Parliament has today, December 7, 2023, approved the 2024 budget, despite stiff opposition from the Minority.
The Speaker of Parliament, Alban Bagbin, on Wednesday, November 29, ruled in favour of the majority after a voice vote after the House concluded on the debate.
The minority challenged the ruling of the speaker and called for a head count.
The majority of Caucvus, who were not happy about what transpired in the House, staged a walkout and accused the Speaker of breaching the rules of the House.
The Speaker, Alban Bagbin, subsequently announced that the headcount vote would be conducted today, December 7, 2023.
After the headcount was done, the speaker ruled in favour of the majority, saying the budget had been approved.
“At the end of the headcount, the ‘ayes’ had 138, Nos were 136, one absent. The ayes have it. The 2024 budget has been approved.”
The government is hoping to spend a total of ¢226.7 billion in 2024.
This will represent 21.6 percent of the Ghana’s Gross Domestic Product (GDP).
The projection reflects a reduction of 6.1 percentage points of GDP in total expenditures (commitment basis) relative to the outturn in 2022.
In November when Ken Ofori-Atta, the Finance Minister presented the budget statement, he said based on the estimates for Total Revenue and Grants and Total Expenditure, which include arrears clearance, the overall Budget balance to be financed is estimated at a fiscal deficit of ¢ 61.9 billion, equivalent to 5.9 percent of GDP.
He announced that Total Revenue and Grants is projected at ¢176.4 billion and is underpinned by permanent revenue measures largely Tax revenue measures amounting to 0.9 percent of GDP.
He also explained that the corresponding Primary balance will be a deficit of ¢5.9 billion, equivalent to 0.6 percent of GDP.
By: Rainbowradioonline.com/Ghana
