The budget will also allocate GH¢90.76 billion for the compensation of employees, GH¢81.42 billion for the payment of wages and salaries, GH¢4.55 billion for social security, GH¢3.65 billion for pensions and GH¢1.14 billion for gratuities.

For the use of goods and services, the bill will allocate GH¢13.16 billion, with GH¢57.71 billion earmarked for interest payments.

This comprises GH¢7.61 billion for external interest and GH¢50.10 billion for domestic interest.

For grants to other government units, the bill will allocate a total of GH¢63.55 billion, comprising GH¢11.27 billion to the National Health Insurance Fund, GH¢9.87 billion to the Ghana Education Trust Fund, GH¢3 billion to the Road Maintenance Fund, GH¢33.80 million to the Energy Fund and GH¢8.77 billion to the District Assemblies Common Fund.

Besides, the bill will also earmark GH¢18.18 billion to the Internally Generated Fund and transfer from the oil revenue GH¢2.63 billion to the National Oil Company, with GH¢57.52 billion allocated for capital expenditure.

Prior to the approval of the bill, the Minister of Finance, Dr Cassiel Ato Forson, told the House that, unlike the previous administration, the current government, under President John Dramani Mahama, had been more prudent and made significant economic progress as compared with the previous administration.

He explained that the decision by the government to purchase a new presidential jet, which was condemned by the Minority Caucus in Parliament, was justifiable and a sign of prudent economic management.

“The cost of buying is equivalent to the cost of two years of renting aircraft by the previous administration,” Dr Forson stated.

No BoG borrowing

The minister argued that under the Appropriation Bill, 2025, the government would not be borrowing from the Bank of Ghana.

He said the government would have to service an amount of $710-million-euro bond debt that the country owed under the previous administration.

“Mr Speaker, let me also place on record that in this budget, we are provisioning to spend GH¢28.9 billion for the services of the country,” he said, pointing out that 2025 remained a good fiscal year.

“Next year will even be better for the people of Ghana,” Dr Forson added.

Release funds

Countering, the Minority Leader, Alexander Afenyo-Markin, described the GH¢357.1 billion appropriation as one that lacked “hope” for the citizenry.

He pointed out that despite the appropriation made, most releases had not been made to sector ministers to enable them to carry out their duties.