The Minister for Finance, Mr. Ken Ofori-Atta is expected to present the 2023 budget in Parliament today, 24th November, 2022.
Why should Finance Minister Present Budget to Parliament
FINANCIAL CONTROL (POWER OF THE PURSE)
Chapter Thirteen of the 1992 Constitution variously, vests the control of all public funds (power of the public purse) in Parliament. In specific terms this means:
- No tax can be imposed without the authority of Parliament (art. 174)
- Apart from moneys charged directly on the Consolidated Fund by the Constitution, no moneys can be withdrawn from the Fund without the authority of Parliament (art. 178).
- Parliament has the power and duty to monitor the expenditure of public funds to ensure that the monies it has authorised are used for the purposes for which they are intended by taking appropriate action on the Auditor-General’s Reports.
- In addition to these, Parliament’s financial powers cover:
- Authorising the granting or receiving of loans (cf. article 181)
- Monitoring the country’s foreign exchange receipts and payments or transfers (article 184).
Watch Live: 2023 Budget Reading in Parliament