Year in Review: Names of budget read by Ofori-Atta

The presentation of a budget every year by the Minister of Finance, Ken Ofori-Atta, is in accordance with the provisions of the Public Financial Management Act 2016 Act 921.

This Act mandates the Minister of Finance to present the mid-year budget review statement on the economic policy of the Government of Ghana for the fiscal year.

The presentation also aims to provide a platform for government to update parliament and citizens on its economic progress, as well as, outline any necessary adjustments to the budgetary allocations and policies.

With his intriguing monikers, Ken Ofori-Atta always made legislators and the public eagerly anticipate the annual presentation.

GhanaWeb Business in this article lists the names of budget read by Ken Ofori-Atta in parliament.

Asempa budget

Presented the budget in 2017, Ken Ofori-Atta said the Asempa budget was aimed at bringing the economy to the path of sustainable growth and development.

In that budget, the minister spelt out the government’s major economic policies. Key among them included the;

(a) Establishment of the infrastructure for poverty eradication – each constituency to receive the cedi equivalent of million dollars to combat poverty

(b) Implementation of the one district one factory – initiating industrialisation as promised during the 2016 election campaigns

(c) Establishment of the Zongo Development Fund to support the development of Zongo communities.

Adwumapa budget

This budget was aimed at building on the 2017 “Asempa” budget achievements and put the country back to work.

The 2018 budget was focused on job creation, infrastructure building, macroeconomic stability, agriculture, entrepreneurship, business growth, creating a Ghana beyond aid, debt management, corruption, public sector reforms among others.

According to reports, it was a continuation of the 2017 budget initiatives.

Mpontuo budget

Mpontuo which translates as development was aimed at bringing infrastructural development to the country.

Government devoted about $2billion of the 2019 budget to infrastructural development to free the economy and bring hope and prosperity to Ghanaians.

Nkosuo & Nkabom Budget

As the country grappled with the effects of the COVID-19 pandemic, the finance minister presented the Anidasuo budget as a way to present hope to the Ghanaian economy.

The budget introduced some intense tax revenue and expenditure measures, which, among others, included removal of selected VAT exemptions, complete removal of discount on benchmark values for specific items and E-Levy reforms to close loopholes/leakages.

Won Ya Wo Hiee Budget

On March 12, 2021, Majority Leader in Parliament, Osei Kyei-Mensah-Bonsu read the budget on behalf of Ken Ofori-Atta who was seeking medical treatment outside the country for post-Covid-19 related implications.

The Minister of Parliamentary Affairs was appointed by President Nana Addo Dankwa Akufo-Addo.

‘Won Ya Wo Hiee’ in the local Ga dialect means ‘We are moving forward’. It was on the theme, "Economic Revitalisation through Completion, Consolidation & Continuity".

The over three-hour-long budget spoke largely on the effects of the coronavirus on the economy, with the government seeking Parliament's approval to expend GHs113billion against the GHs105billion that was expended in 2020.

Agyenkwa Budget

Ofori-Atta during the budget reading pointed out that the burdens of Ghanaians have been lessened since the governing New Patriotic Party (NPP) took over from former president John Dramani Mahama.

The budget, named Agyenkwa, means Saviour in the Akan adage. Though not much detail was given about the name, it projects that the 2022 budget does not add up to the hardships of Ghanaians.

On November 15, 2022, the finance minister presented the budget statement to parliament, as mandated by the constitution and was nicknamed Nkunim to wit, victory.

The budget was described by the Speaker of Parliament, Alban Bagbin as critical, given it being the first after Ghana signed on to the $3 billion credit facility with the International Monetary Fund (IMF), for economic recovery after being saddled with high debt issues.

Nkunim

Ken Ofori-Atta expressed his optimism about the prospects of the 2024 budget he calls the “Nkunim” budget.

According to him, the budget being the last budget to mark the end of the tenure of President Nana Addo Dankwa Akufo-Addo is tailored with inputs from the various stakeholders that matter.

The finance minister noted that the budget is set to advance the country on the path of fiscal consolidation and growth that began a year ago.

SA/NOQ

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