Despite reduced revenues and the public outcry of hard economic hardship in the system, Mr Ken Ofori-Atta, the Minister for Finance said the government was committed to staying within the appropriation for 2022.
“Mr Speaker, despite the underperforming revenues and strong external headwinds, we are not seeking additional funds in this Mid-Year Review.
“We are determined to efficiently use the windfall from the upstream Petroleum Sector to make up for our revenue shortfall and aggressively improve our revenues even as we rationalise expenditures,” Mr Ofori-Atta said.
However, in his presentation on Monday, he told Parliament that unprecedented global challenges led the government to the International Monetary Fund (IMF) for support.
“Mr Speaker, there have been some major shifts in our budget assumptions when compared to November 2021, when the full budget was presented.
“These changes have led to reduced revenues, increased interest payments and changes in interest rates and exchange rates,” he told Parliament.
The government had earlier indicated that it would be cutting down expenditure to align revenue targets.
The government earmarked GH¢145.4 billion to meet government expenditure for the 2022 fiscal year from the Consolidated Fund and other public funds.
The Mid-year Budget Review is in fulfilment of section 28 of the Public Financial Management Act, 2016 (Act 921) and Regulation 24 of the Public Financial Management Regulation (L.I.2378).