We don’t need supplementary budget, says Ofori-Atta

Government will not need supplementary budget ahead of the new fiscal year due to significant gains being recorded in terms of non-oil revenue, Finance Minister Ken Ofori-Atta told Parliament on Monday.

Ofori-Atta 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.

Presenting the 2023 Mid-Year Budget Review, Ofori-Atta 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.”