In order to make up for its revenue shortfall in the 2022 budget, the government claims it would use the windfall from the upstream petroleum sector.
When he submitted the 2022 mid-year budget to Parliament for approval on Monday, July 25, Finance Minister Ken Ofori-Atta made this information public.
According to Mr. Ofori-Atta, the administration won’t ask for additional cash to support its initiatives for the remainder of the year.
Although he bemoaned the effects of outside forces that have damaged the economy’s revenue-generating sectors, he assured that the government will wisely employ the little resources at its disposal for the benefit of Ghanaians.
“We have seen some major shifts in our budget assumptions compared to November 2021, when we presented the budget. These changes have led to reduced revenues, increased interest payments and changes in interest rates and exchange rates.
However, we are 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 from the petroleum sector to make up for our revenue shortfall and aggressively improve our revenue even as we rationalise expenditures,” he stated.
Mr. Ofori-Atta also reassured Ghanaians that the government is committed to overcoming the country’s current economic difficulties.
For the benefit of the typical Ghanaian, he claims that the government won’t back out of accomplishing that.
We are steadfast in our determination to turn this country around.
We have a history of salvaging situations when the nation is in trouble.
“When the NPP administration assumed power in 2017, it inherited a troubled economy that was part of an IMF program. We effectively turned the economy around and exited the program in 27 months,” Mr. Ofori-Atta said.