According to the Finance Minister, Ghana is currently returning to another growth with our fiscal performance giving clear signs of a brighter economic prospects.
It was projected that Ghana will have GDP growth at 3.5% however the minister says, due to the home grown policies initiatives taken by government and the recent International Monetary Fund’s (IMF) programme which has yielded positive results, our economic GDP growth is expected to hit 4.1% by the close of year.
“There are clear signs that our consolidation efforts are yielding positive results making the economy more efficient. Accordingly, the Ghana Statistical Service estimates that GDP will grow at 4.1% at the end of 2015 compared to the 3.5% initially projected. The World Bank, the IMF and others estimate future growth above 7%”.
The minister made this known during the presentation of the 2016 budget statement in parliament today.
Government in July, revised its 2015 budget after huge shortfalls in estimated revenue forced government to water down its 2015 expectations and predictions.
The overall GDP growth rate was revised from 3.9 percent to 3.5 percent. GDP without oil was also revised from 2.7 percent to 2.3%.
Government thus received parliamentary approval for more than 800 million cedis to enable it execute projects outlined in the 2015 budget.
However the minister indicated that, irrespective of the two successful reviews by the IMF programme which brought up some challenges, government will not be complaisance in ensuring stability in the economy.
“As a result of good revenue performance including GRA’s compliance efforts, containment of overrun in the wage bill and other spending as well as withdrawal of energy-related subsidies, our fiscal consolidation programme is on course with the deficit set to be on target at 7.3%.”
Mr. Seth Tekper Ghana was in the process of a third performance review after meeting the criteria for previous reviews. He said Ghana will by December, 2015 complete the IMF review on our bond.