Parliament: MPs ready to debate on 2023 budget today

 Members of Parliament will begin discussion on the 2023 budget statement presented by Minister of Finance, Ken Ofori-Atta on November,24,2022.

According to the government the 2023 budget will concentrate on strategies to re-establish and firm the macroeconomy, build resilience, and promote inclusive growth and value creation.

The budget statement included updates on Ghana’s engagement with the International Monetary Fund for a $3 billion programme, the macro-fiscal performance of the economy; the YouStart initiative under the Ghana CARES Programme; climate action strategies; fiscal measures and debt management strategies to ensure fiscal and debt sustainability and promote growth.

Parts of the budget have been met with disapproval as industry players lament the impact it will have on their businesses.

Among the new policies proposed in the budget, which are likely to be implemented under an IMF programme, will be a halt on public sector employment and new tax procedures as the government moves to cut down expenditure and boost revenue.

The freeze on employment has already received criticism from the Minority in Parliament and the Trade Union Congress.

In addition, the Electronic Transfer Levy rate is to be reduced to 1 percent, Value Added Tax will be increased from 12.5 percent to 15 percent, the benchmark discount policy is to be fully phased out in 2023, moreover, income tax bracket of 35 percent is to be introduced.