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08.11.2019 Business & Finance

2020 Budget: Be Punctual — MPs Urged On Nov 13

By News Desk
Majority Leader, Osei Kyei-Mensah BonsuMajority Leader, Osei Kyei-Mensah Bonsu

Finance Minister, Ken Ofori-Atta, will present the 2020 Budget Statement and Economic Policy to Parliament on Wednesday, November 13.

Majority Leader, Osei Kyei-Mensah Bonsu, announced this Friday while presenting parliamentary activities scheduled for next week.

“The financial policy and budget statement of government for the financial year 2020 is going to be presented on behalf of the President of the Republic on [Wednesday] 13th of November and not 14th of November…it is 13th and not 14th.

“The Business Committee (of Parliament) therefore urges honourable members to arrange their affairs in order to be present in the House on the said date,” he said.

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Photo: Finance Minister, Ken Ofori-Atta

The Finance Minister has, meanwhile, disclosed that the 2020 budget statement will focus on sustaining gains made over the past three years.

The Minister said the 202 budget will also “make sure that uncompleted roads and ongoing flagship projects are done as well and improve the country’s export drive as well” the minister added.

The Minister also talked about using the 2020 budget to improve Ghana’s export drive, tax reforms, reviewing tax exemptions, and things that would put the country on a growth strategy and create the required jobs in the country.

The first budget of this administration was in 2017 which was themed; ‘Sowing the seeds for growth and Jobs’.

At the time, the Finance Minister argued that the government was instituting policies that will grow the economy and create the required jobs.

In 2018, the Minister also talked about “Putting Ghana Back to work”.

In 2019, the budget was themed ‘A Stronger Economy for Jobs and Prosperity’ and 2020 will now focus on ‘Sustaining gains made over the years’.

The Minister revealed that the 2020 budget will set in motion strategies that will improve revenue mobilisation and deal with tax exemption granted to businesses.

It is estimated that the country loses about $3 billion annually and the plan is to take steps to deal with this challenge.

There would also be some prudent measures to control government’s expenditure especially going into an election year.

Some analysts have said the challenge for government will be how to improve revenue to support its projects for next year.

---Myjoyonline.com

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