Business News of Tuesday, 23 October 2018
Finance Minister Ken Ofori-Atta is likely to present the 2019 budget to parliament on November 15, according to persons close to the Finance Ministry.
Sources say November 15 is just a proposed date coming from the Finance Ministry and it is subject to parliament’s approval.
The Ministry is currently engaging the various interest groups and business associations in terms of seeking their inputs, especially in the areas of proposed revenue and some policy measures.
Proposed focus of the Budget
JoyBusiness understands that the 2019 budget would be heavy on programs aimed at supporting the government’s industrialization agenda and in infrastructure projects.
It would also look at programs that would help improve the environment for the growth of businesses.
IMF program and 2019 budget
Another critical focus for this budget would be the fact that it may not be tied to IMF targets and conditionalities.
This is because it would be the first post-IMF budget since the NPP government assumed office.
Sources say this would give the government the room to come out with its own programs, which they believe could fast-track the growth of the economy and create the required jobs.
JoyBusiness is also learning that one area that has already generated a lot of debate is the proposed review of government’s revenue measures which may impact on its tax policies for next year.
Proposed fiscal targets
Sources say the Finance Minister is likely to propose about GH?61 billion revenue target, about GH?10 billion jump from the 2018 budget.
On the expenditure side, the budget could propose GH?71 billion spending target for next year.