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BUSINESS NEWS: Finance Minister Set To Present Budget For First Quarter 2021

Ghana's Finance Minister, Ken Ofori-Atta will today, Wednesday, October 28, present a budget to parliament to cater for the first quarter of 2021.

The presentation, known as Expenditure in Advance of Appropriation, has become a characteristic of election years to prevent transitional challenges.

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Ahead of the presentation, the Minority leader, Haruna Iddrisu, has served notice that his side of the house does not intend to make the presentation smooth sailing.

"The outstanding matters that the Minister of Finance should do for members, if he does not, today we will heckle him. We will subject him to an empty room today as part of the heckling then he will know we do not want to hear him".

The Akufo-Addo administration in July this year presented a revised budget statement to Parliament for approval of an additional GHS 11.8 billion to support the government's expenditure for the rest of the year 2020.

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This was after the government's projections for the 2020 fiscal year were rendered unattainable due to the Covid Pandemic.

Earlier this year, the Finance Minister announced that the administration will require some GHS 9.5 billion to cushion the country from the effects of the Covid -19 pandemic, a situation which may move the 2020 budget deficit to over seven percent.

He also stated that this will be 2.5 percent of Ghana's revised GDP, and there will be a "fiscal gap of GHS 11.4 billion ".

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Story by RodneyTsenuokpor


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