Business News of Tuesday, 22 November 2022

Source: www.ghanaweb.com

‘That seems to be a weird question’ – Ofori-Atta on who will present 2023 budget

Finance Minister, Ken Ofori-Atta Finance Minister, Ken Ofori-Atta

Minister of Finance Ken Ofori-Atta has described as ‘weird’ a question about whether he expects to be the one to present the 2023 budget statement later this week.

He told journalists in Parliament on November 18 that he expected to be the one to deliver the budget stressing that he had not been officially communicated about opposition to that move by lawmakers of his own party.

He had just finished giving evidence to the Parliamentary ad hoc committee probing a censure motion brought against him by the Minority Caucus, which committee is to present its report to the House today.

Asked about the work of the committee, he responded: “I guess it is democracy in play and we just seek fairness and we are confident in how the process will evolve.”

On whether or not he will deliver the budget, he said: “Yes, I expect so, that seems to be a weird question.”

“I don’t know, I haven’t heard that officially but we will see,” was his response when asked about the group of 98 New patriotic Party MPs who were opposed to him presenting the budget.

An economy in distress

The economy is facing major headwinds that have been characterized by galloping inflation, consistent depreciation of the cedi and general high cost of living and of doing business.

The government is hoping to reach a deal with the International Monetary Fund, IMF, for an economic support programme aimed at shoring up the economy and easing the burden on ordinary Ghanaians.

President Akufo-Addo and his government have come under heavy scrutiny for failing to address the current economic challenges in the country.

The prices of goods and services have been continuously rising all year round, with inflation currently at over 40 per cent.

The Ghana cedi has been ranked the worst currency in the world among 148 currencies tracked by Bloomberg, overtaking Sri Lanka's rupee, having depreciated by nearly 50 per cent so far in 2022.