Government plans to use petroleum sector windfall to fill revenue gaps – Ofori-Atta

Finance Minister delivers 2022 mid-year budget review

Government not seeking additional funds in 2022 budget – Ofori-Atta

We will stay within appropriation for 2022 – Finance Minister

Finance Minister, Ken Ofori-Atta, has disclosed government plans to use the windfall from the country's petroleum sector to fill revenue gaps and improve revenue generation.

According to him, the move forms part of broader fiscal measures government is adopting to help sustain the economy while holding engagements with the International Monetary Fund for an economic support programme.

Delivering the 2022 Mid-Year Budget Review in Parliament on July 25, the finance minister said, “Mr. Speaker, we have seen some major shifts in our budget assumptions compared to November, 2021, when we presented the Budget. These changes have led to reduced revenues, increased interest payments and changes in interest rates and exchange rates. However, we are committed to staying within the appropriation for 2022.”

“In spite of the underperforming revenues and strong external headwinds, we are not seeking additional funds in this Mid-Year Review. We are determined to efficiently use the windfall from the upstream Petroleum Sector to make-up for our revenue shortfall and aggressively improve our revenues even as we rationalize expenditures,” he added.

Meanwhile, the finance minister during the presentation told lawmakers government will not be seeking additional funds in the 2022 budget.

He explained government was committed to staying within its appropriation for the 2022 financial year.

MA/FNOQ