MPs to Begin Debate on 2023 Budget today

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Members of Parliament will begin debating the 2023 budget statement presented by Finance Minister Ken Ofori-Atta last week today, November 29, 2022.

Parts of the budget have been met with opposition, with industry players concerned about the impact on their businesses and livelihoods.

The government plans to focus the 2023 budget on strategies to restore and stabilize the macroeconomy, strengthen resilience, and promote inclusive growth and value creation.

The budget statement included updates on Ghana’s participation in a $3 billion program with the International Monetary Fund, the economy’s macro-fiscal performance, the YouStart initiative under the Ghana CARES Programme, climate action strategies, fiscal measures, and debt management strategies to ensure fiscal and debt sustainability and promote growth.

Also Read: Freeze on Public Sector Employment will Worsen Unemployment Rate – Minority Leader

A freeze on public sector employment and new tax measures are among the new policies proposed in the budget, which are likely to be implemented under an IMF program as the government seeks to reduce spending and increase revenue.

The employment freeze has already drawn fire from the Minority in Parliament and the Trade Union Congress.

The headline rate of the Electronic Transfer Levy will be reduced to 1%, the Value Added Tax will be raised from 12.5 to 15%, the benchmark discount policy will be phased out completely in 2023, and a new income tax bracket of 35% will be introduced.

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