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Finance Minister Ken Ofori-Atta will seek Parliament's approval to spend more78 billion ¢ at the presentation of the revision of the 2019 half-yearly budget, 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 the last year has pbaded the credits bill, give the government the green light to pbad a little GH¢78,771,833,602 billion for the 2019 financial year.
It is this amount that the Department of Finance states in its statement that it will look to look upward.
Key sectors
The government during fiscal year 2019 was to spend GH¢95.6 million euros to subsidize customers' electricity bills.
Outside the GH¢ 78.7 billion GH¢ EUR 19.4 billion was also allocated to compensation for employees (salaries and wages, pensions, gratuities and social security).
Another GH¢ 18.6 billion were intended to serve domestic and external interests on existing debts, while GH¢ $ 13.7 billion will go to grants to other government units such as the National Health Insurance Fund, the Ghana Education Trust Fund, the Road Fund, the Petroleum Fund, the District Assembly Common Fund, the retention of internally generated funds, the transfer to GNPC and other reserved funds.
In addition, capital expenditures took a little GH¢ 8.5 billion, while GH¢$ 6.3 billion was used for the use of goods and services.
Some 730 million GH has been allocated to arrears and¢ 5.3 billion will go 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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