Ghana’s economy is on the road to achieving fiscal consolidation and high budget deficit because of government’s homegrown policies, the Minister of Finance, Seth Terkper has revealed.
Delivering the mid-year budget review to Parliament yesterday, the Minister noted that in line with government’s agreement with the IMF , prudent measures are in place to help the country thrive in an economy with what he describes as a ‘’post HIPC public debt’’ situation.
According to him, The government is living within its means,”
He said despite a slight overrun of 182.6 million cedis on wage bill, general expenditures were being contained to take account of the likely shortfalls in oil.
‘’The launch of our homegrown policies which are now part of the IMF program were designed to achieve fiscal consolidation, address short term vulnerabilities, reduce a high budget deficit as well as stabilize and reverse the rise in the post HIPC public debt’’ he said.
According to Seth Terkper, ‘’We can say confidently that we are on course to achieving these goals management of prudent fiscal, financial sectorail and monetary policy’’
Meanwhile, the Finance Minister has given the assurance that government is well positioned to stay within its budget as it has weaned itself off credit Financing from the Bank of Ghana.
He says the position by government is in line with moves to be fiscally sound and well managed.
According to him, government is now seeking to find alternative sources of funding through the Ghana Stock Exchange instead of the usual government auctions.
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By: Lorrencia Nkrumah/citifmonline.com/Ghana