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Kyei-Mensah-Bonsu to present 2021 budget on Friday

Information available to Citi Business News suggests that Majority Leader and Parliamentary Affairs Minister, Osei Kyei-Mensah-Bonsu is expected to present the 2021 budget statement.

It follows the inability of the Finance Minister-designate, Ken Ofori-Atta, to present the budget due to his current health status.

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 the 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.

Government urged to present credible recovery plan in 2021 budget

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.

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.”

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