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Business News of Thursday, 29 July 2021


No additional funding or supplementary budget for next half of the year – Ofori-Atta

Finance Minister, Ken Ofori-Atta play videoFinance Minister, Ken Ofori-Atta

•Government has announced it will not be seeking additional funding and a supplementary budget for the rest of the fiscal year

•The move is hinged containing the country's rising debt stock

•Finance Minister also assured the Parliament that the country was on the path towards economic recovery

Finance Minister, Ken Ofori-Atta has disclosed government will not be seeking additional funding and a supplementary budget for the next half of the financial year.

According to him, the move is intended to contain the country's rising debt stock as well as avoiding fiscal revenue slippages.

Making the disclosure during the 2021 mid-year budget review before Parliament, Ken Ofori-Atta however told the House that Ghana's economy was on its path to recovery.

“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.”

He added that the government remains committed to attaining its fiscal target of 9.5% of Gross Domestic Product for 2021 in a bid not to derail economic stability in the medium term.

The presentation by the Finance Minister, Ken Ofori-Atta is in accordance with Article 179 of the 1992 Constitution and the Public Financial Management Act 921, which offers the opportunity to revise macroeconomic targets and provide a comprehensive economic outlook for the rest of the year.