Finance Minister to present 2024 budget on Wednesday

• Posted on November 13, 2023November 13, 2023
• by Nana Kwesi Coomson
• Comment

On Wednesday, November 15, the Minister for Finance, Ken Ofori-Atta, will present the 2024 Budget Statement and Economic Policy of the government in Parliament.

This presentation aims to outline the government’s strategies for revenue generation and policies to alleviate the current economic challenges faced by Ghanaians.

Speaker Alban Sumana Kingsford Bagbin, in his announcement on Tuesday, October 31, highlighted the importance of scrutinizing the budget to ensure it addresses the needs of all Ghanaians. He emphasised the need for a consultative and consensus-building approach during the process.

During the First Sitting of the Third Meeting of the Third Session of the Eighth Parliament of the Fourth Republic, Speaker Bagbin expressed confidence in the House’s capacity and experience in budget approval deliberations.

He urged the swift passage of the Budget Bill to facilitate the engagement of technical personnel, aligning Parliament with recent legislative imperatives.

“As our oversight responsibility requires, we will have to scrutinise the budget to ensure that it serves the needs of all Ghanaians,” he said in his welcome remarks.

In anticipation of the budget presentation, the Institute of Statistical, Social and Economic Research (ISSER) has proposed a freeze on new tax exemptions for foreign companies in its recommendations for the 2024 Budget.

ISSER also suggested a review of tax exemptions for free zones and extractive industries, citing an annual loss of about ¢25 billion through tax exemptions.

Among indirect tax measures, ISSER proposed a reduction in the Electronic Transfer Levy rate from 1.5% to 1% of the transaction value and the elimination of the daily threshold.