Mid-year budget: Windfall from petroleum sector to make up for revenue shortfall – Ofori-Atta

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Finance Minister Ken Ofori-Atta has assured the people of Ghana that the government will stay within its limit when it comes to spending despite the economic challenges due to external factors.

He told Parliament during the mid-year budget review presentation on Monday, July 25 that the government was not seeking additional funds from the budget.

Rather, he said, the government was determined to efficiently use the windfall from the petroleum sector to make up for revenue shortfalls and aggressively improve the revenues.

Mr Ofori-Atta said “we have committed to staying within the appropriation for 2022.

“In spite of the underperforming revenue handles, we are not seeking additional funds in the mid-year review. We are determined to efficiently use the windfall from the petroleum sector to make up for revenue shortfalls and aggressively improve our revenues.”

He further told Parliament that the conditions Ghanaians are going through were not the wish of the government.

“Towards 2022, Russia invaded Ukraine, a situation that worsened the already weakened global supply chain exacerbated by high conditions.

“These have had a debilitating toll on the cost and standard of living of our people. Mr Speaker, food prices are rising, fuel and transport fares are up, the cost of borrowing for businesses and for households has increased, the cedi has depreciated and the economic outlook has dipped significantly,” he said.

Mr Ofori-Atta stressed, “The state of affairs is quite a painful one for me to report to you, it is hard to see our people lament about the prices of basic commodities, these are difficult times for government and indeed, for the Finance Minister.”

By Laud Nartey|3news.com|Ghana

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