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General News Thu, 19 Jul 2018

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LIVE UPDATES: Finance Minister presents Mid-Year Budget Review to Parliament

Finance Minister Ken Ofori-Atta is presenting the Mid-year budget review before parliament today as required by law.

This will be the second time Ken Ofori-Atta is presenting a mid-year budget review to the floor of the house.

Ahead of the budget review, government has allayed fears of a possible increase in taxes.

Earlier this week, it was speculated that VAT may go up from 17.5% to 21.5% and this was to be announced by the Finance Minister during his presentation of the budget review.

The increment it was believed was necessary to fund some of government's flagship policies like Free SHS, provide better security services and improve the health system and fund some road projects.

The NHIA CEO, Dr Annor has also been heard pushing for an increment of the NHIA component of VAT from about 2% to 3.5% to keep the insurance functioning.

Some economists have expressed doubts that government will be able to meet its revenue targets and advised that government must look for innovative sources of revenue to cover the gap.

Others have urged government to reduce the size of its government, block leakages in the system, reduce wastage and judiciously utilise the scarce resources.

It is unclear what measures the Finance Minister will announce to rake in more revenues to fund the numerous projects of the government especially its flagship programmes.

Here are live updates to Ken Ofori-Atta's presentation on the floor of the House



Source: www.ghanaweb.com

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