The overall budget deficit target, according to the Minister, has been revised from 6.5 percent of GDP to 7.3 percent while inflation has also been reviewed upward; from 11.5 percent to 13.7 percent.
This means that there might a reduction in the expected growth target.
However, presenting the supplementary budget and the 2015 budget review to Parliament, the Minister stated emphatically that government is committed to pursuing its transformation agenda for the country despite the challenges, adding that, “this will come with opportunities for all.”
Seth Terkper said the ongoing fiscal consolidation measures and policies under the IMF programme and, “ an environment of all, encompassing inclusive growth, value addition and diversification” will promote economic growth.
According to him, government remains focused on” boosting power supply as the main element of establishing an industrial base in agro-processing and other forms of light and heavy industries.”
He said government is also committed to utilising petroleum resources to set up funds for infrastructure development and stabilising volatilities for the economy.
“We also remain focused on utilising the statutory funds and ideas to enhance our social intervention programmes.”
He indicated that government has not just started planning for the above-stated developments, but “is in the implementation mood to encourage Ghanaians to join in the efforts.”
In a related development, Government has requested for an additional 800 million cedis to help it implement targets spelt out in the 2015 budget.
“Our prudent expenditure drive continues with additional expenditure allowed only when revenues increase. On the other hand, we are confident that as the economy rebounds, the expenditure envelope will increase in tandem with revenue. In the interim, focus will be on pipeline projects and MDA/MMDAs are not to incur unauthorized expenditures beyond their budgets and budget allotments.
“Mr. Speaker, against this background, I have come to this House to request for Supplementary Estimates of GH¢865,789,380.00 in accordance with Article 179 (8) of the 1992 Constitution and Standing Order 143 of this House,” Mr. Terkper requested.