Debt Service

Ghana: What to expect from the mid-year budget review 

By Joseph Appiah-Dolphyne 

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Posted on July 21, 2023 12:58

Ghana’s Finance Minister Ken Ofori-Atta speaks during a news conference in Accra

The upcoming review is expected to start implementation of IMF conditions after a $3bn support package was agreed in May.   

Ghana is set to announce its mid-year budget review next week. The review will need to outline how the government plans to stick to recommendations laid out by the International Monetary Fund (IMF) to secure continued payments from its agreed support package.

In May, Ghana received its first payment from the IMF of about $600m. A second payment is due in November. Here is what to expect in next week’s announcement.

Tax hikes 

The government will be looking at any possible way to raise revenue. Tax increases may therefore be on the cards. The IMF has conditions on the government raising enough revenue to ensure debt sustainability. The government this year has passed legislation to tax cigarettes and e-smoking devices, sweetened beverages, spirits and wines, and imposed a special levy on companies.

The taxation of sanitary pads is a contentious area. Menstrual hygiene products such as

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