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Parliament: Mid-Year Review, Supplementary Budget to be presented by Finance Minister on July 17

By Mutala Yakubu
 Mid-Year Review, Supplementary Budget to be presented by Finance Minister on July 17
Mid-Year Review, Supplementary Budget to be presented by Finance Minister on July 17

A Mid-Year Review and Supplementary Budget will be presented by Finance Minister Ken Ofori-Atta to Parliament on July 17, 2019.

The date however is still subjected to parliamentary approval.

According to the country’s Public Financial Administration Act, the Finance Minister is required to present a Mid-Year Review to parliament six months after the presentation of the main budget for that fiscal year.

The Mid-Year fiscal policy review would look at the fact or give a brief overview of the macroeconomic development of government over the past 6 months as well as the rest of the year.

The presentation in parliament is also to afford the  Finance Minister an opportunity to review some of the macroeconomic targets that were outlined in the 2019 budget.

Mr Ofori-Atta in speaking to Joy Business said the presentation of the Mid-Year Review would be used to also review some of the macroeconomic targets that were set out in the 2019 budget presented to parliament in November last year.

These are some of the Macro-Economic Targets set last year by the government that are likely to be reviewed in the minister’s presentation to parliament.
• The overall Real GDP growth of 7.6 per cent;
• The non-oil Real GDP growth of 6.2 per cent;
• End-period inflation of 8.0 per cent;
• Fiscal deficit of 4.2 per cent of GDP;
• A primary surplus of 1.2 per cent of GDP; and
• Gross International Reserves to cover not less than 3.5 months of imports of goods and services.

Mr Ofori-Atta has already indicated that one of the taxes that would be adjusted during the Mid-Year Review is the luxury tax on vehicles.

The tax was introduced last year to help improve revenue mobilization.

The changes, the Finance Minister maintains has been influenced by some stakeholders’ concerns.

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