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Company News of Monday, July 29, 2019
Source: Myjoyonline.com
2019-07-29
Finance Minister Ken Ofori-Atta is responsible for the government's purse
Finance Minister Ken Ofori-Atta will ask Parliament for permission to spend more on the 78 billion GH ¢ approved when presenting the mid-year 2019 budget review on Monday.
A statement from the Ministry of Finance reveals that this year's presentation "will see an upward revision of the 2019 appropriations ceiling and its underlying measures, in order to achieve the objectives of the 2019 budget theme, namely the lending. expansion of the economy and the creation of jobs ".
Legislators pbaded last year the credits bill, giving the government the green light to spend some 78,771,833,602 billion GH for the 2019 fiscal year.
It is this amount that the Department of Finance states in its statement that it will look to look upward.
Key sectors
During the 2019 fiscal year, the government is expected to spend 95.6 million GHAR to fund customers' electricity bills.
Of the 78.7 billion GH ¢, 19.4 billion GH were also used to pay the salaries of employees (salaries and wages, pensions, gratuities and social security).
An additional $ 18.6 billion was earmarked to service domestic and foreign interests on existing debt, while $ 13.7 billion will go to grants to other government units such as the National Fund. health insurance, the Ghana Education Trust Fund, the Road Fund, and the petroleum sector. Funds, District Assembly Common Fund, retention of internally generated funds, transfer to GNPC and other earmarked funds.
In addition, capital expenditure amounted to about GH ¢ 8.5 billion, while GH ¢ 6.3 billion was spent on the use of goods and services.
A bit of GH? 730 million euros were allocated to arrears and 5.3 billion GHAR will be allocated to depreciation.
What to expect in the review of the half-yearly budget
Pursuant to section 28 of the Financial Administration Act, 2016 (Bill 921), Finance Minister Ken Ofori-Atta will present Parliament with the semi-annual and supplementary estimates on Monday.
This year's presentation will focus on energy sector issues and planned reforms for the sector.
The performance of the financial sector is another important area that should be addressed.
Ghana's debt situation, domestic revenue mobilization and the revision of the luxury vehicle tax will also be addressed. The tax on luxury vehicles has been criticized by economists and the general public.
The government will therefore seek Parliament's approval for the supplementary estimates.
In addition to highlighting Ghana's fiscal performance between January and June 2019, as well as the upcoming fiscal strategy, this year's mid-year budget review will address policies leading to increases in industrial production, such as agribusiness.
Rehabilitation and construction of roads, strengthening of security and priority programs of the government, among others, will also be discussed.
According to the statement from the Ministry of Finance, in the context of Ghana's vision Beyond Aid, this mid-year presentation to Parliament should explain how Ghana will exploit the opportunities offered by the hosting of the Secretariat of Continental Africa. Free Trade Area (AfCTA).
In summary, Monday's exam covers:
– a brief overview of the evolution of the macroeconomic situation (2018 and 2019);
– an badysis of performance in terms of revenue, expenditure and financing for 2019;
– a revision of the financial perspective for the unexpired period of the financial year; and
– an overview of the implementation of the annual budget.
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