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Wed, Jul

KEEN ANTICIPATION FOR MID-YEAR BUDGET REVIEW, TO PARLIAMENT ON JULY 17

Business & Economy

The Minister for Finance, Ken Ofori-Atta, is expected to present the 2019 mid-year review and supplementary Budget to Parliament on Wednesday July 17.

The Minister for Finance, Ken Ofori-Atta, is expected to present the 2019 mid-year review and supplementary Budget to Parliament on Wednesday July 17.

 

The Minister is obliged under the Public Financial Management Act to present a mid-year review to Parliament six months after the presentation of the main Budget for the fiscal year.

Luxury vehicle tax

At an encounter with the press last week, Mr Ofori-Atta hinted that the review will reveal new tax measures such as a review of the controversial luxury vehicles levy (LVL), announced in 2018.

The government has taken into consideration feedback from the public and decided to fix certain problems with the levy, he said.

Road projects

Meanwhile, the Minister has conditionally approved a multi-year funding commitment of GHC1.56 billion for commencement of 14 road projects over the medium term.

A press release signed by the public relations unit of the Ministry of Finance announced that the projects will involve reconstruction, rehabilitation and upgrading of road networks spanning 381.3 kilometres across the Ahafo, Ashanti, Bono, Bono East, Eastern and Northern Regions.

Funding

“The approval of the funding commitment for the 14 projects is subject to section 33 (1) of Ghana’s Public Financial Management (PFM) Act (Act 921), which requires a yearly breakdown of each project as well as detailed information on all ongoing road projects,” the press release said. “PFM Act 921 also requires a complete assessment of all projects for efficiency and impacts.”

It further said that the projects will be funded through the medium-term budgetary allocation, covering the period 2019 to 2023.

“And according to the Office of Minister for Finance, the concerned Ministry [the Ministry of Roads and Highways] is expected to provide required information, as stipulated by the PFM Act, by 15 July 2019,” the statement added.

“Aside from insisting on strict adherence to procurement processes as enshrined in the Public Procurement (Amendment) Act 2016 (Act 914), the Ministry of Finance has also requested the Ministry of Roads and Highways to submit all projects’ contracts for inclusion in the Medium-Term Expenditure Framework,” it said.

In the works

The projects include reconstruction of the Osiem-Begoro road (24.8 kilometres), rebuilding of the Kwabeng-Abomosu-Asuom road (41.4 kilometres), upgrading of the Anwiankwanta-Obuasi road (30 kilometres), upgrading of the Mampong-Kofiase road (14 kilometres), reconstruction of roads in Kwabeng Akropong and Akropong Town (23.3 kilometres), upgrading of the road from Nsuta to Beposo (7 kilometres) and upgrading of the Salaga-Bimbilla road (71 kilometres) – the largest single project.

The other projects are upgrading of the Kwadaso-Trabuom road (30 kilometres), rehabilitation of the Adankrono-Kade-New Abirem road (lot one; 21 kilometres), rehabilitation of the Adankrono-Kade-New Abirem road (lot two; 22.4 kilometres), upgrading of the Atronie-Mim road (17 kilometres), reconstruction of the Asuom-Subi-Kade road (22 kilometres), reconstruction of the Akropong-Pramkese-Adankrono road (27.2 kilometres) as well as upgrading of the road between Odumase, Adentan and Badu (30.2 kilometres).

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