Mid-Year Budget: Gov’t not seeking additional funding to control growing debt stock

The passage of outstanding revenue bills by Parliament remains critical to government programmes as well as to enable the state to complete four of the five agreed prior actions in the International Monetary Fund (IMF) Staff Level Agreemen
Ken Ofori Atta

The Finance Minister, Ken Ofori-Atta has announced that government will not seek additional funding and supplementary budget for the next half of the year to contain the country’s debt stock and avoid fiscal slippages.

Mr. Ofori explained that even though the COVID-19 pandemic has ravaged many economies around the world, the responsible, innovative, decisive and bold actions taken by the Nana Akufo-Addo government has placed the country in a good position to continue to pursue its recovery plans without requesting for extra money.

Presenting the Mid-Year Budget review in parliament on Thursday July 29, 2021, the finance minister assured that despite the negative impact of the COVID-19 pandemic, the economy is strongly rooted on recovery path.

“The recovery process from the Covid-19 pandemic is gaining some momentum and the targets for most of the macroeconomic indicators are largely on track”.

Reiterating the president’s commitment to achieve economic stability in the medium term, Mr. Ofori-Atta stressed that government remains fully committed to attaining the fiscal deficit target of 9.5 percent of GDP for the year in order not to derail from the objective of returning to the Fiscal Responsibility Act (FRA).

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