The 2023 budget presentation by the Finance Minister is anticipated to herald a clear route towards economic recovery, according to Honorary Vice President of policy think-tank IMANI Africa, Bright Simons. However, Simons is concerned that the decision to impose new taxes may impede that growth.

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He claims that in order to restore macroeconomic stability, the government is currently seeking an IMF program, and that investors and citizens around the world are instead watching for indications of a viable fiscal plan.

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Bright Simons raised alarm about the government's plan to impose higher consumption taxes on already-burdened citizens in a series of tweets on November 23.

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It has been widely reported that government plans to increase the Value Added Tax (VAT) for goods and services - a situation that could further compound economic woes.

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Bright Simons has also questioned whether an evenly split Parliament, especially the Minority side, will throw their support behind a budget that seeks to impose more taxes on already burdened citizens.

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He also indicated government's inability to consult civil society groups and other relevant stakeholders ahead of the 2023 budget before lawmakers on November 24, 2022.

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“The government of Ghana intends to present its budget for 2023 tomorrow. Given the intensity of the economic crisis, investors globally are looking for signs of a credible fiscal plan out of the mess. The government intends to increase consumption taxes. The Parliament is evenly split,” he wrote.

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“Anyone who reads bbsimons.com know my analysis of the biggest challenge ahead in resolving the crisis: social and political consensus. It is thus shocking that tomorrow the government expects the Opposition and civil society to support a budget it has not consulted anyone on,” Mr Simons added.

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He continued, "Yet this haughty way of doing policy: adamantly ignoring inputs, dismissing feedback and doubling down when caution is raised, is exactly why Ghana is in this deep economic crisis. Clearly, there will be no change. Tomorrow's budget is thus nothing more than a MISSED OPPORTUNITY"

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Meanwhile, Finance Minister, Ken Ofori-Atta, has been under intense pressure from members of the governing New Patriotic Party to resign over the current economic challenges which has impacted almost all economic indicators.

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The Minority in parliament have also filed a censure motion against Ken Ofori-Atta on some seven grounds.

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