Parl approves 2020 Mid-Year Budget Statement

Parliament has approved the Mid-Year Review of the Budget Statement and Economic Policy of the Government and the sum of GHS 11,896,477,566.00 as Supplementary Estimate for the 2020 Financial Year.

The approval was given yesterday [Wednesday, July 29, 2020] after the Majority and Minority took turns to debate the budget which was presented before the House last week.

The Minority had described the budget as full of manifesto promises witness the Majority held the view that it was a ”solid presentation”.

Leader of The Minority, Haruna Iddrisu in his remarks raised concerns over the inability of the Finance Minister Ken Ofori-Atta to account for some monies used by this administration.

He also questioned the legality behind the borrowing of some GHS 100 billion for the Bank of Ghana’s asset purchase programme, adding that the Public Financial Management Act and the Constitution require that Governor of the Bank must refer to article 181 of the Constitution when they intend to borrow.

For his part, the Majority Leader Osei Kyei Mensah Bonsu maintained that the NPP administration has performed far better than the NDC and made Ghana’s economy much stronger compared to what they inherited.

He opined the economy has since the NPP took over maintained a stronger outlook.

Last week, the Finance Minister went to parliament to present a mid-year fiscal policy review of the 2020 Budget Statement and Economic Policy as well as Supplementary Estimates of the Government.

The Minister asked parliament to approve an additional GH¢11,896,477,566.00 to support government expenditure for the rest of the year.

Presenting the Mid-Year Budget Review to Parliament Thursday, July 23, Mr. Ofori Atta said due to the Coronavirus pandemic there have been some major expenditures which have created a shortfall in sectors of the economy.

“The additional expenditure has become necessary as a result of the impact and revenue shortfalls the economy has suffered due to the novel coronavirus pandemic,” Ofori-Atta told MPs while delivering the mid-year budget statement.

By: Rainbowradioonline.com

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