An economist at the University of Ghana Business School, Dr. Patrick Asuming has urged government to use the 2021 budget reading to present a credible recovery plan to the nation.
The 2021 budget is expected to be presented by the Majority Leader in Parliament Osei- Kyei Mensah Bonsu according to information available to Citi Business News.
This follows the inability of Finance Minister-designate, Ken Ofori Atta to make the presentation due to his current health status.
In an interview with Citi Business News on his expectations, Dr. Asuming said a believable plan that spells out Ghana’s road to economic recovery is critical.
“What I would expect is that the budget will be very realistic about where we are in terms of the crisis. Hopefully we continue getting more of the vaccines to help things normalize a bit. I thus expect a credible and believable recovery plan that will show us what our road to recovery looks like. A plan that says that spells out the strategies for bringing back the macro-economy back on track in the medium term.”
Osei Kyei Mensah-Bonsu slated to give 2021 budget presentation
The Majority Leader and Parliamentary Affairs Minister, Osei- Kyei Mensah Bonsu will be presenting the 2021 budget.
Initially, Minister for Trade and Industry, Alan Kyrematen had been penciled to make the presentation.
The presentation of the budget is in accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921).
The budget, will be laid in Parliament on Friday, March 12, 2021, for consideration and approval.
In October last year, Mr. Ofori-Atta presented the 2021 Expenditure in Advance Appropriation Budget. This per the law is to make provisions for the first quarter expenditure as the country’s leadership transitions after the 2020 elections.
Government expenditure for first quarter of 2021 was estimated at GHȻ27.34 billion, with total revenues and grants expected at GHȻ13.3 billion, whilst total expenditure and arrears clearance was at GHȻ24.01 billion.
This was expected to leave a fiscal gap of GHȻ10.7 billion.