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FULL TEXT: 2023 Budget Statement delivered by Finance Minister Ken Ofori-Atta

November 24, 2022

Right Honourable Speaker, Honourable Members of , on the authority of the President of the Republic of Ghana, and in accordance with the requirement under Article 179 of the 1992 Constitution of the Republic of Ghana, I present to you the 2023 and Economic Policy of His Excellency Nana Addo Dankwa Akufo- Addo.

2023 Budget Statement

Mr Speaker, I beg to move that this House approves the Budget Statement and Economic Policy of the Government of Ghana for the year ending December 31, 2023.

I also respectfully submit to this House the following statutory reports:

  • The 2022 Annual Report on the Petroleum Funds, pursuant to Section 48 of the Petroleum Revenue Management Act, 2011 (Act 815), (as amended); and
  • The 2022 Report on the Utilisation of the Levies, pursuant to Section 7 of the African Union Import Levies Act, 2017 (Act 952).

Mr Speaker, this Budget Speech is an abridged version of the 2023 Budget Statement and Economic Policy of Government. I request the Hansard Department to capture the entire Budget Statement and Economic Policy of Government for the year ending December 31, 2023.

Mr Speaker, at the outset, permit me to thank you, personally, the leadership of Parliament, Honourable Members of this august House for your individual and collective support, understanding and cooperation over the past six years that I have had the honour and privilege to be the Minister responsible for Finance.

As we all are fully aware, a lot has happened this year in the economy and more so in recent weeks over my role in the management of the economy. These are very erratic times and, on behalf of the President of the Republic and, for myself, in particular, I am eternally grateful, first, to the leadership of the New Patriotic Party, and the majority leadership and caucus of this House. And, to the Minority caucus of the National Democratic Congress in Parliament, I thank you, for your decision yesterday to participate fully in the process of passing this budget and, to quote, you stressed how “also mindful” you are “of the timeliness regarding the negotiations and the crucial role a timely presentation of the 2023 budget will play in the advancement” of Ghana's case in the negotiations with the Fund.

I wish to assure this House of my strong commitment and unflinching cooperation in our collective efforts to secure a historic IMF programme very soon; a programme that will assist the country in its post-covid recovery efforts. Our disagreements notwithstanding, what should never be in doubt, especially in the eyes and ears of the general public, is our common desire to serve the Republic. Our democracy is richer for it. Let me quote Simón Bolíva; “In the unity of our nations rests the glorious future of our peoples.”.

But Mr. Speaker, The President of the Republic who is in enjoins us to remember Nehemiah when he said ‘Let us rebuilt the walls of Jerusalem and we will in disgrace. They replied “Let is start rebuilding”. So they began to work.

Mr. Speaker, the year 2022 will go down as one of the most difficult and eventful years in the economic history of our country. While we continue to deal with the devastating impact of the pandemic which led to significant reduction in our revenues and increased our expenditures enormously, we also have had to contend with the double jeopardy of the Russian- war. What has resulted in unprecedented global crises ravaging all currencies and historic living and inflation levels

In the midst of these really challenging times, Parliament has in many, many instances supported Government's programmes presented to this House. The eventual passage of the Act, the Fees and Charges Act, the Exemptions Act and the US$750 million Afrexim Loan, among others, attest to the support received from this august

House. At the same time, the exceptional challenges that the Electronic Levy bill encountered months before it was passed, also attest to the challenges that we must be mindful of going forward.

Mr. Speaker, I also wish to express the deep appreciation of Government to the various stakeholders, including Employers' Associations, Labour Unions, Civil Society, Faith- Based Organizations, , , Bankers, Academia and Think-Tanks for the support we have received throughout the year, as well as the inputs that have informed and enriched our policy choices. It is, Mr Speaker, when God's people live together in unity- the Lord bestows His blessings.

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