The budget serves as an interim measure ahead of the substantive budget presentation by the incoming Mahama administration later this year.
The Finance Minister presented the Expenditure in Advance of Appropriation for January to March 2025 on January 2, 2025. The proposal was subsequently referred to the Joint Committee on Budget and Finance for review and recommendation, in accordance with Article 180 of the 1992 Constitution and Parliament’s Standing Orders.
Revenue and Grants Breakdown:
1. Total Revenue and Grants: GHC42.54 billion (3.5% of GDP)
2. Domestic Revenue: GHC40.67 billion
3. Tax Revenue: GHC1.87 billion
4. Grants: GHC68.65 million
5. Social Security Contributions and Other Revenue: GHC1.04 billion
Expenditure Allocations:
Focus areas include tax refunds (GHC2.37 billion), healthcare, education, and infrastructure development.
The budget approval process was marked by heated debates, highlighting contrasting views between the majority and minority parties. Key points of contention included spending priorities in healthcare, education, and infrastructure, as well as strategies for revenue mobilization.
Despite accusations from the minority that the Finance Minister deliberately delayed the budget presentation, the majority defended the timing, stressing its importance in avoiding a government shutdown.
The Mini-Budget is expected to address Ghana’s immediate fiscal needs while promoting economic stability. It underscores Parliament’s commitment to ensuring continuity in government operations during the transition to the Mahama administration.
As the new government takes office, attention will shift to the effective implementation of the Mini-Budget and the delivery of its policy objectives.
Source : m.dailyadvent.com
