Finance Minister Ken Ofori-Atta has stated government steadfastly turning the corner and improving the economy.

He told Parliament while presenting the Mid-Year Budget Review on Monday that government will not ask for any additional cash to fund its undertakings.

Mr Ofori-Atta said this has become possible by the progress made in non-oil tax revenue collection within 2023.

“For the first six months of the year, we continue making progress to exceed our non-oil revenue targets for the year. We have seen improvements in non-oil tax revenue collection despite some noticeable shortfalls in VAT.

“However, oil revenues have fallen short of expectations due to changes in global prices. We will, therefore, undertake a downward review of the oil-related revenue as well as the corresponding expenditures to align with the underperformance of some of our revenue handles.

"Specifically, this will impact the Annual Budget Funding Amount (ABFA),” the Finance Minister said.

According to Mr Ofori-Atta, the decision to go with what government has in its coffers is due to the completion of aspects of the Domestic Debt Exchange Programme (DDEP).

The Minister disclosed that due to the reduction in the foreign-financed CAPEX, the Appropriation has been revised from ¢227.7 billion to ¢206.0 billion.

“Mr Speaker, in view of the reason outlined above, as well as the lower domestic interest payment and amortisation, following the completion of a part of the DDEP, and the reduction in the foreign-financed CAPEX, the Appropriation has been revised from ¢227.7 billion as presented and approved in November 2022 to ¢206.0 billion.

“This is in line with Regulation 24 sub-regulation (3) of the Public Financial Management Act Regulations 2019 (L.I. 2378).  Mr Speaker, we will, therefore, not require a Supplementary Budget,” he stated.