In accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921) the Minister for Finance is expected to present the Mid-Year Review and Supplementary Estimates to Parliament not later than 31st July of each financial year.
This year’s presentation to Parliament will take place on today, Thursday, 23rd July, 2020.
Ghana’s budget deficit for 2020 is likely to double the legal limit as a result of the adverse impact of Coronavirus on the economy which sees an undoing of the fiscal discipline that was supposed to curb financial bailouts from other countries.
The minister is expected to provide Parliament with a roadmap as to how government plans to pay a GH¢10 billion loan granted by the Bank of Ghana (BoG).
Additionally, a roadmap is also needed for the US$219 million transferred from the Ghana Stabilization Fund to the Contingency Fund to deal with the coronavirus outbreak.
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