The Finance Minister will carry out this constitutional exercise on behalf of the President, Nana Addo Dankwa Akufo-Addo.
The budget presentation was in doubt due to the lack of a communiqué from the Finance Ministry, but a statement issued on Tuesday, November 14 affirmed and ensured the presentation.
“In accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921) the Minister for Finance will, on behalf of the President, lay before Parliament the Budget Statement and Economic Policy of Government of Ghana for the 2024 Financial Year, on Wednesday, 15th November, 2023,” the Ministry announced in its statement.
Before the presentation, groups such as the Ghana Union of Traders’ Association (GUTA), the Food and Beverages Association of Ghana (FABAG), the Importers and Exporters Association of Ghana, and a slew of other trading associations urged the government to implement major tax cuts to ease the economic and financial burden on Ghanaians.
The Concerned Drivers Association of Ghana also advocated for the reinstatement of road tolls in the budget to assist in repairing Ghana’s deteriorating roads.
Some Members of Parliament have also urged the government to share the hardship of Ghanaians by cutting spending rather than raising taxes.
“We met the Minister of Finance at the Finance Committee and he indicated that he intends to raise an additional GH¢11 billion which is about 1 percent of our GDP and we told him that we think the people of Ghana have been taxed so much and the tax burden is already high and so it will be inappropriate to come with new taxes and so the Minister should rather come with cost-cutting expenditure measures,” one lawmaker told Citi News’ Parliamentary correspondent, Nii Ayikwei Okine. Financial analysts had urged the government to prioritize revenue generation while reducing its expenditure.