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Business News of Tuesday, 5 July 2022


Budget reading has become an annual ritual – Dr Ken Ukaoha

Dr Ken Ukaoha is a Trade Lawyer play videoDr Ken Ukaoha is a Trade Lawyer

Ofori-Atta to present mid-year budget on July 13

There's no sustainable development in Africa, Dr Ukaoha

Only a few monitor, evaluate government's expenditure, Trade lawyer

Trade lawyer, Dr Ken Ukaoha, has asserted that reading of budget by Finance Ministers across the Economic Community of West African States (ECOWAS) has become a ceremonial act.

According to him, most of the citizenry do not monitor and evaluate what government actually used the monies stated in the budget on for them to be held accountable should there be some loopholes.

He stated that this attitude is one of the reasons why Africans remain poor as there have been no sustainable development in the sub-region.

"People are now less monitoring and evaluating the outcomes of budgets…Budgeting process have become an annual ritual after which the parliament finishes and then it attends its own Israel until the next budgeting session.
There are few people that will go and look at where those projects that they have budgeted in the appropriation act are really being implemented…and this is the reason why we are growing poorer and poorer and deeper in poverty," Dr Ukaoha said in an exclusive interview with GhanaWeb.

"There’s no sustainable development…in West African trade, therefore the media has a role to play by asking questions….let the debates on television be on the issues about economics, trade, what revenue comes in…" he added.

Meanwhile, Ken Ofori-Atta, will on July 13, 2022, appear before parliament to present the mid-year budget review.

According to the Majority Leader, Osei Kyei-Mensah-Bonsu, it is possible that the Finance Minister will table a request for the approval of supplementary estimates.

The presentation will come at a time when Ghana has run to the International Monetary Fund (IMF) for financial assistance.

A leading member of the governing New Patriotic Party (NPP), Gabby Asare Otchere-Darko, hinted that government has in the past months not been able to rake in the expected revenue from the newly introduced tax, Electronic Transfer Levy (E-Levy).

Other economists have indicated that the inability of the government to mobilize funds from the E-Levy is the reason for the IMF move.