Mid-year budget review rescheduled to July 25

The Minister of Finance, Ken Ofori-Atta, is expected to present the Mid-year budget review to Parliament on Tuesday, July 25, 2023.

The house had earlier announced that the mid-year budget presentation was slated for July 27.

But the Speaker of Parliament, Alban Bagbin wanted the Minister to consider presenting the Mid-year budget review before July 27, 2023, as the House intends to adjourn sine die on August 3, 2023, insisting that the House cannot sit beyond August 3 due to some other urgent commitments.

But on July 14, the First Deputy Majority Whip, Lydia Seyram Alhassan announced the new date during the presentation of the business statement for the upcoming week in Parliament.

“In pursuant to the Public Financial Management Act 2016, At 921 the Minister for Finance is expected to present the mid-year review of the budget statement on Economy Policy of the Government of Ghana for the year 2023 financial to this house on Tuesday, July 26, 2023,” she stated.

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.

Source: Citi Business News