Ken Ofori-Atta will be presenting the budget statement today
This is in accordance with Article 179 of the 1992 Constitution and Section 21 (3) of Act 921
The budget is described as the most anticipated budget in Ghana’s history
Finance Minister Ken Ofori-Atta will on behalf of the President lay before Parliament, the 2022 Budget Statement and Economic Policy of Government today.
This is in accordance with Article 179 of the 1992 Constitution and Section 21 (3) of the Public Financial Management Act, 2016, (Act 921).
The budget, which is termed as the most anticipated in Ghana’s history is said to focus on expanding Ghana’s economic recovery from the COVID-19 pandemic.
The Ministry of Finance, ahead of the budget reading in a statement hinted that the budget will among other things dwell on “creating a climate-friendly entrepreneurial state to address unemployment and import substitution.”
It also mentioned the “digitalisation of the economy, skills development and entrepreneurship as among the key issues in the presentation.”
Ken Ofori-Atta in a Joy News report monitored by GhanaWeb stated that the government of Ghana is committed to putting in place measures that will help deal with the unemployment situation in the country as well as recent challenges with the employment of fresh graduates for the public sector.
“I don’t think we can wait any longer, because the time is now on how to create an entrepreneurial state and deal with this issue once and all. Certainly, the issues of youth and jobs will be the centre of this budget presentation,” the Minister said.
Ken Ofori-Atta, however, noted that creating an entrepreneurial state has been a challenge for the government, and hopefully the 2022 budget to deal with this problem.
Some interest groups including financial and economic analysts as well as professional and trade organisations have expressed varied expectations on the budget.
Whereas some analysts have urged the Government not to introduce new taxes, the Ghana Union of Traders Associations (GUTA) has, for instance, appealed to the government to implement policies that would reduce the cost of doing business in the country.
Other groups have also called for the widening of the tax net to enable the government to meet its revenue targets.
The Ghana Private Road Transport Union (GPRTU) has also called on the government to review the payment of road tolls in the country.
Godfred Abulbire Adogma, the GPRTU general secretary, said Ghana should substitute paying of road tolls with a one-pesewa increment on the Energy Levy.
“When you come to the issue of road tolls, even if the government decides to raise the current amount of GHC1 to GHC2, that wouldn’t be enough.
“So, we have itemised all the reasons and the government could scrap all the toll booths and rather charge an amount per litre of fuel. That can be another measure to prevent revenue leakages,” Adogma was quoted in an Asaase radio report.
On his part, the Chief Executive of the Chamber of Pharmacy, Thony Ameka, in a Joy News report monitored by GhanaWeb, warned prices of medicines will increase if the government goes ahead to scrap the 50% discounts.
Eric Anti, Secretary of the Spare Parts Dealers Association at Abosey Okai in Accra, also expressed similar consequences.
But what is contained in the government 2022 budget?