General News

2020 budget presentation now slated for Nov. 13 – Kyei Mensah-Bonsu

Parliament has confirmed that the Finance Minister, Ken Ofori Atta will on Wednesday, November 13, 2019, present the 2020 budget and financial statement. At the beginning of the parliamentary meeting, the reading was scheduled for November 14 but this has been changed.

In a related development, however, the subsequent post-budget workshop for Parliament will for the first time in many years be held in Accra at the Parliament House rather than the Eastern Regional Capital Koforidua.Majority Leader, Osei Kyei Mensah Bonsu who made the announcement also urged Members of Parliament to reschedule their itineraries and be in the House on the said date.

“Mr. Speaker, the Honorable Minister of Finance is scheduled to appear in the House on Wednesday, the 13th of November 2019, to present the 2020 Budget and Financial Statement of the Republic of Ghana. Mr. Speaker, it is important to re-emphasize the fact that in accordance with Article 179, the budget will be presented on behalf of the President of Ghana on 13th November and not 14th November which is the date in circulation.”

2020 Budget: We don’t expect new taxes – Finance C’ttee chair
Meanwhile, the Finance Committee of Parliament has said that it does not expect the introduction of new taxes in the yet-to-be-read budget. The Chairman of the Committee, Dr. Mark Assibey-Yeboah said the introduction of a new tax may burden the Ghanaian populace. The New Juaben South MP, said, “I don’t think new taxes will be introduced. This is a listening government and I don’t think that any new taxes have been programmed in the budget.

EIU predicts government will overspend its budget in 2020
The Economist Intelligence Unit (EIU) has predicted that the government will struggle to lower its expenditure in the run-up to the 2020 general elections. Despite government passing the Fiscal Responsibility Act last year aiming to limit future budget deficits to a maximum of 5% of GDP, the London-based business advisory firm expects the government to record a 5.5 percent budget deficit next year.

Source: Citifmonline.com

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