Ken Ofori-Atta, the Finance Minister who is now under fire, will give the government’s 2023 Annual Budget Report and Economic Policy to Parliament today, November 24, 2022.
The Finance Minister will carry out this constitutional task on the President Nana Addo Dankwa Akufo-Addo’s behalf.
“In accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921) the Minister for Finance will, on behalf of the President, lay before Parliament the 2023 Annual Budget Statement and Economic Policy of Government on Thursday, 24th November 2022,” a statement from the Finance Ministry announced.
The government’s plans to rebuild and stabilize the macroeconomic environment, foster resilience, and encourage inclusive growth and value creation will be the main topics of the budget, according to the Ministry of Finance.
It will also include updates on Ghana’s interaction with the IMF for a program that is supported by the IMF, the economy’s year-to-date macro-fiscal performance, the YouStart initiative under the Ghana CARES Program, strategies for addressing climate change, fiscal measures, and debt management plans that will ensure fiscal and debt sustainability and foster growth.
Over 95 Members of Parliament from the New Patriotic Party have called for Mr. Ofori-Atta’s removal as a result of his continuing clinging to the Finance Ministry.
He is also presently the subject of a vote of censure investigation by an 8-member ad-hoc Committee looking into 7 allegations of financial misdeeds against him.
The Public Interest and Accountability Committee has verified the Minority Caucus’ allegations that he misappropriated $100 million in crude oil money and charged him of financial dishonesty (PIAC).
The New Patriotic Party’s leadership intervened to break the standoff after certain Majority MPs threatened to boycott the budget reading.
Due to the current economic crisis, Ghana is currently asking the International Monetary Fund for a $3 billion bailout package. The negotiations have not yet come to an end.
2023 Budget Statement May Be Heavy On Our Pockets
Godfred Bokpin, an economics professor at the University of Ghana Business School, has counselled Ghanaians to have realistic expectations regarding the government’s 2023 budget.
An International Monetary Fund (IMF) program is being negotiated with rehabilitation efforts while the nation experiences economic hardship.
Therefore, many are anticipating a budget and economic strategy that would offer long-term remedies to the current financial crisis, but Prof. Bokpin warns that citizens may have to prepare themselves to pay more for the eagerly awaited recovery.
“This is the first most important statement that the government is hoping to make in terms of its commitment to an IMF program. To that extent, the government will have to be heavy on revenue enhancement measures and deliver on expenditure restrain. That is why you and I will have to give up [a lot] in order for government to clear its mess. We have to pay for it.”
