Ken Ofori Atta Urges Parliament To Approve Elements In 2023 Budget

The Minister for Finance, Ken Ofori Atta has called on the Parliament of Ghana to approve the individual elements in the 2023 Budget Statement and Economic Policy to help attain IMF Board and Management approval for the USD 3 billion facility.

According to him, the inability to get the approval of the Board will be dire for Ghana in 2023.

He is expecting approval from the Board and Management for the International Monetary Fund (IMF) in the first quarter of 2023.

During an address, Ofori Atta called on the Parliament of Ghana which is currently deliberating on the individual elements of the 2023 budget- which has been approved- to give support and approval for the same.

“That is why we urge parliament to support us in getting the appropriations bill for the 2023 fiscal year passed. We also want parliament to support in particular new revenue measures outlined in the 2023 Budget which aim to improve revenue mobilisation. We cannot afford to repeat the mistakes of 2022.”

The Minority in Parliament has kicked against the increased VAT rate, the Electronic Transfers Levy review, the debt restructuring programme and other measures in the budget put together to attain the support of the IMF.

But the Finance Minister in his address to the nation indicated that “the cost of this (IMF programme) not succeeding will be too huge for our economy”.

He added, “Our end game as a government has always been to achieve a Ghana beyond aid, wealthy, inclusive, sustainable, empowered and resilient society- a wiser Ghana.

“The necessary precondition for this is a stable macroeconomic environment. Viewed within that lens, restructuring our debt is only but a necessary part of our story.”

The government promises an entrepreneurial and export-driven economy, tackled inflation and strengthened our economy in 2023 when the programme with the IMF goes through.

So far, the government has announced a domestic debt exchange programme for bondholders and a suspension of payment of external debt as ways to bring debt levels to sustainable measures.

The government has also reached a Staff-Level Agreement with the IMF.

It is yet to receive approval from the Board and Management of the IMF for the facility.

Source: opemsuo.com/Hajara Fuseini