to article 181 of the Constitution; and
- Benchmark values: we shall avert any hardships to importers and consumers while safeguarding the interest of local manufacturing industries to secure and expand jobs for our people. This administrative exercise which reviewed 43 out of 81-line items, has the objective to promote local manufacturing and the 1D1F policy, including the assembling of vehicles. It is important to note that this adjustment affects only 11.4% of the total CIF value, of which 50% is for vehicles. From our analysis, the potential increase in retail prices should be relatively insignificant and therefore inflation should be muted. The YouStart policy will also support our accomplished Traders with appropriate training and access to capital to become manufacturers in order to expand the industrial base of our society and our import substitution strategy, in line with our Ghana Beyond Aid agenda.
On the e-levy, the Minister said government is still in consultation with the leadership of the minority in Parliament and other stakeholders with a view of achieving consensus on the fees to be charged on mobile money transactions in the country.
