LIVE UPDATES: Finance Minister presents first quarter of 2021 budget statement to Parliament

Ahead of every new year, it is expected of the Finance Minister, to present a budget to Parliament for approval.

This is in accordance with the Public Financial Management Act 2016, (Act 921). The budget reading is to present the planned expenditure for the coming financial year.

Rather than present the budget for the entire year though, this time, Finance Minister, Ken Ofori-Atta is expected to present data only for the first quarter of the next year.

This is because it is an election year and there is a possibility of a change in government and per the dictates of the law, the budget for the following year must be limited to just the first quarter – January to March.

The Expenditure in Advance of Appropriation, January to March, 2021, which the Minister will present to Parliament, is to prevent possible expenditure challenges in case of a change in government.

And then later, in March of 2021 (or generally in March of the year preceding an election year), whoever is Finance Minister will be expected to present the full year's budget.

Do stay with GhanaWeb as we bring you a live update of events as they unfold in parliament: