IPNEWS: President Joseph N. Boakai has officially forwarded the 2024 Draft Recast Budget to the House of Representatives through the Ministry of Finance and Development Planning. The submission was made on Friday, August 16, by Acting Finance Minister Anthony Myers, who indicated that the budget adjustment reflects a thorough evaluation of the country’s financial performance over the first half of the year. The aim is to realign the budget in light of revenue findings while ensuring that vital expenditures that prioritize national interests are safeguarded.
In a communication addressed to Honorable Speaker Cllr. J. Fonati Koffa, President Boakai outlined that the proposed budget for Fiscal Year 2024 is projected at approximately $738.8 million. This figure includes $721.5 million from a risk-adjusted revenue portfolio and an additional $17.3 million expected to be raised through several revenue generation strategies. These strategies involve increasing the Goods and Services Tax (GST) on selected items with minimal social impact, enhancing mineral royalties, implementing an executive order imposing a surcharge on imports that compete with local products, and the issuance of debt instruments.
The President’s letter emphasized that the planned spending for the 2024 recast budget allocates about $672.3 million (or 91%) for recurring expenditures and $66.6 million (or 9%) for the Public Sector Investment Plan (PSIP). Key recurrent expenditures include debt servicing to commercial banks, interests on governmental debts to multilateral institutions, employee compensation, operational costs for government operations, and subsidies, grants, and transfers to health, education, and social service entities.
Receiving the Draft Recast Budget on behalf of the 55th Legislature, Speaker Cllr. Koffa urged the Ministry of Finance and Development Planning to provide all necessary supporting documentation for the budget. This will assist the Ways, Means, and Finance Committee in their detailed examination.
In an effort to enhance the budgetary process, Honorable Speaker Cllr. Koffa announced the establishment of a special investigative committee tasked with probing allegations of budget manipulation. The committee will be chaired by Robert F. Womba, Representative for Bong County Electoral District 4, with support from co-chair Emmanuel Dahn, Representative for Montserrado County Electoral District 7. The committee also includes members Hon. Thomas Romeo Quioh, Hon. Sekou Kanneh, and Hon. Sumo Mulbah.
Honorable Speaker Cllr. Koffa reaffirmed the Legislature’s commitment to combating corruption and emphasized their dedication to fostering high standards of transparency and accountability in government affairs.
It’s noteworthy that the 2024 budget initially approved by the 55th Legislature in April amounted to $738,859,827, marking a 6.7% increase compared to the version submitted previously by the Executive, which was $692 million.
