Ken Ofori-Atta, Finance Minister, has informed legislators that the government will not seek more funding from the House.
He stated that this was necessary due to the year’s improvement in non-oil tax income collection.
“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 non-oil 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),” the Finance Minister said.
He revealed this when he presented the Mind-year budget review today, July 31, 2023.
He said the reason why the government will not be seeking for additional funds was because of the completion of aspects of the Domestic Debt Exchange Programme.
“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,” he stated.