The Minister for Finance, Ken Ofori-Atta is expected to present the 2022 Mid-Year Budget Review in Parliament today (25 July).
The Minister for Finance was initially expected to present the 2022 Mid-Year Budget Review on Wednesday (13 July 2022) but had to be rescheduled to today.
The budget review, which is in accordance with Article 179 of the 1992 Constitution and the Public Financial Management Act 921, presents the opportunity to revise macroeconomic targets and present a comprehensive economic outlook for the rest of the year.
This is normally based on inflows and outflows within the first six months of the year.
Ofori-Atta is expected to give an update on the state of the economy with particular reference to what led to the decision to seek support from the IMF to help revitalise the economy.
He will also give a sneak peek into the government’s Enhanced Economic Programme which is being used as a template to earn support from the IMF.
This is to help provide direction on how the government on its own, intended to address the high debt challenges, mounting expenditures and sluggish revenue growth.
Many experts have also called on the government to use the budget review to reduce the charges on the Electronic Transfer Levy (E-Levy) from 1.5% to 0.5%.