Mid-Year Budget: Why the Government is confused over the date of presentation – 25th, 27th, or 31st July?

The government of Ghana, led by President Nana Akufo-Addo, is currently grappling with confusion and uncertainty over the date for presenting the Mid-Year Review of the Budget Statement and Economic Policy of the Government and Supplementary Estimates for the 2023 Financial Year to Parliament. Contradicting reports have emerged, each indicating a different date for this crucial economic update.

Initially, a flier from the Ministry of Information released on Monday, July 24, 2023, indicated that the mid-year budget presentation was scheduled for July 25, 2023. However, deep-throat sources at the Finance Ministry distanced themselves from the flier, raising doubts about its authenticity.

The source stated categorically to newsalertgh.com that the presentation will take place on the originally scheduled date of Thursday, July 27, 2023.

Earlier, the Speaker of Parliament, Alban Bagbin, had requested that the mid-year budget presentation be rescheduled from its original date of July 27, citing some local and international engagements involving the leadership of the House. He directed that the presentation should take place no later than July 25, 2023.

In line with this, the Second Deputy Speaker, Andrew Amoako Asiamah, while presiding during a session a fortnight ago, informed MPs that the presentation will take place on Tuesday, July 25, 2023.

However, during the presentation of this week’s business statement to MPs on Friday, another twist unfolded when it was announced that the mid-year budget review would take place on the originally scheduled date of Thursday, July 27, 2023, based on a communication from the Finance Ministry.

“The committee also took into account a formal communication from the Finance Ministry that the mid-year budget review will be presented on Thursday, July 27, 2023, instead of Tuesday, July 25, 2023, as announced by the business committee,” Habib Iddrisu, Second Deputy Majority Whip, said in parliament on Friday, July 21, 2023.

Adding to the confusion, Minority Chief Whip, Governs Kwame Agbodza, tweeted yet another date, suggesting that the Mid-Year Review was more likely to occur on Monday, July 31, 2023.

“Mid-Year Review of the 2023 Budget more likely to take place on Monday 31/07/2023 in accordance with Section 28 of Public Financial Management Act 921(2016).”

This inconsistency in dates has left the public and members of parliament in a state of confusion, as they eagerly await the government’s fiscal plan amid the current economic challenges.

The mid-year budget review is a significant event in Ghana’s economic calendar, providing an opportunity for the government to reassess its fiscal targets, revenue projections, and expenditure plans. It allows for adjustments to address emerging economic issues and chart a course for the country’s economic trajectory for the remaining part of the year.

The uncertainty surrounding the date for the budget review has raised questions about the government’s preparedness and communication strategies. It has also led to speculations and debates among political stakeholders and economists, contemplating the potential implications of the delay.

As the nation waits for an official announcement of the budget date, concerns have been raised about the urgency of addressing economic challenges such as rising inflation, high public debt, and the impact of the global pandemic on the country’s economy.

Ghanaians are hopeful that the government will promptly resolve the confusion surrounding the mid-year budget presentation and provide a comprehensive plan to address prevailing economic issues and foster sustainable growth and development for the nation.

The Mid-Year Fiscal Policy is in accordance with Article 179 of the 1992 Constitution and the Public Financial Management Act, 2016 (Act 921). It is a review of the government’s 2023 Economic Policy and Financial Statement delivered to Parliament on November 24, 2022.

Source: Newsalertgh