Information reaching YEN.com.gh indicates that Ghana would ramp up spending by a fifth next year and plans to raise as much as $3 billion in international markets as it prepares for an election in 13 months.
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With President Akufo-Addo’s expectation to seek a second term in 2020, investors have been looking out for signs of excessive spending, something the incumbents have done in the past.
Ghana ended its 16th bailout program with the International Monetary Fund in April, and the government has pledged to maintain fiscal discipline.
Ghana’s economy expanded more than 6% annually since 2017 on the back of additional oil exports. The government will target growth of 6.8% next year, Ofori-Atta said. That compares with the IMF’s forecast of 5.6%.
A senior finance lecturer at the University of Ghana, said it looks like some of the revenue streams which the government failed to unlock this year would happen next year.
He added that if government can put a lid on expenditure leakages, the growth target would be plausible.
“Despite the year being an election year, President Akufo-Addo and his government will ensure that the perennial excessive spending during such periods will not happen in 2020,” Ofori-Atta said. “We shall work within the 2020 appropriation resource envelope and adhere to the fiscal responsibility act to maintain fiscal discipline.”
In other news, the Senior Minister, Yaw Osafo Maafo, has apologised for what he describes as mistakes in details of the budget apportioned for road works, come 2020
According to him, the absence of road projects for the Volta Region in the 2020 budget, was an obvious mistake in the document.
Explaining issues on the Citi Breakfast Show on Thursday, November 14, 2019, he said he was seemingly taken aback by the omission of that very important detail.
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