The government’s 2024 Budget Statement and Economic Policy will be presented in Parliament by Minister of Finance Ken Ofori-Atta on Wednesday, November 15.
The government’s revenue-generating strategies and initiatives to alleviate Ghanaians’ existing financial worries will be covered in full in this presentation.
In his speech on Tuesday, October 31, Speaker Alban Sumana Kingsford Bagbin stressed the need to carefully review the budget to make sure it satisfies the needs of all Ghanaians. Throughout the process, he emphasised the need of teamwork and ways that foster consensus.
In the budget approval arguments during the First Sitting of the Third Meeting of the Third Session of the Eighth Parliament of the Fourth Republic, Speaker Bagbin showed confidence in the House’s competence and expertise.
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He requested that the Budget Bill be approved as soon as possible to enable technical personnel to be involved and bring Parliament into compliance with existing legislative requirements.
He began his remarks by saying, “As our oversight responsibility requires, we will have to scrutinise the budget to ensure that it serves the needs of all Ghanaians.”
Prior to the budget presentation, the Institute of Statistical, Social, and Economic Research (ISSER) has pushed for a restriction on additional tax breaks for foreign firms in its suggestions for the 2024 budget.
In addition, ISSER suggested reevaluating tax benefits for free zones and extractive industries, arguing that these benefits result in a $25 billion annual loss.
ISSER recommended, among other indirect tax reforms, lowering the Electronic Transfer Levy rate from 1.5% to 1% of transaction value and eliminating the daily threshold.
