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    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

    Govt strikes deal with Insurance Association on debt exchange programme

    We must invest in crucial infrastructure to accelerate AfCFTA’s success– Bawumia to African Leaders

    NCCE Chairperson pays courtesy call on BoG Governor

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Accra never sleeps, neither does The Cosmopolitan …The Cosmopolitan now runs 24/7 [ARTICLE]

    Tax on agro inputs a threat to agribusiness and food security – Analysts

    Completely exempt individuals from DDEP over GAB agreement – Senyo Hosi to govt

    Assin State College receives Dano “Inner Strength” Award

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    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

    Registrar of Companies increases fee for business registration

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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Germany demands strict compliance in reducing budget deficit

bycitibusinessnews
December 14, 2015
in Business, Local Economy, Top Stories
Seth Tekper

Seth Tekper

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Germany has cast doubt at government’s ability to maintain a reduced budget deficit in the long term.

According to the Deputy Head of German’s Mission to Ghana, even though government has shown commitment in reducing the country’s budget deficit, sustaining the rate in the long term will require strict compliance with rolled out plans.

[contextly_sidebar id=”UaziT4TYCOZmPWx9bq86XGHL2XzMRFNR”]Figures released by the Ministry of Finance showed that Ghana’s 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.

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But the Deputy Head of German’s Mission to Ghana, Bernhard Abels who has been speaking to Citi Business News on the issue said,

“The 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.”

He added, “I 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.”

Mona Quartey however believes government’s target will be achieved with the implementation of the new financial management law,

“We 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 … as we try to narrow our budget deficit,”

“Even though the 2016 budget lays more emphasis on revenue than expenditure, we have done a lot of work on expenditure even as we’ve 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,” Mrs. Mona Quartey stated.

Meanwhile Bernhard Abels is advising that government stays with its commitment with the International Monetary Fund (IMF)

“I 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.”

–

By: Pius Amihere Eduku/citifmonline.com/Ghana

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