2022 Mid-year review of the Budget Statement

The Minister of Finance, on 25 July 2022, presented the Mid-Year Fiscal Policy Review of the 2022 Budget Statement and Economic Policy of the Government of Ghana (the “Mid-Year Budget Statement for 2022”) to the Parliament of Ghana. This is in accordance with the provisions of Article 179 (8) of the 1992 Constitution of Ghana, Standing Order 143 of Parliament of Ghana and Section 28 of the Public Financial Management Act, 2016 (Act 921).

The 2022 “Agyenkwa” Budget presented to Parliament on 17 November 2021 sought to build a Sustainable Entrepreneurial Nation anchored on Fiscal Consolidation and Job Creation. The first half of 2022 however saw some unprecedented challenges such as the sustained effects of the COVID-19 pandemic and Russia’s invasion of Ukraine leading to Ghana’s proposed return to the International Monetary Fund (“IMF”).

Despite the ongoing local and global challenges, the 2022 Mid-Year budget seeks to lead Ghana to “macroeconomic stability, debt sustainability, robust growth and a Ghana Beyond Aid” through various initiatives and measures such as Enhanced Domestic Programme, the Ghana CARES“ Obaatan pa” programme and the You Start programme.

This Budget Highlights document provides highlights of key policies of the 2022 Mid-Year Budget Statement and our analysis of how the policies could affect businesses, the economy and society at large. We have also provided an update of amendments to the tax laws passed by Parliament during the month of July, 2022.