Graphic Business News

Ken to request approval for GH¢60.8bn as total expenditure

By: Maxwell Akalaare Adombila
Mr Ken Ofori-Atta — Minister of Finance
Mr Ken Ofori-Atta — Finance Minister

THE Finance Minister, Mr Ken Ofori-Atta, will tomorrow request Parliament to grant him the authority to expend some GH¢60.8 billion next year on key projects that will help stimulate growth and set the agenda for economic transformation.

The amount represents a 8.7 per cent growth over this year’s total expenditure, which was revised down to GH¢55.9 billion in June on the back of a 14.9 per cent decline in revenues within the first half.

Sources familiar with the budget told the GRAPHIC BUSINESS that the minister believes the GH¢60.8 billion is enough to help anchor the stability in the economy and get it to grow above seven per cent next year.

The paper further understands that a large portion of next year’s total expenditure will be committed to the social sector, where new projects such as the Free Senior High School (SHS) and restoration of the nursing and teacher trainee allowances are gaining currency.

Part of it will also be invested into the government’s new programme, the Marshal Plan for Agric and Roads meant to properly exploit the potential of the agricultural sector through targeted investments in roads linking farming communities to urban centers and other special initiatives such as silos.

We also understand a sizeable amount of the 2018 expenditure will be committed to next year’s referendum on the creation of new regions.