10 highlights from Ghana’s 2020 budget

The Finance Minister, Ken Ofori-Atta presented the 2020 budget on Wednesday (November 13, 2019) to Parliament.

Finance Minister, Ken Ofori-Atta

Mr Ofori-Atta is seeking Parliament’s approval to spend nearly GHC86 billion on programmes and initiatives in 2020.

This amount is about 21% more of what the government is likely to spend for this year.

The minister did not introduce any new tax in his budget.

Here are 10 highlights of the 2020 budget

  1. The government expects to raise GHC67.1 billion revenues and grants
  2. The government plans to spend GHC86 billion on programmes and initiatives.
  3. Expenditure for capital investment is GHC9.3 billion.
  4. A deficit of GHC18.9 billion representing 4.7% of GDP.
  5. GHC1.5 billion government bailout for investors in collapsed fund managers.
  6. National Development Bank will begin operations with US$250 million support from the World Bank.
  7. GHC2 billion credit and guarantee scheme for the private sector.
  8. Government to construct a 600-bed hostel facility for female head porters at Agbogbloshie in Accra.
  9. The government will pay 80% of all road contractors as it declares 2020 a ‘Year of roads’.
  10. The National Fiscal Stabilisation Levy and Special Import Levies (SIL) has been extended for another five years.

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