Ghanaian News

Ofori-Atta presents Mid-Year Budget Review today

The Minister for Finance, Ken Ofori-Atta is expected to present the 2023 Mid-Year Budget Review in Parliament today (31 July).

The Minister for Finance was initially expected to present the 2023 Mid-Year Budget Review on Wednesday (25 July 2023) but had to be rescheduled to today.

The Budget Review, which is presented annually, in accordance with Article 179 of the 1992 constitution and the Public Financial Management Act 2016 (Act 921), offers the opportunity to revise macroeconomic targets and presents a comprehensive economic outlook for the rest of the fiscal year.

The Mid-Year Budget Review will be the first major financial statement by the government since Ghana secured an extended credit facility of US$3 billion from the International Monetary Fund.

It is expected that the Finance Minister will use the session to inform Parliament about steps taken by the government to stabilise the economy since Ghana secured the IMF deal.

Ofori-Atta is projected to highlight the government’s goal of ensuring modest growth within the IMF programme that the country is implementing.

He will also emphasise the government strategy of working with a priority list of existing projects and programmes, in order to ensure that the implementation of these is not hindered.

In essence, the Mid-Year Budget Review will focus on interventions by the Akufo-Addo government which will help create jobs, put food on the table for Ghanaians and reduce inflation, which stands at 42.5%.

The Finance Minister will shed more light in his presentation on the national trade surplus of US $1.77 billion to mid-year 2023, as well as announce the steps that the government is taking to build on the current trade surplus.

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