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    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

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    Manufacture of petroleum products push PPI to 31.2% in April

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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Government seeks GHS1.8bn extra for 2016 expenditure  

bycitibusinessnews
July 25, 2016
in Government, Local Economy, Top Stories
Finance Minister, Mr. Seth Terkper

Finance Minister, Mr. Seth Terkper

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Finance Minster, Seth Terkper has requested an additional GHS1.8 billion to manage the economy.

In the original 2016 Budget, government asked for GHS50,109,851,734 to fund its expenditure but due to challenges in accruing projected cash from the oil revenue, the power crisis, as well as drop in commodity prices made it impossible to meet the target.

Finance Minister Seth Tekper presenting the 2016 Supplementary Budget to parliament this morning said government will need the extra cash to invest in key sectors of the economy.

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The presentation which also highlighted government’s fiscal plans for the remaining six month of 2016 was also heavy on government’s plans to deal with the budget deficit and overruns.

According to him, the declining price of oil, which went as low as 28 dollars per barrel against government’s benchmark of 53.05 dollars per barrel negatively affected revenue projections for the first half of 2016.

In addition, he stated that the frequent shutdown of the FPSO Kwame Nkrumah impacted on gas supply to power plants in the Aboadze enclave forcing government to embark on contingency expenditures to supply crude oil for the plants to supply power.

He added that challenges from the West African Gas Pipeline Company, during the period under review has also resulted in erratic power supply affecting businesses.

While other commodity prices of Ghana’s major export earnings including gold have also seen a dip, all impacting on the country’s projected income.

Revenue shortfalls

According to Mr. Terkper majority of targets set in the 2016 budget were not met.

For example, projected  tax revenue of 11 billion cedis fell by 6.4 percent to 10.3 billion cedis, while the cash deficit increased to 2.5 percent as against the 2.2 percent target.

In general, government accrued only 20.92 million cedis in revenue as compared to the 484.79 million cedi project.

–

By: Vivian Kai Lokko & Lawrence Segbefia/citibusinessnews.com/Ghana

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