The Finance Minister, Ken Ofori-Atta, is expected to present the Mid-Year Budget review and Supplementary Estimates to Parliament next month.
This will be in accordance with Section (28) of the Public Financial Management Act, 2016 (Act 921). A key feature of the upcoming review will be the presentation of two supplementary estimates.
This has become necessary due to the impact of the COVID-19 pandemic on the government’s budget.
The Majority Leader, Osei Kyei-Mensah-Bonsu, shed light on the upcoming presentation in a briefing on Thursday.
The last time the Finance Minister was in Parliament, he announced the COVID-19 Alleviation and Revitalization of Enterprise Support Programme.
This three-year plan is also known as the Ghana Cares programme.
According to the Finance Minister, it will take about three years for the Ghanaian economy to fully recover from the impact of COVID-19.
The cumulative effect of the pandemic will cost Ghana GHS9.505 billion, according to the government. Data published by the Ghana Statistical Service shows that the country’s economic growth from January to March reduced to 4.9 percent against 6.7 percent recorded in the same period in 2019.
Even though the service did not give reasons for the drop in the country’s growth rate, the slowdown in economic activities as a result of the coronavirus is expected to have contributed to the decline.
The pandemic has brought three years of economic growth of at least 6 percent to a sudden halt. The government anticipates that growth could slow to 1.5 percent, the least in 37 years.