Ken Ofori-Atta's mid-year budget review rescheduled for July 31

Parliament has confirmed a new date for Finance Minister Ken Ofori-Atta to present the highly anticipated 2023 Mid-Year Budget Review.

Initially scheduled for July 25, 2023, the presentation had to be rescheduled and is now set to take place on Monday, July 31, 2023.

Asaase Radio reports that the Mid-Year Budget Review, mandated by Article 179 of the 1992 Constitution and the Public Financial Management Act 921, provides an opportunity to revise macroeconomic targets and present a comprehensive economic outlook for the remainder of the fiscal year.

This will be the first major financial statement of the government since Ghana secured a substantial $3 billion International Monetary Fund (IMF) extended credit facility.

During the session, Finance Minister Ken Ofori-Atta is expected to update Parliament on the steps taken by the government to stabilize the economy following the IMF deal.

He will also highlight the administration's goal of achieving modest growth while adhering to the IMF program.

One of the key focuses of the review will be the government's strategy of prioritizing existing programs to ensure smooth implementation without hindrance.

This prioritization approach aims to foster job creation, address food security for Ghanaians, and tackle the soaring inflation rate, which currently stands at 42.5%.

Furthermore, Minister Ofori-Atta will shed light on the country's trade surplus, which amounts to $1.77 billion for the first half of 2023.

He is expected to announce steps that the government plans to take to build on this trade surplus standing.

YNA/OGB