This Publication is part of BudgIT Foundation’s Budget Analysis Series. It simplifies national budget and other financial documents to empower citizens to demand good governance and better service delivery.
As articulated in the Post-COVID-19 program for Economic Growth (PC-PEG), the 2023 national budget aims to restore macroeconomic stability and accelerate economic transformation. This is built on the theme of “Restoring and Sustaining Macroeconomic Stability and Resilience through Inclusive Growth & Value Addition.” It is built around a seven-point agenda that focuses on aggressively mobilizing domestic revenue through various tax reforms, streamlining and rationalizing expenditures, increasing local productive capacity, promoting and diversifying exports, protecting the poor and vulnerable, expanding digital and climate-responsive physical infrastructure, and implementing structural and public-sector reforms.
The Ghanaian government anticipates spending about GH¢205 billion in 2023, a 34% increase from the GH¢153 billion in its 2022 expenditure budget. Furthermore, there is a 47% increase in revenues and grants totaling 144 billion Ghana Cedis for the 2023 budget, compared to GH¢98.1 billion in 2022. Despite the expected increase in revenue, the 2023 budget still has a deficit of GH61 billion Ghana Cedis, a 34% increase over the 40 billion cedi shortfall for 2022.
The Auditor General of Ghana carried out a special audit on the Government of Ghana’s COVID-19 transactions for the period March 2020 to June 2022 in accordance with the statutory mandate under Article 187 of the 1992 Constitution.
The World Health Organisation (WHO) declared COVID-19 as a pandemic on 11 March 2020, and Ghana recorded its first two cases on 12 March 2020. As a result, the President of Ghana formed a task force to develop a strategy to ensure that the Country was not overwhelmed by the pandemic. The strategy assessed the impact of the COVID-19 pandemic on the economy
of Ghana and designed measures to address its immediate impact.