Finance Minister Ken Ofori-Atta has requested parliament to approve an amount of GHc27,434,180,520 as expenditure in advance for the first quarter of 2021.
This amount will be incorporated by any future finance minister in next year’s full budget.
Addressing Parliament Wednesday, October 28, the minister said “I humbly request this august house to by decision approve an amount of GHC27,434,180,520 as expenditure in advance of appropriation to carry out of services of government after the expiration of three months of the beginning of the 2021 financial year.
He also requested approval for the issuance of sovereign bonds of $3billion with the option of an increase to $5b should market conditions prove favourable.
Out of the amount, GH5.5billiob will be used to support the 2021 budget and GHC3.5billion for liability management.
He added “we projected the 2021 first-quarter total revenue in grants of GHC13.3b for total expenditures including clearance of arrears is projected at GHC12b. The results in the projected fiscal deficit of GHC10.7b for the period”.
Meanwhile, Mr Ofori Attah assured that government is on track to recover from the pandemic.