Mid-year review, Supplementary Budget to be presented July 22

Finance Minister Ken Ofori-Atta has again revised the date that he is expected to present the Mid –Year Review and the supplementary budget to parliament. 

JoyBusiness is learning that Mr Ofori-Atta is now likely to do the presentation on July 22 instead of the initial July 24.

The Chairman of Parliament’s Finance Committee Dr Mark Asibey Yeboah has told JoyBusiness the date has to be reviewed for a second time because some developments in parliament will make it difficult for the Finance Minister to present the Mid-year review on the initial date.

BoG’s Monetary Policy Meeting

JoyBusiness is learning that due to the decision to move the budget review to Monday, the Bank of Ghana’s Monetary Policy Meeting is now scheduled to announce its policy rate on Friday.

“The MPC PRESS CONFERENCE WILL TAKE PLACE TOMORROW, 19TH JULY, 2019 AT 1.00PM instead of Monday as previously announced. This is due to the mid year budget review scheduled for Monday,” the Bank of Ghana said in a notice to the media.

Why Mid-Year review and Supplementary?

According to the country’s Public Financial Administration Act, the Finance Minister is required to present a Mid-Year Review to parliament six months after the presentation of the main budget for that fiscal year. 

The Mid-Year fiscal policy review would look at the fact or give a brief overview of the macroeconomic development of government over the past six months as well as the rest of the year. 

The presentation would also offer the Minister an opportunity to review some of the Macro-Economic targets that were outlined in the 2019 budget.
 

Read Full Story