Government says it will use the windfall from the upstream petroleum sector to make up for its revenue shortfall in the 2022 budget.
The Finance Minister, Ken Ofori-Atta revealed this on Monday, July 25, when he presented the 2022 mid-year budget to Parliament for approval.
Mr. Ofori-Atta said the government will not request supplementary funds for its activities for the rest of the year.
Although, he lamented about the impact of the external factors that have crippled the revenue sectors of the economy, he insisted that government will judiciously use the scarce resources at its disposal for the benefit of Ghanaians.
“We have seen some major shifts in our budget assumptions compared to November 2021, when we presented the budget. These changes have led to reduced revenues, increased interest payments and changes in interest rates and exchange rates.
However, we are committed to staying within the appropriation for 2022. In spite of the underperforming revenues and strong external headwinds, we are not seeking additional funds in this mid-year review.
We are determined to efficiently use the windfall from the upstream from the petroleum sector to make up for our revenue shortfall and aggressively improve our revenue even as we rationalise expenditures,” he said.
Meanwhile, Mr Ofori-Atta also assured Ghanaians that the government is determined to turn the current economic challenges around.
According to him, the government will not renege on doing that for the betterment of the ordinary Ghanaian.
“We are not wavering at all in our resolve to turn this country around. Ours is a history of turning things around when the country is in crisis. When the NPP government took over the reins of government in 2017, we inherited a challenged economy under an IMF programme, which we successfully turned around and exited the programme in 27 months," Mr. Ofori-Atta stated.
Latest Stories
-
Let’s live peacefully and shame our saboteurs – Savannah executives of NPP, NDC
5 mins -
Reconstruction of Agona-Nkwanta-Tarkwa road 80 per cent complete
12 mins -
Internet penetration: 10.7 million Ghanaians offline – LONDA Report
21 mins -
USC cancels grad ceremony as campus protests against Israel’s war in Gaza continue
25 mins -
Harvey Weinstein’s 2020 rape conviction overturned in New York
32 mins -
US Supreme Court divided on whether Trump can be prosecuted
35 mins -
There’s enough justification for Affirmative Action Bill to be passed – Minka-Premo
37 mins -
Don’t allow people to manipulate you into vaccine hesitancy – Dr Adipa-Adappoe
44 mins -
Suspend implementation of Planting for Food and Jobs 2.0 for 2024 – Stakeholders
50 mins -
Parkinson’s disease no longer confined to the elderly – Public Health Physician, Dr Momodou Cham warns
55 mins -
Persons living with Parkinson’s disease appeal for support as they face stigmatization
1 hour -
36-year-old-trader sentenced for stealing employer’s money
1 hour -
9 signs you’re falling in love with someone who thoroughly enjoys emotional manipulation
1 hour -
Catholic Diocese of Keta Akatsi hosts Parkinson’s support group meeting
1 hour -
Wa Naa appeals to Akufo-Addo to audit state lands in Wa
2 hours