Leader of Government Business and Majority Leader of Parliament, Mr. Osei Kyei Mensah-Bonsu, has stated at the plenary that the Finance Minister, Ken Ofori Atta, would be on the floor of the House later this week to present the mid-year fiscal review.
In an attempt to address the concerns of some MPs about the absence of the Minister, the Majority Leader who doubles as MP for Suame pointed out that Mr. Ken Ofori Atta would appear on the floor of the house at the appropriate time to present the mid-year review.
He earlier disclosed that the Minister is working towards the review, hence the reason why he was unable to appear before Parliament.
Following a question answered by Ofori-Atta’s deputies, MP for Adaklu, Governs Kwame Agbodza, questioned the absence of the Finance Minister and his inability to present the mid-year review to the house within the end of the second quarter.
Mr. Agbodza indicated that the Finance Minister should have presented a mid-year review before the end of the second quarter of the year.
Statutory basis of the Mid-year fiscal policy review
Section 28(1) of the Public Financial Management Act, 2016 Act 921, states that “The Minister shall, not later than the 31st of July of each financial year, prepare and submit to Parliament a mid-year fiscal policy review.”
On what is expected of the mid-year budget review, sub-section (2) of Section 28 of the Act states that “the mid-year fiscal policy review shall include the following information:
(a) a brief overview of recent macroeconomic developments of Government;
(b) an update of macroeconomic forecasts undertaken by Government;
(c) an analysis of the total revenue, expenditure and financing performance for a period up to the first six months of the financial year;
(d) a presentation of a revised budget outlook for the unexpired term of the financial year, and the implication of the revised budget outlook for the Medium-Term Fiscal and Expenditure Framework if necessary”