Kyei Mensah: Budget Reading May Delay

The Minister for Parliamentary Affairs, Osei Kyei Mensah Bonsu has hinted that the presentation of the 2023 Budget Statement and Economic Policy may be delayed.

Addressing the press, the Member of Parliament for the Suame constituency said this is due to the failure in concluding the ongoing negotiations with the International Monetary fund (IMF) as scheduled.

The budget was scheduled to be presented before Parliament on November 15 as stipulated by the Public Financial Management Act.

“The discussions that are going on now with the IMF, I think it’s going to take a while. My understanding is that it will go into the first few days of next week around the 10th or so. If that is the case, we then have to string out the negotiations and factor them into the budget.

“After we succeed in doing the budget for the government, you have to go before the cabinet for some discussions, integrations and may be additions and subtractions before it comes ultimately to Parliament. It is going to be very difficult to submit it to Parliament on the 15th deadline”, he told the press.

He noted that the delay will not be in breach of the constitution.

Both the President and the Minister for Finance have expressed confidence in securing an IMF-supported programme by the end of the year.

Addressing the nation on Sunday, October 30, 2022, President Akufo-Addo said negotiations with the Fund are in an advanced stage and may be completed by the end of this year.

“We are determined to secure these arrangements quickly to bring back confidence and relief to Ghanaians. We are working towards reaching a deal with the IMF by the end of the year.”

Kyei Mensah Bosu failed to relay what was accounting for the delay in concluding the IMF programme but it was speculated that the government did not have any available programme for consideration by the IMF. It was also reported that officials of the Fund found inaccuracies in the figures presented by the government and that the negotiations are not going well.

But the Finance Ministry dispelled the allegation in a press statement dated October 30.

Referencing some statements issued by the IMF over the negotiation, the Ministry said the negotiation is “progressing well”.

“The allegation that the negotiations are not going well is categorically untrue. The IMF on numerous occasions stated unequivocally that negotiations are progressing well and affirmed that both parties are committed to reaching a deal as soon as feasible”.

On the claim that the government has no programme for consideration, the Ministry said it has submitted its Post-COVID-19 Programme for Economic Growth which is forming the basis for its negotiations with the Fund.

The Ministry also asserted that it only presented accurate data to the Fund contrary to the “speculations”.

“The Ghanaian negotiation team remains credible and highly respected and has enjoyed cooperation from the IMF. To suggest otherwise is false, misleading and pure mischief which must be ignored.”

The government of Ghana is seeking US$ 3 billion from the Fund if the negotiations go well.

The facility, President Akufo-Addo said, will provide additional funding to support the 2023 Budget and development programme.

Source: opemsuo.com/Hajara Fuseini