Majority Leader of Parliament Osei Kyei Mensah Bonsu has hinted Finance Minister Ken Ofori-Atta is expected to present the mid-year budget review to Parliament on July 27, 2023.
He said this on the floor of parliament on Friday, June 30.
“It is slated for Thursday, July 27, 2023. That’s the last Thursday of July and that is when we will have the mid-year budget review”, he announced.
The exercise is in line with the Public Financial Management Act, 2016 (Act 921) which enjoins the Minister of Finance to present the Mid-year budget review to parliament six months after the presentation of the main budget for that fiscal year.
Some industry players have already cautioned government to withdraw some tax measures in the mid-year budget review to reduce the excessive hardship on companies.
Their concern comes on the back of Parliament’s passage of the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill, 2022, the Ghana Revenue Authority Bill 2022 and the Income Tax Amendment Bill 2022 – crucial components of Ghana’s $3 billion bailout from the International Monetary Fund (IMF).
But the government has said, this is aimed at improving revenue mobilization for the country.