The Finance Minister, Ken Ofori-Atta will today present the mid-year budget review and supplementary estimates in Parliament in accordance with Section (28) of the Public Financial Management Act, 2016 (Act 921).
Ahead of the presentation, some pressure groups warned government against the introduction of new taxes and have called for a downward review of the already existing taxes.
But a statement from the Finance Ministry indicated that, major areas expected to be addressed are the financial sector’s performance, Ghana’s debt situation, domestic revenue mobilization, and the review of the Luxury Vehicle Tax.
Government will, therefore, seek the approval of Parliament for supplementary estimates.
Aside from touching on Ghana’s fiscal performance between January and June 2019, as well as fiscal strategy, the Finance Minister will touch on policies leading to increases in industrial output, such as the agro-food sector.
The Mid-year presentation to Parliament is expected to explain how Ghana will take advantage of the opportunities that come with the hosting of the Secretariat of the Africa Continental Free Trade Area (AfCTA) which falls in line with the Ghana Beyond Aid agenda.
Mr. Ofori-Atta will provide a brief overview of the 2018 and 2019 macroeconomic developments as well as analyse the country’s 2019 revenue, expenditure, and financing performance for 2019.
A statement released by the Finance Ministry highlighted that this year's budget will focus on issues affecting the energy sector, alongside their planned reforms. Also, it will touch on policies leading to increases in industrial output, such as the agro-food sector among others.
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