Vice President Dr. Mahamumdu Bawumia or Trade Minister Designate, Alan Kyeremanten may present the 2021 Budget Statement to Parliament next week Friday, 12th March, 2021.
This has become critical because the budget which includes the financial estimate for this year will have to be presented before government can start spending from April 2021.
Already, the 2021 Expenditure in Advance Appropriation was presented by Ken Ofori-Atta in October last year because of the December 2020 presidential and parliamentary elections.
Government expenditure for first quarter of 2021 is GHȻ27.34 billion, with total revenues and grants expected at GHȻ13.3 billion, whilst total expenditure and arrears clearance at GHȻ24.01 billion. This will leave a fiscal deficit of GHȻ10.7 billion.
Constitutional experts say the budget is the owner of the President and therefore Nana Akufo-Addo has the privilege to select whoever will present the budget on his behalf.
The budget should have been presented by the Finance Minister, Ken Ofori-Atta who is presently in Minnesota, USA undergoing covid-19 medical complications.
Though he is away undergoing medical treatment, sources say he’s been participating and contributing virtually in all the ongoing preparatory work ahead of the budget presentation to Parliament.
Meanwhile, the will be cabinet retreat this weekend where the 2021 Budget Estimates and Economic Planning will be finalized.
Vice President, Dr. Mahamudu Bawumia is expected to chair the meeting which will comprise all cabinet members, recently approved by Parliament’s Appointment Committee.
With covid-19 vaccines found and people being vaccinated, the Ghanaian economy is expected to grow in the region of 4.0%. Many international organizations including the International Monetary Fund had projected the economy to grow at a little above 4.0%.
Expectations for 2021
On expectations for the coming year, Mr. Ofori-Atta talked about preserving the gains made as government continue to protect lives and livelihoods from the Covid-19 when he presented the 2021 Expenditure in Advance Appropriation
Government is expected to implement its transformation and revitalization phase of the Ghana CARES (Obaatanpa) Programme, among others to support businesses in their post covid-19 recovery.
The Ghana CARES (Obaatan pa) programme is an unprecedented, bold and audacious GHȻ100 billion post COVID programme to stabilize, revitalize and transform Ghana’s economy to create jobs and prosperity for Ghanaians over a three-year period. It is sequenced in two phases: a Stabilization Phase that is running from July to the end of the year (2020).
The governemnt is also expected to return to the Eurobond market to raise about US$5 billion to refinance maturing debts and also fund numerous projects.