Gov’t won’t require supplementary budget, we’ve made progress – Ofori-Atta

The Minister for Finance Ken Ofori-Atta has said the government has made some progress and will not need any supplementary budget.

He made this known when presenting the mid-year budget review in Parliament on Monday July 31, 2023.

According to the Minister, the Appropriation has been revised from GHS227.7 billion as presented and approved in November 2022 to GHS206.0 billion.

“Mr. Speaker, for the first six months of the year, we continue making progress to exceed our non-oil revenue targets for the year. We have seen improvements in nonoil tax revenue collection despite some noticeable shortfalls in VAT. However, oil revenues have fallen short of expectations due to changes in global prices.

“We will, therefore, undertake a downward review of the oil-related revenue as well as the corresponding expenditures to align with the underperformance of some of our revenue handles. Specifically, this will impact the Annual Budget Funding Amount (ABFA).

“Mr. Speaker, in view of the reason outlined above, as well as the lower domestic interest payment and amortization, following the completion of a part of the DDEP, and the reduction in the foreign financed CAPEX, the Appropriation has been revised from GHS227.7 billion as presented and approved in November 2022 to GHS206.0 billion. This is in line with Regulations 24 sub-regulation (3) of Public Financial Management Act Regulations 2019 (L.I. 2378).

“Mr. Speaker, we will, therefore, not require a Supplementary Budget.”