Budget Review: No supplementary budget required - Ofori Atta assures

This marks the third consecutive year that the Minister has opted against requesting additional budgetary allocations.

Presenting the mid-year budget review on Monday, July 31, he attributed this decision to a surge in non-oil revenue collection despite a shortfall in oil revenues due to global price fluctuations in the past six months.

Mr. Ofori-Atta highlighted that a thorough examination of both oil and non-oil revenue, alongside corresponding expenditures, would impact the Annual Budget Funding Amount (ABFA).

"As a result of these considerations, and coupled with lower domestic interest payments and amortization following the completion of a portion of the DDEP, and a reduction in foreign-financed CAPEX, the Appropriation has been revised from GHS 227.7 billion, as presented and approved in November 2022, to GHS 206.0 billion," he explained.

He assured that this revision aligns with the regulations of the Public Financial Management Act Regulations 2019 (L.I. 2378), hence negating the need for a Supplementary Budget.

The Finance Minister reiterated the government's commitment to pursuing a robust growth strategy within the current fiscal constraints and fiscal consolidation program. He emphasized the importance of attracting both domestic and foreign private sector investments and promoting production through supportive government policies and agencies.

Furthermore, Mr. Ofori Atta expressed confidence in the economy's path to recovery and anticipates even greater results as the implemented measures begin to bear fruit.