Why Ofori-Atta's mid-year budget reading has been postponed to July 27

Ghana runs to IMF for financial bailout

IMF begins negotiations with Ghana

Mid-year budget reading postponed to July 27

Finance Minister, Ken Ofori-Atta, was expected to appear before parliament on Wednesday, July 13, 2022, to present the mid-year budget review statement.

In the early hours

Read full articleof Tuesday, July 12, news became rife that the budget reading ceremony has been postponed to Wednesday, July 27, 2022.

The Deputy Minister of Finance, Abena Osei-Asare, in an interview with the media in parliament on Tuesday, July 12, 2022, confirmed the change in date for the presentation.

She elucidated that the decision to postpone the 2022 mid-year budget review presentation by Ken Ofori-Atta is because of the arrival of the team from the International Monetary Fund (IMF) for engagements with officials from government over a financial bailout.

She indicated that more time and space are needed by the Finance Ministry to help furnish the IMF team with information whiles engaging them on a possible bailout.

The new date, she stated, is within the designated timeframe [July 31] per law.

“This first mission is more of data collection and so, that is exactly what they are doing. Like I said, with data collection, you need to give them everything that they are requesting for so we need that time and space to attend to them. Just like you are doing an audit, you need to attend to whatever it is that they are asking for. Once you do that and it is completed we will come to Parliament and also submit the mid-year," she said.

“This is something we have been doing every time. We scheduled the date for 13th before the announcement of the engagement with the IMF. So clearly, as humans as we are, we should all understand that in this data-finding mission of the IMF, we need that space and time to address that and give them. Once we are done, 25th we will come to Parliament and do the mid-year budget review, you should all know that per the PMF law we have up until 31st July to do that so we are still within the law and the time,” the Deputy Finance Minister stated.

It would be recalled that President Nana Addo Dankwa Akufo-Addo, on Friday, July 1, 2022, instructed the Finance Minister, Ken Ofori-Atta, to commence official engagements with the International Monetary Fund.

According to a press statement sighted by GhanaWeb, the IMF support will provide “balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the COVID-19 pandemic, and recently, the Russia-Ukraine crisis.”

The International Monetary Fund (IMF) on the same day confirmed that the Government of Ghana had run to them for a financial bailout to stabilize the economy.

Announcing this on the microblogging site - Twitter - on Friday, July 1, 2022, the IMF said it was poised to assist Ghana to have a homegrown economic programme.

"We confirm Ghana officials have been in touch to request IMF support for a homegrown economic program. The Fund stands ready to assist Ghana & looks forward to starting initial discussions in the coming weeks," the IMF stated.

Meanwhile, IMF negotiations with Ghana began on Friday, July 6, 2022.

ESA/FNOQ