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Ofori-Atta announces downward revision of 2023 appropriation to ¢206bn by government

The government has revised its 2023 appropriation from ¢227.7 billion, as previously presented and approved in November 2022, to ¢206.0 billion. This adjustment is in accordance with Regulations 24 sub-regulation (3) of Public Financial Management Act Regulations 2019 (L.I. 2378).

The revision was made due to two primary reasons. First, there were lower domestic interest payments and amortization following the completion of a portion of the Domestic Debt Exchange Programme (DDEP). Second, there was a reduction in foreign-financed capital expenditure.

Finance Minister Ken Ofori-Atta explained that this downward revision aims to achieve a balance between revenue and expenditure. He noted that although non-oil revenue targets for the year have shown progress, there have been shortfalls in VAT collection. Additionally, oil revenues fell short of expectations due to changes in global prices, leading to a need for a review of oil-related revenue and corresponding expenditures, particularly impacting the Annual Budget Funding Amount (ABFA).

Despite the adjustments, the government remains committed to pursuing robust growth within the limitations of the fiscal space and the fiscal consolidation program. The strategy involves attracting domestic and foreign private sector investments and expanding production through government policies and agencies. The Government’s Mutual Prosperity Dialogue with the private sector will play a role in facilitating ease of doing business and encouraging both domestic and foreign investments.


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