Bussiness
Ghanaians express mixed feelings ahead of budget presentation
Some Ghanaians in the Central Business District of Accra have expressed mixed feelings ahead of the presentation of the government’s 2022 Budget Statement and Economic Policy by the Minister of Finance.
Mr Ken Ofori-Atta, Finance Minister, will on Wednesday 17th November present the 2022 Budget Statement to Parliament in accordance with Article 179 of the 1992 Constitution.
However, the Public Financial Management Act 2016, Act 921, requires the Minister of Finance, Mr Ofori-Atta – on behalf of the President – to lay before parliament not less than 15th November of each financial year, estimates of the revenue and expenditure of the government, the annual budget, for the ensuing financial year.
Some Ghanaians who shared their expectations with the Ghana News Agency ahead of the presentation of the budget, largely expressed disappointment at the performance of the government.
Many others sampled were seemingly indifferent about the forthcoming budget as they expressed dissatisfaction about the pace of development in the country, while others expressed satisfaction at the government’s development strides particularly in the education and health sectors.
They, however, called on the President to hasten the pace of development at all levels and make provisions in the budget with particular focus on improving economic development.
Mr Amos Sarfo, a trader in phone accessories, expressed worry about the nature of roads in the country as it was affecting the country’s economy particularly the agriculture sector.
“Because of the bad nature of roads in farming communities, the production of food crops have been affected and much of the food that is expected to reach the cities for sale get spoiled on the way as a result of the state of the roads” he said.
According to him, with this year touted as the “Year of Roads”, it was his hope that the government would consider, in the budget, the construction and repair of roads in agricultural communities as farmers continued to count their losses due to the lack of motorable roads.
Ms Gifty Oye Nyame, Fashion Designer, told the GNA the youth were interested in running viable businesses, but the challenge was getting the needed capital to start up, and therefore, she called on the Government to create an enabling environment for businesses particularly start-ups and youth development generally.
Ms Nyame further called on the government, through the Ministers of Finance, to increase financial support including loans for Small and Medium Enterprises (SMEs) to enable them thrive.
Mr Nickolas Akomeng said he expected the government to review taxes on fuel downwards, saying “as much as we are willing to pay taxes to enhance development, we are also mindful of how much we pay knowing that the government will deliver on its promise of development.”
“Government must critically look at the rising cost of fuel prices because we are feeling the pinch,” he stressed.
The 2022 Budget Statement will make projections for economic policy, consolidate economic gains achieved thus far and seek approval for public expenditure. -GNA
Ghana’s gold and minerals sector is set for a major spotlight as Meetings. Co, in partnership with key industry stakeholders, announces the Mining & Minerals Convention 2025, scheduled from August 26-27, 2025, at the Kempinski Hotel Gold Coast City, Accra.
Held under the theme “Shaping the Future of Ghana’s Gold Industry,”‘ the Convention will convene government leaders, regulators, miners, refiners, investors, sustainability partners, innovators, and responsible mining, and global competitiveness,policy experts to explore strategies that position Ghana’s gold industry for long-term growth.
The two-day convention will feature presidential and ministerial keynote addresses, industry thought leadership, technical paper presentations, policy dialogues, fireside chats, exhibitions, and high-level networking sessions.
Convention delegates can anticipate a dynamic and insightful experience, marked by thought leadership from leading policymakers and regulators, in-depth discussions on key topics such as sustainability, ESG, digital gold, and responsible sourcing, as well as valuable opportunities to forge public-private partnerships and investment deals.
Moreover, the event will offer practical action points aimed at unlocking greater economic value for Ghana.
The 2025 edition will be supported by a strong coalition of strategic partners, including the Ministry of Lands and Natural Resources, the Minerals Commission, GoldBod, the Minerals Income and Investment Fund (MIIF), and the Ghana Extractive Industries Transparency Initiative (GHEITI).
The Minister for Finance Hon. Cassiel Ato Forson has disclosed that a sum of nine hundred and Eighty-Seven Million, Nine Hundred and Sixty-Five thousand and Seventy-Three Ghana Cedis (GHS987,965,073.00) from the Consolidated Fund into the District Assembly Common Fund Account, being the first quarter amount due to the DACF.
Furthermore, the Finance Minister informed the House that a total amount of Two Billion, Thirty- Three Million, Four Hundred and Sixty-Nine Thousand, Six Hundred and Seven Ghana Cedis (GHS2,033,469,607) has been disbursed to the National Health Insurance Fund.
While the Ghana Education Trust Fund has also received a total of Two Billion, Seven and Ten Million, Two Hundred and Twenty-Seven Ghana Cedis (GHS2,710,227,947.00) for the months January, February, March and April,2025.
The Finance Minister disclosed this in his statement to Parliament on the payments to statutory funds on the floor of the House.
In addition, he cautioned that the Administrator of the District Assembly Common Fund is required to ensure that 80% of this amount is transferred directly to the Assemblies without fail and expenditure returns submitted to the Ministry of Finance before subsequent releases will be made.
He added that Members are encouraged to monitor the utilization of these amounts sent to their respective Assemblies in line with the approved guidelines by Cabinet.
In his closing remark, Ato Forson said he’s going to take the concerns of the House seriously.
For his part, the Majority Leader, Mahama Ayariga made known the President’s prioritization of women in the country stating that President Mahama is “Pro-women”.
This is due to the fact that women are going to be the core beneficiaries from the expenditures going to be made by the MMDA’s, he added.
The Minority Leader Alexander Afenyo-Markin questioned the Finance Minister why road contractors have not been paid for more than five months. He said the Minister must not be applauded for since the allocation of these funds were long overdue.
