The Finance Minister, Ken Ofori-Atta, is expected to present the Mid-Year Budget review and Supplementary Estimates to Parliament in July.
The Mid-Year Budget will remain in conformity with Section (28) of the Public Financial Management Act, 2016 (Act 921).
A vital function of the upcoming Mid-Year Budget review will be the presentation of two supplementary estimates.
This has come to be needed as a result of the effect of the COVID-19 pandemic on the government’s budget plan.
The Majority Leader, Osei Kyei-Mensah-Bonsu, clarified the approaching presentation in a briefing on Thursday.
“There are two supplementary estimates the Minster will be required to submit; one relates to the budget performance and if he needs additional funding, he will be required to submit additional estimates after the mid-year review.”
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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.
