On Monday July 29, the Finance Minister, Ken Ofori-Atta, presented the mid-year review of the 2019 budget statement and fiscal policy to Parliament. Notable fiscal policy changes that were announced include energy and communication tax hikes and a request to spend more money (supplementary expenditure estimates) relative to the initial 2019 budget appropriation.
Prior to the mid-year budget, the Institute for Fiscal Studies (IFS) had reviewed the economy’s performance and provided recommendations to the government to address challenges identified. In what follows, we assess the notable developments in the mid-year review and make further recommendations to safeguard fiscal stability, which has come under threat from both revenue and expenditure management difficulties.
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