Ghana to miss growth targets, deficit reduction
By Maina Mwangi | February 6th 2017
Ghana will miss its 2016 targets on growth, fiscal deficit reduction and its primary balance. It, however, intends to restore fiscal discipline and eliminate over expenditure, Finance Minister Ken Ofori-Atta has said.
The new government said this week it inherited debt from state-owned enterprises and government ministries of at least 7 billion cedis ($1.6 billion) and a budget deficit close to “double digits” compared with a 2016 target of 5 percent of GDP.
Ofori-Atta said the government is hopeful of meeting the challenges by enforcing strict financial discipline. “We are hopeful because we believe that we can restore policy credibility and we would be able to enforce the public financial management act to restore the discipline that is required to stabilize the economy,” Ofori-Atta told reporters.
Ghana, which exports cocoa, gold and oil, is halfway through a three-year, $918 million IMF programme aimed at restoring fiscal balance and promoting growth
SGR hauls increased cargo between Mombasa port and Nairobi
- High cost of living: Residents decry cost of food prices
- Why 'selfnomics' sounds better than Railanomics, Rutonomics
By XN Iraki
- End of an era as KPC decommissions Kenya’s oldest pipeline
- City land owners to start paying higher rates in January
- Flagging shilling adds Sh1.1b to Safaricom’s debt servicing load