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On 17th November 2021, the Minister of Finance and Economic Planning, Hon. Ken Ofori-Atta, delivered the 2022 Budget Statement and Economic Policy of Government before the Parliament on behalf of his Excellency, the President of Ghana. The presentation was in accordance with article 179 and 180 of the 1992 constitution and section 21 of the Public Financial Management Act, 2016 (Act 921)
Hon. Ofori-Atta also submitted reports on the 2021 Annual Report on the Petroleum Funds, in accordance with Section 48 of the Petroleum Revenue Management Act, 2011 (Act 815), (as amended) and the 2021 Report on the Utilization of the African Union Levies in accordance with Section 7 of the African Union Import Levies Act, 2017 (Act 952).
Hon. Ofori-Atta stated that the negative impact the covid-19 pandemic had on the Small and Medium Scale Enterprises (SMEs) and the economy. He went ahead to state the measures the government put in place to reduce the impact of the covid 19 pandemic on the economy and society at large.
He assured the House that they are working hard to get back quickly to the pre-pandemic fiscal and debt trajectory. The fiscal policies implemented to provide relief during the pandemic has led to an increase in total public debt. According to Hon. Ofori-Atta, The situation was made worse by the big drop in revenue collections last year. Total revenues in 2020 fell by GHȼ11.93 billion, equivalent to 3.1 percent of GDP, while total expenditures increased by GHȼ14.08 billion, equivalent to 3.7 percent of GDP.
According to Hon. Ofori Atta, on behalf of the President, ‘This Budget is intentional about Building a Sustainable Entrepreneurial Nation through fiscal consolidation and Job Creation. This may be an uncomfortable transition but we are a people who think deeply and we must progress and become a people who also make things for ourselves and the World. We must embrace this challenge of becoming a vibrant entrepreneurial nation.’