Ofori Atta Reveals Interim 2023 Budget Funding; Begs For Outstanding Bills Approval
The Minister for Finance, Ken Ofori Atta has said Ghana is currently relying on treasury bills and concessional loans as the primary sources of funding for the 2023 Budget Statement and Economic Policy.
Ghana lost access to the international capital market at the beginning of 2022 after investors lost confidence in the county over its ability to service its debts.
The government debunked assertions that this was due to fiscal recklessness and blamed the situation on the Covid-19 pandemic and the Russia-Ukraine war.
The government had to depend on the Bank of Ghana to fund the 2022 Budget.
Currently, the government is seeking a US$3 billion bailout from the International Monetary Fund (IMF) to finance the 2023 budget.
Ahead of the approval of the fund by the Board of the IMF, the government is financing the budget with Treasury Bills and concessional loans, the Minister told Parliament.
He said, to realise the IMF bailout, the country must satisfy the Prior Actions in the Staff Level Agreement.
As such, he urged Parliament to prioritise and approve the outstanding Income Tax (Amendment) Bill, Excise Duty & Excise Tax Stamp (Amendment) Bills as well as the Growth and Sustainability Levy Bill.
“Mr Speaker, the passage of these Bills will enable Government to complete four (4) of five (5) agreed Prior Actions in the Staff Level Agreement since Tariff adjustment by the PURC, Publication of the Auditor-General’s Report on COVID-19 Spending, and Onboarding of GETFUND, DACF and Road Fund on the GIFMIS have all been completed.”
“Mr Speaker, I cannot emphasize enough, the need to secure the Board Approval for our IMF Programme by the end of March 2023. I, therefore, entreat the House to prioritise the approval of the outstanding Revenue Bills and the various concessional facilities”, he said while addressing Parliament on Thursday, February 16, 2023, on the Domestic Debt Exchange Programme (DDEP).
Source: opemsuo.com/Hajara Fuseini
