Finance Minister to present Mid-year budget on July 27

Finance Minister, Ken Ofori-Atta is expected to present the Mid-Year Budget review to Parliament on Thursday, July 27, 2023.

This is in accordance with Section (28) of the Public Financial Management Act, 2016 (PFMA) Act 921 which requires that the finance minister presents a Mid-Year Review to parliament six months after the presentation of the main budget for that fiscal year.

This was disclosed by the Majority Leader of Parliament Osei Kyei Mensah Bonsu on the floor of parliament last week.

“It is slated for Thursday, July 27, 2023. That’s the last Thursday of July and that is when we will have the mid-year budget review”, he announced.

Some industry players have already cautioned government to withdraw some tax measures in the mid-year budget review to reduce the excessive hardship on companies.

Their concern comes on the back of Parliament’s passage of the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill, 2022, the Ghana Revenue Authority Bill 2022 and the Income Tax Amendment Bill 2022 – crucial components of Ghana’s $3 billion bailout from the International Monetary Fund (IMF).

But the government has said, this is aimed at improving revenue mobilization for the country.