Energy, debt stock, financial sector top of mid-year budget review

The state of the financial sector after the clean-up exercise, the growing debt stock of the country as well as issues affecting the energy sector are expected to headline the 2019 mid-year budget review.

The Finance Minister, Ken Ofori-Atta will later today, Monday July 2019, present the mid-year budget review and supplementary estimates in Parliament in accordance with Section (28) of the Public Financial Management Act, 2016 (Act 921).

Expectations from the Ghanaian populace are already high following the postponement of the programme twice.

But a statement from the Finance Ministry indicated the priority areas of the budget.

“This year’s presentation will have a particular focus on issues affecting the energy sector, alongside their planned reforms. Another major area expected to be addressed is the financial sector’s performance. Ghana’s debt situation, domestic revenue mobilization, and the review of the Luxury Vehicle Tax will also be highlighted”, the statement indicated.

The minister will also be seeking the approval of Parliament for supplementary estimates to help achieve the budget theme of expanding the economy and increasing jobs.

Another sector that will feature in the mid-year presentation to Parliament is how the government of Ghana will take advantage of the opportunities that come with the hosting of the Secretariat of the Africa Continental Free Trade Area (AfCTA), a programme the ministry says falls in line with the Ghana Beyond Aid agenda.

In all, the review will cover the macroeconomic developments of 2018 and 2019, analysis of revenue, expenditure, and financing performance for 2019, a revised fiscal outlook for the unexpired term of the financial year; and an overview of the implementation of the annual budget.