Today, November 29, 2022, members of Parliament will start debating the 2023 budget statement that Minister of Finance Ken Ofori-Atta gave last week.
Because of the negative effects it would have on companies and livelihoods, several parts of the budget have encountered criticism.
The administration wants the budget for 2023 to be centered on initiatives to strengthen resilience, promote inclusive growth, and stabilize the macroeconomy.
The budget statement included updates on Ghana's participation in a $3 billion program with the IMF, the economy's macrofiscal performance, the YouStart initiative under the Ghana CARES Program, strategies for addressing climate change, fiscal measures, and debt management plans designed to ensure fiscal and debt sustainability and foster growth.
As the government works to reduce spending and increase income, new policies that are anticipated to be enacted under an IMF program include a hiring freeze for the public sector and additional tax measures.
The Trade Union Congress and the Minority in Parliament have already criticized the hiring freeze.
The headline rate of the Electronic Transfer Levy is to be cut to 1%, the Value Added Tax will be raised from 12.5 to 15%, the benchmark discount policy will be completely phased out in 2023, and a new income tax band of 35 percent will be implemented, among other important ideas.