This approval follows thorough deliberations by the Budget and Finance Committees of Parliament, ensuring the government’s operations will continue uninterrupted until the incoming administration presents a full budget.
After the Finance Minister’s presentation of the Expenditure in Advance of Appropriation for January to March 2025 to the House, Mr Alban Bagbin, the Speaker, referred the proposal to a joint committee – the Budget and Finance Committees – for consideration and report back to the House in line with Article 180 of the 1992 Constitution and the Standing Orders of Parliament.
As approved, the budget will fund government operations for the first quarter of the year, pending the incoming administration’s presentation of a full budget for the remaining year.
As a consitutional requirement during transition years, the Mini-Budget would prevent fiscal distruptions and ensure a smooth transition of power.
It would also address Ghana’s pressing fiscal needs while promoting economic stability.
Among the budget highlights was a Total Revenue and Grants Projected at GH¢42.54 billion (3.5 per cent of GDP), including: GH¢40.67 billion in Domestic Revenue.
Also, the report of the Joint Committee cited a GH¢1.87 billion in Tax Revenue; a GH¢68.65 million in Grants; GH¢1.04 billion from Social Security Contributions and other revenue sources.
It said: “For expenditure provisions, allocations will focus on critical government functions, including tax refunds of (GH¢2.37 billion), healthcare, education, and infrastructure development.”
During the approval, an intense debate on the Floor of the House underscored the contrasting views of both the Majority and Minority caucuses of the House.
Significant among them were spending priorities in healthcare, education, and infrastructure, as well as revenue mobilisation strategies.
The approval of the Mini-Budget reflects Parliament’s commitment to averting a government shutdown amid concerns over delays in its presentation.
Meanwhile, despite earlier accusations by the Minority Caucus that the Finance Minister deliberately postponed the presentation, the Majority Caucus had dismissed the claims, emphasisng the critical role the budget played in maintaining government operations.
The passage of the budget signals a critical transition as President-elect, Mr John Dramani Mahama’s administration prepares to take office.
GNA
