General News of Monday, 9 July 2018
The Speaker of Parliament, Professor Mike Aaron Oquaye, has reminded the Minister of Finance, Mr Ken Ofori-Atta, of the need to appear before Parliament to present the mid-year budget review before the House rises on July 26, 2018.
He asked the leadership of the House to convey the sentiments of the House about the seeming delay in the presentation of the mid-year budget to Mr Ofori-Atta.
“I respectfully direct that it is conveyed to the Honourable Minister of Finance that the House has expressed concern about the delay in the presentation of the mid-year review report to this Honourable House.
“The year has concluded its first half and we want the mid-year budget review presented to the House before we rise,” Prof. Oquaye directed.
He gave the reminder last Friday, following a question by the Member of Parliament (MP) for Adaklu, Mr Kwame Governs Agbodza, to the Majority Leader and Chairman of the Business Committee of Parliament, Mr Osei Kyei-Mensah-Bonsu, as to when the Finance Minister would be presenting the mid-year review budget to Parliament.
Responding to the question, Mr Kyei-Mensah-Bonsu said Mr Ofori-Atta would be scheduled to make a presentation on July 18, 2018.
Meanwhile, Mr Kyei-Mensah-Bonsu said the House would adjourn sine die on July 26, 2018.
The presentation of the mid-year budget is also in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921).
Clause one of the act stipulates that “the minister shall, not later than July 31 each financial year, prepare and submit to Parliament a mid-year fiscal policy review.”
Per the law, the reviewed report shall include a brief overview of recent macroeconomic developments of the government and an update of macroeconomic forecasts undertaken by the government.
It has to also contain an analysis of the total revenue, expenditure and financing performance for a period up to the first six months of the financial year, as well as a presentation of a revised budget outlook for the medium-term fiscal expenditure framework if and where necessary.