Ghana’s Finance Minister to present mid-year budget review

Ghana’s Finance Minister Ken Ofori Atta will today announce his mid-year budget review before the Ghanaian parliament. Last year, Accra

Simon DawsonBloomberg

Photo: Simon Dawson/Bloomberg

Ghana’s Finance Minister Ken Ofori Atta will today announce his mid-year budget review before the Ghanaian parliament.

Last year, Accra experienced a record-low growth rate as the pandemic further destabilized the underdeveloped West African nation. Nevertheless, the government has high hopes for its future outlook as it strives to increase gross revenue and fully recover from its dire financial situation. Today, Ofori will provide a brief summary of national expenses, including President Nana Akufo-Addo’s expenditures such as foreign trips, and lay out Accra’s plans to improve the economy.

Despite likely public disapproval and objection from the members of the National Democratic Congress party, expect Accra to boost its tax-base level in the short-term. As Accra’s current tax base level is one of the lowest in the region, the increased base level will surpass that of its neighbors, such as the Ivory Coast, and likely account for almost one third of Ghana’s GDP. Accra is also expected to spend the available capital to pay off some of its foreign debt and expand its social services including education and affordable housing, fulling the New Patriotic Party’s promise to invest in public services.

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