Finance Minister Ken Ofori-Atta will present the 2023 Budget Statement and Economic Policy of the Government to Parliament today November 24, aimed at restoring and stabilising the macroeconomy.
“The 2023 Budget will focus on government’s strategies to restore and stabilise the macroeconomy, build resilience, and promote inclusive growth and value creation,” the statement from the Finance Ministry said.
“It will feature prominent matters including providing an update on Ghana’s engagement with the IMF on an IMF-supported programme, climate change strategies, the YouStart initiative under the Ghana CARES programme, year-to-date macro-fiscal performance of the economy, fiscal measures and debt management strategies to ensure debt, and fiscal sustainability and promote growth,” it added.
The budget presentation will be done in accordance with Article 179(1) of the Constitution.
“The President shall cause to be prepared and laid before Parliament at least one month before the end of the financial year estimates of the revenue and expenditure of the Government of Ghana for the following financial year,” states the constitution.
Resolution of impasse
Ahead of the budget presentation, MPs of the governing New Patriotic Party (NPP) have resolved to be present in Parliament to grace the occasion. They announced their decision after a meeting with the party’s Council of Elders and the leadership.
The Majority Caucus in Parliament wants President Nana Akufo-Addo to sack Ofori-Atta over the current economic turmoil, hoping that the action will “restore confidence” in the system.
After a crunch meeting over the matter on Tuesday (22 November), the Majority Caucus agreed to put aside all their grievances and make it a point to attend, participate and approve the 2023 Budget Statement and Economic Policy of the government, said a statement signed by the party’s general secretary, Justin Frimpong Koduah, and the Majority Chief Whip, Frank Annoh-Dompreh.
“The meeting agreed that the president will act upon the initial request of the NPP Parliamentary Caucus”, the statement said, after the Budget has been approved and following the conclusion of negotiations with the IMF for a US$3 billion bailout in budgetary support.
Minority will be there
Meanwhile, the Minority MPs have given the assurance that they will also be present in the house despite a motion of censure they are pressing against Ofori-Atta.
“Our presence will be without prejudice to the ongoing committee hearing on the motion of censure brought against the Finance Minister, who we hold responsible, together with other government appointees, for the collapse of the Ghanaian economy and the attendant hardships.
“While we remain committee to seeing through the process to censure of the Finance Minister, we are mindful of our duty to carry out oversight on the executive and preserve the interest of the Ghanaian people whose livelihoods the Akufo-Addo/Bawumia administration has severely undermined through mismanagement of the economy,” the Minority statement said.