In accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921), the Minister of Finance, Ken Ofori-Atta, will on behalf of President Nana Akufo-Addo, his cousin, lay before Parliament the 2023 Annual Budget Statement and Economic Policy of Government today, Thursday, 24 November 2022.
The 2023 budget according to the Finance Ministry will focus on the government’s strategies to restore and stabilise the macro economy, build resilience, and promote inclusive growth and value creation.
It is expected to feature prominent matters including providing an update on Ghana’s engagement with the IMF for a $3 billion support programme, climate change strategies, the YouStart initiative under the Ghana CARES Programme, year-to-year macro-fiscal performance of the economy, fiscal measures and debt management strategies to ensure debt and fiscal sustainability and promote growth.
The Majority caucus in Parliament had early on threatened to boycott the budget presentation if Mr Ofori-Atta was the one to present it.
The MPs have been demanding his resignation or sack for his poor management of the Ghanaian economy.
However, 48 hours before the budget presentation, the MPs made a U-turn and resolved to support Mr Ofori-Atta in the passage of the 2023 budget.
The majority side came to this conclusion after an intervention by the leadership and Council of Elders of the governing New Patriotic Party (NPP) on Tuesday night.
The NPP released a statement dated 22 November 2022, jointly signed by Majority Chief Whip Annoh-Dompreh, and NPP General Secretary Justin Kodua Frimpong, saying: "It has been agreed by all to refocus and recline to the earlier position requested by President Akufo-Addo.”
The statement added that it was agreed that the Majority caucus’ “demand be stood down until the conclusion of the round of negotiations with the International Monetary Fund (IMF) which would feed into the 2023 budget”.
Below are details of the statement:
RESOLUTION OF IMPASSE IN THE NPP PARLIAMENTARY GROUP
Over the past two weeks, especially, after the President had engaged the Majority Caucus over calls for the ouster of the Minister of Finance as well as the Minister of State at the Ministry of Finance and a statement on the engagement had been issued, the country has witnessed a heightened public/media discussion on the same subject matter.
There have been occasional individual interventions, some of which have not helped the resolution of the issue in contention.
On the other hand, some of these interventions have contributed to escalate tensions and suspicions.
At a meeting this evening, the 22nd of November 2022, involving the Majority Caucus, the Leadership of the Party and the Council of Elders, it has been agreed by all to refocus and recline to the earlier position requested by the President,
1. The demand be stood down until the conclusion of the round of negotiations with the International Monetary Fund (IMF) which would feed into the 2023 Budget;
2. The presentation of the 2023 Budget Statement and Economic Policy on the 24th November 2022 by the Finance Minister on behalf of the President; and
3. The subsequent presentation and passage of the Appropriation Bill
The meeting agreed that the President would act upon the initial request of the NPP Parliamentary Caucus after the conclusion of these matters.
In the meantime, the Leadership of the Parliamentary group and the Leadership of the Party counselled the Honourable Members of the Parliamentary Party to resort to the Caucus communication channels and, to the largest extent possible, work together as one Caucus unit.
Leadership and the party, in this regard, call upon the Members of Parliament to attend to all Government Businesses in the House /including, in particular, the 2023 Budget Statement and Economic Policy and all connected matters.