The Finance Minister, Seth Terkper Monday presented a revised macro-economic targets for the year in the mid-year budget review making key requests and statements bordering Ghana’s economy.
The minister asked Parliament to approve Ghc1.8 billion to help run programmes and policies for the rest of the year, 2016 and explained the move has been necessitated by the huge shortfalls in revenue generation and that government will need the extra cash to invest in key sectors of the economy.
The presentation also highlighted government’s fiscal plans for the remaining months of the year
Here are the top highlights of the minister’s presentation
1.Ghana’s economy grew by 4.9% in the first quarter of 2016 as compared to 4.5% in 2015.
2.The public debt has decreased from 72% at the end of 2015 to 63% at the end of May 2016.
3. The price of crude oil is at an all-time low ($28 per barrel in January) compared to $53.06 per barrel used for the budget affected it.
4. Government needs parliament to approve a supplementary budget of Ghc1.8 billion for various policies for the rest of 2016.
5. Ghana’s economy is transitioning from a low-income status to a middle-income status.
6. Government has completed the single spine salary scheme and updated the payroll.
7. Government plans to set up an apex institution for microfinance institutions.
8. Ghana’s public debt has decreased from 72% at the end of 2015 to 63% at the end of May 2016.
9. Ghana’s industry declined by 1.1% between January to April 2016.
10. The agriculture sector grew by 2.8% between January to April 2016.
11. The volatilities in the global commodity prices have led to adverse effects for the economy.
12. The Cedi recovered much of its value against the dollar between January and April.
13. Transfers to the Ghana Education trust have been revised upwards to 1.8 million cedis.
14. Government assures that they continue to live within it means, despite asking for a supplementary budget.
15. Transfers to the Ghana Education trust have been revised upwards to 1.8 million cedis.