Finance Minister Ken Ofori-Atta presented the 2023 Budget Statement and Economic Policy to Parliament on 24 November in the teeth of a host of challenges.
His plans for Ghana’s economic revival will have to jump over the hurdles of global economic downturn, a looming debt crisis, opposition to his plans to raise revenue, hostility to tax measures from the Minority Caucus, and resistance to his tenure as Minister for Finance even from some NPP members of Parliament.
And then there are the country’s negotiations for budgetary support from the International Monetary Fund.
The Budget set out a bold plan to reduce government expenditure with everything from a 30% pay cut for government ministers to a freeze on public sector recruitment, as well as restrictions on travel, SOE merchandise, use of four-wheel-drive vehicles and supply of fuel coupons to state appointees.
Social protection intact
At the same time, there is continued funding for welfare and social protection measures to cushion the most vulnerable, under everything from the Livelihood Empowerment Against Poverty (LEAP) scheme to the School Feeding Programme.
Plans for raising income for the state coffers include a 2.5 percentage-point increase of value added tax, a selective return to collection of road tolls and a promised review of tax exemptions for oil/gas companies and other players in the extractives industry.
As the detail of the government’s spending plans undergoes scrutiny in Parliament, Asaase offers a quick overview of the principal measures set out in Budget 2023.
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