Gov’t shies away from requesting more funds in 2022 mid-year budget review

Gov’t shies away from requesting more funds in 2022 mid-year budget review

The Nana Addo Dankwa Akufo-Addo administration has not asked for extra funds with the 2022 mid-year budget.

This is despite reduced revenues and the underperformance of the controversial electronic transfer levy.

Recent economic struggles have seen the government turn to the International Monetary Fund for support.

During the Mid-year budget review, the Finance Minister, Ken Ofori-Atta, admitted that there had been “some major shifts in our budget assumptions” when compared to November 2021, when the full budget was presented.

“These changes have led to reduced revenues, increased interest payments, and changes in interest rates and exchange rates.”

These challenges notwithstanding, the minister said the government was committed to staying within the appropriation for 2022.

“In spite of the underperforming revenues and strong external headwinds, we are not seeking additional funds in this Mid-Year Review. We are determined to efficiently use the windfall from the upstream Petroleum Sector to make up for our revenue shortfall and aggressively improve our revenues even as we rationalize expenditures,” Mr. Ofori-Atta said.

The government had earlier indicated that it will be cutting down expenditure to align revenue targets.

The government earmarked GH¢145.4 billion to meet government expenditure for the 2022 fiscal year from the Consolidated Fund and other public funds.