Germany has\u00a0cast doubt at government\u2019s ability to maintain a reduced budget deficit in the long term.<\/p>\n
According to the\u00a0Deputy Head of German\u2019s Mission to Ghana even though government has shown commitment in reducing the country\u2019s budget deficit, sustaining the rate in the long term will require strict compliance with rolled out plans.<\/p>\n
[contextly_sidebar id=”28d9G9ZgRrqNlu0CgAdhaHLSf9rVjAzW”]Figures released by the Ministry of Finance showed that Ghana\u2019s budget deficit at the end of September 2015 was 3.1 percent which figure Deputy Finance Minister Mona Quartey says is expected to end the year at 7.8 percent.<\/p>\n
The Deputy Head of German\u2019s Mission to Ghana, Bernhard Abels who has been speaking to Citi Business News<\/strong> on the issue said,<\/p>\n \u201cThe announcement of the reduction of the budget deficit to 7.8 percent is a huge improvement over 2014; however we know that this number will not be sustainable in the long term so government still has a long term to do.\u201d Mona Quartey however believes government’s target will be achieved with the implementation of the new financial management law,<\/p>\n \u201cWe now have a new public financial management law that will come out soon. This law seeks to bring together many other laws. This is all part of the good governing of our financial or fiscal space so we are making sure that as we go through these economic challenges \u2026 as we try to narrow our budget deficit,\u201d<\/p>\n \u201cEven though the 2016 budget lays more emphasis on revenue than expenditure, we have done a lot of work on expenditure even as we\u2019ve increased revenue without compromising the quality of service that the public service must give. This year our budget deficit as at September was 3.1, we will end the year at 7.8 budget deficit,\u201d Mrs. Mona Quartey stated.<\/p>\n Meanwhile Bernhard Abels is advising that government stays with its commitment with the International Monetary Fund (IMF)<\/p>\n \u201cI think the government has shown commitment and the numbers have improved in the last two or three years. The European Union ruling says that a cash deficit between 3 to 4 percent at the end of the year is sustainable and I think that if the government stays with its plans and commitment with the IMF it will be able to do this.\u201d<\/p>\n –<\/p>\n By: Pius Amihere Eduku\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" Germany has\u00a0cast doubt at government\u2019s ability to maintain a reduced budget deficit in the long term. According to the\u00a0Deputy Head of German\u2019s Mission to Ghana even though government has shown commitment in reducing the country\u2019s budget deficit, sustaining the rate in the long term will require strict compliance with rolled out plans. [contextly_sidebar id=”28d9G9ZgRrqNlu0CgAdhaHLSf9rVjAzW”]Figures released […]<\/p>\n","protected":false},"author":28,"featured_media":65382,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[21,4],"yoast_head":"\n
\nHe added, \u201cI think the plan by the ministry of finance has already laid out a lot of plans on how to do it but the main question is to work to execute the existing plan.\u201d<\/p>\n