“The economy is stable we won’t borrow again”- Finance Minister Ken Ofori-Atta

The government of Nana Addo Dankwa Akufo-Addo has announced that it will not be seeking any additional funding from Parliament, as stated by Finance Minister Ken Ofori-Atta.

During the mid-year budget review presented on July 31, Ofori-Atta cited the progress made in non-oil tax revenue collection as the reason for this decision.

He acknowledged that while there were some shortfalls in VAT, there had been improvements in non-oil tax revenue collection.

However, oil revenues fell short of expectations due to changes in global prices. As a result, a downward review of oil-related revenue and corresponding expenditures will be undertaken, particularly impacting the Annual Budget Funding Amount.

This decision is also attributed to the completion of aspects of the Domestic Debt Exchange Programme. The government had initially been granted permission to spend GH¢227.7 billion in 2023, but this has been revised to GH¢206.0 billion due to the reduction in foreign-financed CAPEX.

Ofori-Atta stated that this revision aligns with the Public Financial Management Act Regulations 2019 and therefore a supplementary budget will not be required.


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