Check out these 19 important fallouts from the 2023 Budget presented to Parliament by the Minister of Finance, Ken Ofori-Atta.
1. VAT INCREASED BY 2.5%
2. E LEVY REDUCED FROM 1.5% TO 1%
3. Government to undertake major structural reform in the public sector.
4. 4% YEAR-ON-YEAR GROWTH RECORDED FOR OVERALL GDP.
5. Domestic revenue amounted to Gh 64,601 million, 10.9% of GDP.
6. Place a cap on salary adjustment of SOEs to be lower than negotiated base
pay increase on Single Spine Salary Structure for each year.
7. All MDAs, MMDAs, and SOEs are directed to reduce fuel allocations to Political
Appointees and heads of MDAs, MMDAs, and SOEs by 50%. This directive applies
to all methods of fuel allocation including coupons, electronic cards, chit systems,
and fuel depots. Accordingly, 50% of the previous year’s (2022) budget allocation
for fuel shall be earmarked for official business pertaining to MDAs, MMDAs and
SOEs;
8. A ban on the use of V8s/V6s or its equivalent except for cross-country travel. All
government vehicles would be registered with GV green number plates from
January 2023;
9. Limited budgetary allocation for the purchase of vehicles. For the avoidance of
doubt, the purchase of new vehicles shall be restricted to locally assembled vehicles;
10. Only essential official foreign travel across government including SOEs shall be
allowed. No official foreign travel shall be allowed for board members.
Accordingly, all government institutions should submit a travel plan for the year
2023 by mid-December of all expected travels to the Chief of Staff;
11. As far as possible, meetings and workshops should be done within the official
environment or government facilities;
12. Government-sponsored external training and Staff Development activities at the
Office of the President, Ministries, and SOEs must be put on hold for 2023
financial year;
13. Reduction of expenditure on appointments including salary freezes together with
suspension of certain allowances like housing, utilities, clothing, etc.
14. A freeze on new tax waivers for foreign companies and review of tax exemptions
for the free zone, mining, oil, and gas companies
15. A hiring freeze for civil and public servants
16.No new government agencies shall be established in 2023;
17. There shall be no hampers for 2022;
18. There shall be no printing of diaries, notepads, calendars, and other promotional
merchandise by MDAs, MMDAs, and SOEs for 2024;
19. All non-critical projects must be suspended for the 2023 Financial year.
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