Government asks for GH¢1.4 billion as supplementary budget

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Finance Minister Dr. Kwabena Duffour has asked Parliament to approve an amount of GH¢1,463,123,559 as supplementary budget for the government for 2011. The Minister is in parliament to present the Mid-Year Review of the 2011 Budget Statement and Economic Policy as well as Supplementary Estimates of the Government of Ghana for the 2011 Financial Year. He recalled that the 2011 Budget Statement and Economic Policy he presented in November 2010 to the House, was based on actual data for three quarters of the year with the fourth quarter based on estimates. He said developments since then both in the domestic and global environments have necessitated some variations in the assumptions underlying the 2011 Budget Statement and Economic Policy. “Notable among these are the following, Madam Speaker; the passage of the Petroleum Revenue Management Act, (Act 815). Key provisions in the law, Madam Speaker, have direct implications for the estimation of the benchmark revenue; determination of the annual budget funding amount, and transfer of funds into the Ghana Petroleum Funds Account. “The passage and implementation of the Act, coupled with increases in crude oil price on the world market and production volumes have made upward adjustment in revenue projections. “Two, the receipt of two major inflows from the World Bank, and the sales of AngloGold shares in lieu of royalties expected in 2010, were realised in the first quarter of 2011, “And the last but not the least, increased revenue collections from tax administrative measures.” Highlights of the Minister’s presentation: