‘I am not here to ask for more money, impose new taxes’ – Finance Minister bursts Minority’s bubble

Predictions that the 2021 mid-year budget review will include more taxes and a supplementary budget have been dispelled by Finance Minister, Ken Ofori-Atta.

Presenting the mid-year budget review statement in Parliament on Thursday, July 29, 2021, the Minister said remarkable economic progress despite the coronavirus pandemic means Ghana’s economic transformation agenda is on course.

“This Mid-year fiscal policy review…does not come with a supplementary budget and our revised fiscal framework for 2021 is kept within the fiscal target of 9.5% of GDP.

“We are staying within the 2021 appropriation…I am not here today to ask for more money, I have not come to ask for more taxes. I have come to update the House on the performance of the economy for the first half-year of 2021 and our plan for the unexpired time of the year consistent with section 28 of the PFM Act,” he said, his voice drowned by sheers from the Majority Members of Parliament.

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The Minority has accused the government of missing key targets in the first quarter of the year, fueling speculations that the government would most likely introduce taxes or increase existing ones to shore up revenue.

Hence the revelation by the Minister is likely to be a bubble burster for the opposition legislators.

The Finance Minister added that despite the COVID-19 challenges, Ghana has attracted more Foreign Direct Investments (FDIs).

“As of the end of June 2021, total FDI into the country was valued at $954.2 million indicating an increase of 71.2% from $557.2 million recorded over the same period last year.

“Mr Speaker, a strong rebound in growth, the low inflation rate, the stable currency, the strong reserve position and FDI flows are clear indicators of an economy in recovery.

I stand before this august House today to assure the nation that our transformation agenda is very much on course. However, with COVID-19 still with us, it is important to stress that the recovery is only the beginning,” he stressed.