2022 Mid-year budget review postponed to July 27

IMF team holds engagement with government officials

Finance Minister to table request for approval of supplementary estimates

E-Levy not generating projected revenue – Government

The Minister of Finance, Ken Ofori-Atta, is now expected to deliver the 2022 mid-year budget review before parliament on July 27, 2022, Asaase News has reported.

The presentation is in pursuance of the Public Financial Management Act, 2016 (Act 921) and will see the minister review the budget statement and economic policy of government and supplementary estimates for the 2022 financial year.

The finance minister was earlier expected to make the presentation before the House on July 13 but that has now changed as a result of government’s engagement with officials from the International Monetary Fund.

Majority Leader, Osei Kyei-Mensah-Bonsu announced the rescheduling when he presented the business statement for the eighth week beginning Tuesday, July 12, 2022 and ending on Friday 15 July to the House.

Ahead of the presentation, President Nana Addo Dankwa Akufo-Addo on July 1 authorized the finance minister [Ken Ofori-Atta] to commence formal engagements with the International Monetary Fund for a financial bailout.

Despite an initial stance against returning to the Bretton Woods institution, Ghana is faced with huge economic challenges which have resulted in hardships and tight fiscal conditions.

Government in May this year, introduced the Electronic Transfer Levy which sought to generate revenue for the country.

But the tax measure, only two months into its implementation, is currently not yielding the projected revenue.

Government has so far raked in only 10 percent of the estimated revenue.

Stakeholders are however calling for the withdrawal of the E-Levy.

MA/ESA