Finance Minister Ken Ofori-Atta will present the Government’s 2023 Budget Statement and Economic Policy to Parliament today (November 24), with the goal of restoring and stabilizing the macroeconomy.
The Finance Ministry stated, “The 2023 Budget will focus on the government’s strategies to restore and stabilize the macro economy, build resilience, and promote inclusive growth and value creation.”
“It will feature prominent matters including providing an update on Ghana’s engagement with the IMF on an IMF-supported programme, climate change strategies, the YouStart initiative under the Ghana CARES programme, year-to-date macro-fiscal performance of the economy, fiscal measures and debt management strategies to ensure debt, and fiscal sustainability and promote growth,” it added.
Finance Minister Ken Ofori-Atta will deliver the 2023 Budget Statement and Economic Statement. The budget will be presented in accordance with Article 179(1) of the Constitution.
According to the constitution, he President shall cause to be prepared and laid before Parliament at least one month before the end of the financial year estimates of the revenue and expenditure of the Government of Ghana for the following financial year,” states the constitution.
The governing New Patriotic Party (NPP) has resolved to be present in Parliament to grace the occasion ahead of the budget presentation. They made their decision following a meeting with the party’s Council of Elders and leadership.
The Parliamentary Majority Caucus wants President Nana Akufo-Addo to fire Ofori-Atta over the current economic crisis, hoping that this will “restore confidence” in the system.
The Majority Caucus agreed on Tuesday (22 November) to set aside all grievances and attend, participate in, and approve the government’s 2023 Budget Statement and Economic Policy, according to a statement signed by the party’s general secretary, Justin Frimpong Koduah, and the Majority Chief Whip, Frank Annoh-Dompreh.
“The meeting agreed that the president will act on the initial request of the NPP Parliamentary Caucus,” the statement said, after the Budget is approved and negotiations with the IMF for a US$3 billion bailout in budgetary support are completed.
Meanwhile, the Minority MPs have stated that they will be present in the House despite a motion of censure they are putting forward against Ofori-Atta.
“Our presence will not jeopardize the ongoing committee hearing on the motion of censure brought against the Finance Minister, whom we hold responsible, along with other government appointees, for the collapse of the Ghanaian economy and the attendant hardships.”
“While we remain committed to see through the process of censure of the Finance Minister,” the Minority statement said, “we are mindful of our duty to carry out oversight on the executive and preserve the interests of the Ghanaian people whose livelihoods the Akufo-Addo/Bawumia administration has severely undermined through mismanagement of the economy.”
