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Mid-Year Fiscal Policy Review of the 2019 Budget Statement and Economic Policy

Mid-Year Fiscal Policy Review of the 2019 Budget Statement and Economic Policy

Right Honourable Speaker, Honourable Members of Parliament, today the 29th July, 2019 on the authority of His Excellency, President Nana Addo Dankwa Akufo-Addo,  I beg to  move  that  this  august  House  approves  the  Mid-Year Fiscal Policy Review and Supplementary Estimates to the 2019 Budget. 

Mr. Speaker, on 15th November 2018, I presented to this House the Budget Statement  and  Economic  Policy  of  the  Government  of  Ghana  for  the  2019  Financial Year. I stand before you today to present the Mid-Year Fiscal Policy Review  of  the  2019  Budget  Statement  and  Economic  Policy,  and Supplementary Estimates of Government for the 2019 Financial Year. 

Mr. Speaker, I am performing this statutory function in accordance with Article 179 (8) of the 1992 Constitution and Standing Order 143 of this august House which set out the modalities for laying Supplementary Estimates before this House,  and  Section  28  of  the  Public  Financial  Management  Act,  2016  (Act 921) which enjoins the Minister responsible for Finance to prepare and submit to Parliament a Mid-Year Fiscal Policy Review. 

Mr.  Speaker,  I  wish  to  update  the  House  on  key  developments  since  the Budget presentation last year, a few of which are challenging our collective efforts to improve and  expand  the  economy.  Some  of  these  developments have imposed significant shocks and will require decisive actions to maintain economic stability.  

Mr. Speaker, the NPP Government came into office in response to Ghanaians’ call for a government that would turn around the dire fortunes of this country and lead Ghana back onto a path of macroeconomic  stability,  growth  and prosperity.  This, Mr. Speaker, is being executed through Government’s flagship programmes and prudent macroeconomic management. The success of these programmes so far attests to the fact that, like the good stewards mentioned in the parable of the talents in the Bible, we have prudently utilised the very limited resources that we were entrusted with to achieve much more.   

Mr. Speaker, we continue to steadily implement our carefully chosen flagship programmes to secure the future of Ghana and our people.  We are confident that  Ghana  is on course  to  achieve  its  manifest  destiny  of  greatness  and economic  prosperity.  Mr.  Speaker,  we  have  been  able  to  entrench  fiscal discipline through the strategic allocation of resources, efficiency in the use of public funds, as well as transparency and accountability in our management of the public purse.