The government, represented by the Finance Minister, Ken Ofori-Atta, will present the 2021 mid-year budget statement to parliament today, Thursday, July 29, 2021 to provide an update of the Ghanaian economy in the first half of the year. The Finance Ministry said in a press statement that the Mid-Year Budget statement will among other things provide assurance to Ghanaians on the steps the government is taking to procure vaccines to vaccinate its citizens as COVID-19 cases continue to rise in the country.
Also, the Finance Minister is expected to provide an update on government’s progress towards increasing revenue mobilization to meet its rising expenditures amid the uncertainties surrounding the recovery of the economy. Revenue mobilization has been a major challenge to successive governments over the years.
“The Mid-Year Review is also expected to touch on the assurance of Government on securing Covid-19 vaccines for vaccination and effective domestic revenue mobilization initiatives”.
Ministry of Finance
Updates on implementation of 2021 Budget
Also, the Ministry of Finance indicated that the 2021 Mid-Year Budget Statement will provide an overview of the implementation of the 2021 Budget. To this end, the review is expected to focus on revenue, expenditure, and financing performance for the first half of 2021 and provide an overview of the implementation of the 2021 Budget.
It can be recalled that the government imposed new taxes in the 2021 Budget to help meet rising expenditures triggered by the need to reduce the spread of the COVID-19 and also to continue to support households and businesses which are still struggling to survive.
Furthermore, the Ministry of Finance hinted that the presentation will provide the economic and fiscal performance of the economy for the first half of 2021, as well as provide update on the implementation of key programmes including, strategies by Government to create employment for Ghanaians in general and the youth in particular. It will likely touch on the President’s resolve to provide 1 million jobs in the near term to the people of Ghana, especially the youth, to curb the rising joblessness in the country which has been worsened by the current pandemic.
CARES Program
Moreover, the presentation is expected to touch on the progress and recent developments of major government interventions and flagship programs. The Finance Ministry noted that the Mid-Year Review will also highlight the status of the implementation of the Ghana CARES “Obaatanpå” Programme that seeks to revitalize and transform the economy to pre pandemic times. The GHS 100 billion Ghana CARES program is currently in the second phase with key emphasis on economic transformation.
It is worth noting that this year’s Mid-Year Budget presentation to Parliament taking place on Thursday July 29, 2021 is mandatory as it is in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921) which mandates the Minister for Finance to present the Mid-Year Review to Parliament not later than 31st July of each financial year. The Minister is expected to start the presentation at 12 noon on the floor of parliament today.
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