The Finance Minister, Ken Ofori Atta, has said that the government will not need any supplementary budget for the 2023 budget approved last year.

This is the third time in a row that the Minister has not requested for a supplementary budget.

Delivering the mid-year budget review on Monday, July 31, he explained that despite a shortfall in oil revenues due to changes in global prices, there has been an increase in non-oil revenue collection in the past six months.

Mr Ofori-Atta stated that a review of the revenues, oil and non-oil revenue, alongside the corresponding expenditures will impact the Annual Budget Funding Amount (ABFA).

“In view of the reason outlined, as well as the lower domestic interest payment and amortization, following the completion of a part of the DDEP, and the reduction in the foreign financed CAPEX, the Appropriation has been revised from GHS227.7 billion as presented and approved in November 2022 to GHS206.0 billion.”

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

Mr Ofori Atta added that the government is still committed to pursuing a robust growth strategy within the limited fiscal space and fiscal consolidation programme.

“This will be done by attracting domestic and foreign private sector investments and expanding production, which will be encouraged and stimulated by government policies and agencies.”

The Minister also noted that the economy is on a path of recovery, and will even show greater results when the measures implemented start yielding fruits.