We will not require a Supplementary Budget, we’re making progress -Ken Ofori-Atta
According to the Finance Minister, Ken Ofori-Atta, the government of Nana Addo Dankwa Akufo-Addo won’t ask Parliament for any additional funding.
Ken Ofori-Atta claimed that the growth in non-oil tax revenue collection during the year made this necessary.
On July 31, the Finance Minister made these comments in Parliament while presenting the mid-year budget review.
“For the first six months of the year, we continue making progress to exceed our non-oil revenue targets for the year. We have seen improvements in non-oil tax revenue collection despite some noticeable shortfalls in VAT. However, oil revenues have fallen short of expectations due to changes in global prices. We will, therefore, undertake a downward review of the oil-related revenue as well as the corresponding expenditures to align with the underperformance of some of our revenue handles. Specifically, this will impact the Annual Budget Funding Amount (ABFA),” the Finance Minister said.
The conclusion of some components of the Domestic Debt Exchange Program, according to Mr. Ofori-Atta, was another factor in his decision not to request more funding.
He continued by saying that the Appropriation had been changed from GH¢227.7 billion to GH¢206.0 billion as a result of the decrease in CAPEX that was financed by foreign sources.
“Mr. Speaker, in view of the reason outlined above, as well as the lower domestic interest payment and amortization, following the completion of a part of the DDEP, and the reduction in the foreign-financed CAPEX, the Appropriation has been revised from GH¢227.7 billion as presented and approved in November 2022 to GH¢206.0 billion. This is in line with Regulations 24 sub-regulation (3) of Public Financial Management Act Regulations 2019 (L.I. 2378). Mr. Speaker, we will, therefore, not require a Supplementary Budget,” he stated.
