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Business News of Thursday, 15 August 2019


Finance Ministry starts 2020-2030 budget preparation

Ghana’s Minister of Finance Ken Ofori-Atta has started preparing the government budget statement for the 2020-2030 fiscal year.

Acting in accordance with Article 179 (1) of the 1992 Constitution, Mr Ofori-Atta has forwarded the Budget Preparations Guidelines to the other ministers, Chief Directors, heads of the various state institutions and members of the Budget Committee for their inputs.

“The 2020-2023 Budget Preparation Guidelines is being forwarded for the information of Honourable Sector Ministers, Heads of Institutions, Chief Directors and members of the Budget Committees consistent with the provisions under Article 179 (1) of the 1992 Constitution, Section 20 (1) of the Public Financial Management Act, 2016 (Act921) and Regulation 20 (3) of the Public Financial Management Regulations, 2019 (L. I. 2378),” a statement by the Finance Ministry published on its website on August 14 , 2019, said.

It added: “The attached Budget Preparation Guidelines provides instructions on the processes and procedures for the preparation of the 2020-2023 Budgets and indicative medium-term budget ceilings for Ministries, Departments and Agencies (MDAs) and Metropolitan, Municipal and District Assemblies (MMDAs).

“The President’s Coordinated Programme of Economic and Social Development Policies (CP) (2017-2024), which informed the National Medium Term Development Policy Framework (NMTDPF) 2018-2021, will be the basis of the 2020-2023 medium term budget complemented by MDA and MMDA medium term and annual action plans.

“Due to constraints in resource mobilization, Hon. Ministers and District Chief Executives are reminded to ensure that their MDAs/MMDAs allocate resources to strategic and critical programmes, as reflected in the CP, in their 2020-2023 Budget. Additionally, Internally Generated Funds (IGFs) and Development Partner (DP) Funds should be appropriately budgeted for as failure to budget for such funds, will result in the inability to utilize them during budget implementation.

“Budget Hearings have been scheduled as per Appendix 3 of the Guidelines. Honourable Ministers and Chief Directors are to take note of the date assigned to their MDAs and prepare adequately to attend with their core teams. Statutory Fund Managers are also required to attend the budget hearings together with their respective supervisory Ministries on the dates indicated.

“Colleague Ministers are further urged to take ownership and lead the entire budget preparation process, to ensure that all government priority programmes are fully captured within the approved expenditure ceilings provided for each MDA.

“Chief Directors are similarly encouraged to comply with all directives outlined in the Guidelines and ensure timely submission of all requisite budget documents to the office of the Director of Budget five working days before their scheduled hearings. Counting on your cooperation for a smooth budget preparation.”