Budget 2020: Here is how much Ghana’s Finance Minister, Ken Ofori-Atta needs Parliament’s approval to spend in 2020

Finance Minister, Ken Ofori-Atta
  • Ghana's Finance Minister, Ken Ofori-Atta presented the 2020 budget to Parliament on Wednesday (November 13, 2019).
  • He is seeking approval from Parliament to spend nearly GHC86 billion.
  • This amount is about 21% more of what the government is likely to spend for this year.

Ghana’s Finance Minister Ken Ofori-Atta is seeking Parliament’s approval to spend nearly GHC86 billion on programmes and initiatives in 2020.

This amount is about 21% more of what the government is likely to spend for this year.

The Minister made this known when he presented the 2020 budget in Parliament on Wednseday (November 13, 2019).

Mr Ofori-Atta in his presentation said that GHC21.7 billion nearly 25% of the planned expenditure, will be used to pay interest on the government’s debt. About GHC23billion of the total amount will be spent on wages and salaries.

The government hopes to spend more than 50% of what it spent on infrastructure in 2018.

The government allocated 9.7% (GHC8.3 billion) of the budget for goods and services this includes arrears clearance.

The government is hopeful that it would generate GHC67.1 billion in revenue in 2020 even though it has missed its revenue targets in the last four years.

Mr Ofori-Atta said it is possible to meet the revenue target for 2020 because of expected improvements in tax compliance and reforms in revenue administration.

Meanwhile, Mr Ofori-Atta has reiterated that the Akufo-Addo-led government will not overspend in 2020 which is an election year.

Previous governments have overspent in election years despite similar promises. But the Finance Minister said this government is committed to controlling the election-year budget deficit especially since it has passed the Fiscal Responsibility Act

Next year’s deficit is estimated to be GHC19 billion, representing 4.7% of GDP. This deficit will be financed from both domestic and foreign sources.

The foreign financing of the deficit will amount to GH¢10.6 billion while domestic financing will amount to GH¢8.3 billion.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Top 10 happiest countries in Africa in 2022

Top 10 happiest countries in Africa in 2022

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

Here are the top 10 cities in Africa where the most rich people live

Here are the top 10 cities in Africa where the most rich people live

For men only: Seven natural ways to last longer in bed

For men only: Seven natural ways to last longer in bed

If your partner is sapiosexual, here's how to turn them on

If your partner is sapiosexual, here's how to turn them on

Femi Adebayo's 'King of Thieves' grosses over N250 million in box office

Femi Adebayo's 'King of Thieves' grosses over N250 million in box office

DaBaby had to ‘pay the whole airport’ in Nigeria in order to leave

DaBaby had to ‘pay the whole airport’ in Nigeria in order to leave

BREAKING: Chelsea confirm Todd Boehly led consortium as new owners

BREAKING: Chelsea confirm Todd Boehly led consortium as new owners

2Face Idibia tattoos names of his 7 children on his arm

2Face Idibia tattoos names of his 7 children on his arm