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.
2022 Public Interest And Accountability Committee Annual Report Infographics Data
The Public Interest and Accountability Committee (PIAC) was established under Section 51 of the Petroleum Revenue Management Act (PRMA), 2011 (Act 815) as amended.
Key Objectives of PIAC
To monitor and evaluate compliance with the Act by government and relevant institutions in the management and use of petroleum revenues and investments;
To provide space and platform for the public to debate on whether spending prospects and management and use of revenues conform to development priorities as provided under Section 21(3); and,
To provide independent assessment on the management and use of petroleum revenues to assist Parliament and the Executive in the oversight and the performance of related functions.