All is set for Finance Minister, Ken Ofori-Atta to present the 2019 mid-year budget review in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921).
The Finance Minister will provide an overview of the 2018 and 2019 macroeconomic developments as well as analysis of the country’s 2019 revenue, expenditure and financing performance for 2019.
He is also expected to touch on the financial sector’s performance, Ghana’s debt situation, domestic revenue mobilisation and the review of the Luxury Vehicle Tax.
Ahead of the presentation, Deputy Finance Minister Kweku Kwarteng announced government’s plan to introduce new taxes saying it is to put the economy on a strong footing while helping to improve the livelihood of Ghanaians.
Reacting to this new development, some pressure groups like the Chamber of Petroleum Consumers (COPEC) and the Minority have warned government against the introduction of new taxes.
There are also conversations on a proposed electricity price increase following a comment by Gabby Asare Otchere-Darko, a close associate of the President, who says “this year alone $1 billion extra will be spent by the state to support the cost of keeping your lights on. Imagine what that can do.”
Reacting to the remark, the Minority Spokesperson on Finance, Cassiel Ato Forson in a post said: “my colleagues and I on our side in Parliament will do all we can to oppose these unfair increases and I call on you the good people of this country to reject these unfair, draconian increases in taxes.”
There are also indications Ken Ofori-Atta will seek Parliament’s approval to spend more.
A statement from the Finance Ministry reveals that this year’s presentation “will see an upward revision of the 2019 appropriation ceiling and its underlying measures, in order to achieve the objectives of the 2019 budget theme of expanding the economy and increasing jobs.”
