Finance Minister Ken Ofori Atta is seeking approval to spend some ¢6.3 billion in its Supplementary Budget for the remaining months of the fiscal year.
This was contained in the order paper for Monday’s proceedings in parliament as the Minister presents the Mid-year Review as well as Supplementary Budget.
Based on the 2019 appropriation bill, the Finance Minister was given the approval to spend some ¢78.7 billion.
This could mean that government’s expenditure limit for 2019 would be peg at ¢85 billion for 2019.
The Deputy Finance Minister Kweku Kwarteng has already disclosed to JoyBusiness that the Minister would announce some new tax measures.
These are part of measures to help improve governments revenue for development and helping improve the livelihood of Ghanaians.
He said as a result of revisions to the 2019 fiscal framework, “the 2019 Appropriation of ¢78,771,833,602.12 that was approved by this august House in November 2018 will not be adequate to cater for the additional programmed needs which will increase the total Appropriation to ¢85,142,189,527.94,” he said.
Mr Ofori-Atta said government is, therefore, requesting Honourable Members to consider and approve an amount of ¢6,370,355,925.82 as supplementary estimates to the original Appropriation of ¢78,771,833,602.12 to bring the revised total Appropriation for the 2019 Fiscal Year to ¢85,142,189,527.94.
He added, “Consistent with Article 179 (8) of the Constitution, the request for a supplementary estimate is necessitated by additional precautionary expenditures in response to regional security developments and the amortisation of contingent liabilities associated with take or pay contracts which have crystallized.”