Article 179 (1) of the 1992 Constitution of the Republic of Ghana mandates the President to submit a budget to parliament each year for approval. Furthermore, the Public Financial Management Act 2016 Act 921 and the Financial Management Regulations 2019. L.I. 2378 regulate among others, the budget formulation, approval, implementation, accounting and auditing.

You are required to:

1. Discuss the major activities in Ghanas budgeting processes, including the budget calendar, clearly showing the implications of the Medium Term Expenditure Framework (MTEF) and the change from activity-based to programmed-based.

(15 marks)

Briefly evaluate Ghanas budgeting processes based on best practices from an OECD member country of your choice. Provide reasons for your choice.