In accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921) the Minister for Finance will, on behalf of the President, lay before Parliament the budget statement and economic policy.
The budget primarily focuses on expanding the economy's recovery as well as creating a climate-friendly entrepreneurial state to address unemployment and import substitution.
At the end of the budget reading since 2017, the Finance Minister finds catchy descriptions, and often unconventional nicknames for each of the documents presented to Parliament.
Here are the nicknames of all budgets presented by Ofori-Atta from 2017 to 2023.
Asempa (Good news) budget in 2017
The 2017 Budget was bold in its attempt to free Ghanaians of the burden brought by a variety of taxes introduced by the NDC to fill the revenue shortfall in the country. The NPP had described some of these taxes as 'nuisance taxes.'
A 'nuisance tax' is generally described as a tax imposed on very small amounts on the purchaser, and the same is transmitted to the taxing authority.
Among the many luscious tax reliefs and tax incentives were the following strategic things government seeks to abolish taxes on raw materials and machinery, abolish special import levy, abolish the 17.5% VAT on financial services, abolish 5% VAT on real estate sales: abolish the 17.5% VAT on domestic airline tickets, reduce VAT for micro and small enterprises from the current 17.5% to the 3% flat rate introduced by the Kufour administration, give tax credits and other incentives to businesses that employ young graduates, reduce tax exemptions, review withholding taxes imposed on various sectors, including mining, abolish the duty on spare parts; abolish the levies on 'Kayayei and reduce the 17.5% VAT on the Ghana Stock Exchange to 3.5%.
Adwumapa (Good job) budget in 2018
Parliament went agog when Ken Ofori-Atta christened the 2018 budget he read to parliament as the "Adwumapa budget" (Budget for job creation).
The budget focused on areas including job creation, infrastructure, macroeconomic stability, agriculture, entrepreneurship, business growth, creating a Ghana beyond aid, debt management, corruption, and public sector reforms among others, and a continuation of the 2017 budget initiatives.
It also touched mainly on tax reforms, by hoping to bring in many people in the informal sector into the tax net.
Ahead of the budget presentation, many Ghanaians were wondering how the government and the opposition would describe it.
Ken Ofori-Atta did not disappoint, as right before ending his delivery in parliament, he said: Mr. Speaker, jobs are here, 'Adwuma re ba'. I would like to present to you the 'Adwuma budget'.
Mpuntuo (Development) budget in 2019
The budget was on the theme: 'A stronger economy for jobs and prosperity'.
The budget outlined six strategic pillars of development for the government in 2019: infrastructure, agricultural modernisation, industrialisation, entrepreneurship, improving efficiency in revenue mobilisation, and protecting the public purse and social intervention. It also announced key allocations for some government priority projects.
At the end of the presentation, Ofori-Atta described the budget as President Nana Addo Dankwa Akufo-Addo's 'Mpuntuo budget' to wit a progressive budget.
Anidaso (Hope) budget in 2020
Ofori-Atta presented the 2020 budget to Ghanaians and called it the 'Anidaso budget' which means there is 'hope' in the Ghanaian economy.
Nkosuo and Nkabom (Growth and Unity) budget in 2021
The 2021 budget was presented by the caretaker minister for Finance, Osei Kyei-Mensah-Bonsu.
He said the government's Coronavirus Alleviation and Revitalisation of Enterprise Support (CARES) initiative, also known as the "Obaatanpa" Programme, is a singular and remarkable financial investment in the Ghanaian economy by the government.
He said the Obaatanpa Programme in response to the coronavirus pandemic is meant to cushion Ghanaians and businesses against the adverse economic effects of the virus.
He said the GH¢100 billion investment into the Ghanaian economy is meant to revitalise the economy, which has been undone by the global pandemic, and restore it to pre-COVID-19 levels.
Agyenkwa (Saviour) budget in 2022
The 2022 budget was named "Agyenkwa budget," which means Saviour in the Akan adage.
"Mr. Speaker, I present to you the Agyenkwa Budget," Ken Ofori-Atta said to conclude his presentation in parliament.
Some key things in the 2022 budget are the introduction of a 1.75% tax on e-transactions; Mobile Money, and bank transfers; the scrapping of road tolls, and the setting aside of GH¢1 billion to support young entrepreneurs.
Nkunim (Victory) budget in 2023
Ken Ofori-Atta presenting the budget said he is focused on providing liquidity to boost industrialisation in the country.
He believes the budget will provide the pathway towards fiscal consolidation and macro stability.
He hopes the budget will also set out a new debt sustainability path after the excruciating domestic debt operations with after-shocks on the financial sector.