2020 budget statement scheduled for today

The final budget statement and financial policy of the Akufo-Addo administration will be delivered in Parliament today, Wednesday by the Minister of Finance, Ken Ofori-Atta, ahead of 2020 general elections.

The last time the Finance Minister was in Parliament, he delivered a mid-year budget review that was focused on adding to state revenue to fund the outstanding programs for social and economic policies.

The Finance Minister has already hinted that the 2020 budget will focus on tax reforms such as the introduction of fiscal point of sale devices in a bid to widen the tax net.

Analysts have also pushed for the review of the tax exemptions regime which has increased from GHc 391.90 million or 0.9% of GDP in 2010, to GHc 5.3 billion or 2.6% of GDP in 2017.

Election

The Budget Statement would also spell out how Ghana for the first time would self-finance its Presidential and Parliamentary elections in 2020 in fulfilment of President Akufo-Addo’s vision of a ‘Ghana Beyond Aid.’

As 2020 marks an election year with fear of budget overrun as has happened in time past during electioneering periods, stakeholders, especially civil society organizations and policy think tanks are hoping to hear how Government would ensure fiscal discipline in 2020.