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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    Vodafone agrees sell stake in Ghana’s business to Telecel

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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Any additional borrowing to finance expenditure risky for economy – Adu Sarkodie

byPius Amihere Eduku
July 2, 2020
in Banking And Finance, Local Economy, Top Stories
Dr. Adu Owusu Sarkodie - Economist

Dr. Adu Owusu Sarkodie - Economist

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An Economist, Dr. Adu Owusu Sarkodie, says the Finance Minister, Ken Ofori-Atta should be able to outline the progress made so far with the allocation of support under the government’s Coronavirus Alleviation Programme when he presents the Mid-year budget review to Parliament later this month.

Dr. Sarkodie says limiting budgetary allocation is critical, since an increase is likely to impact the country’s budget deficit, which is the difference between the revenue and expenditure.

Ken Ofori-Atta is expected to present to legislators revised estimates on the performance of the economy he presented in November 2019.

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Although this is normal practice, the impact of the coronavirus pandemic on the economy makes a review of economic figures for the remaining six months of the year inevitable and much more critical.

For instance, in 2020, Mr. Ofori-Atta anticipated that government would rake in an amount of 67.1 billion cedis as revenue, while an amount of about 86 billion cedis will be spent on various projects.

This in itself presented an initial budget deficit of 19 billion cedis.

For Dr. Adu Sarkodie, the presentation should see a review of all key economic indicators. These include; growth rate, primary balance, budget deficit, revenue and expenditure targets, among others.

“In all these, I think the Finance Minister should be able to tell us how far we have come with this program. What is needed to be done and how we are going to revive our economy and make sure that, we come back on track. So, there must be a review of everything,” he said.

Already, Mr. Ofori-Atta has outlined the margin of reduction expected in some projected revenue from taxes; both oil and non-oil.

Also, this has forced him to make some projections on how the drop will impact the budget deficit for the year.

For instance, import duties are expected to drop by 808 million cedis, while total revenue excluding oil, is expected to drop by 2.25 billion cedis.

The budget deficit, which is the difference between the revenue and expenditure, is also projected to increase by 11.3 billion cedis representing 2.9% of revised GDP for 2020.

Dr. Adu Sarkodie maintained that the Minister of Finance may fall on the 9.5 billion cedis Coronavirus Alleviation Programme plus the 10 billion cedis support from the Bank of Ghana to finance these differences.

Meanwhile, he says the steady pickup in economic activities especially in the informal sector of the Ghanaian economy; the earlier projected losses could see an improvement when the Finance Minister appears before Parliament.

“The first quarter figures indicate that we grew by 4.9% as against 6% last year, first quarter. So, it is very likely that we will do better that the 1.5% projected. Our reasons been that the Ghanaian economy is largely informal and because the lockdown has been lifted many people have gone back to work and therefore it is very likely that we will do better than the 1.5,” he added.

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Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)
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byNerteley Nettey

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