Finance Minister Ken Ofori-Atta is expected to provide a mid-year budget review and additional estimates for Parliament next month. This is in line with part (28) of the 2016 Public Financial Management Act (Law 921).
The main feature of the upcoming review is the submission of two additional supplementary reviews.
This becomes necessary because of the impact of the COVID-19 pandemic on the state budget. Majority leader Osei Kyei-Mensah-Bonsu highlighted the upcoming briefing on Thursday.
“There are two additional assessments that must be provided by the minister. One is related to budget implementation. If additional funding is needed, additional estimates must be given after the mid-year review.”
The last time the Minister of Finance was in Parliament he announce COVID-19 Alleviation and Revitalization of Enterprise Support Programme.
This three-year plan is also known as the Ghana Care Program.
According to the finance minister, it will take around three years for the Ghanaian economy to fully recover from the effects of COVID-19 impact on the economy.
The cumulative impact of this pandemic will cost GHS 9.505 billion, according to the government.
Data released by the statistical office in Ghana shows that the country’s economic growth declined to 4.9 percent from January to March, compared with 6.7 percent in the same period in 2019.
Although The statistical services did not provide a reason to slow the country’s growth rate, a slowdown in economic activity due to the coronavirus is expected to contribute to the decline.
Pandemic suddenly stopped three years of economic growth to at least 6 percent.
The government estimates that growth can slow down by 1.5 percent the lowest since the last 37 years.