Terkper went before lawmakers on Monday to seek their approval for an additional GH¢1.8 billion over huge shortfalls in revenue generation.
The Finance Minister promised the MPs the Mahama-led administration is committed to “fiscal discipline” going into the 2016 elections.
According to Terkper, “we have made progress in addressing economic challenges. We have remained focused, despite the turbulence.”
Stressing the need for the additional Gh¢1.8bn, the Finance Minister assured “this august House and public that we remain committed in our resolve to resist budget overrun and to manage public debt towards ensuring debt sustainability and to ensure fiscal discipline.”
Terkper added: “We are on course through the transformation agenda for a better Ghana and transforming lives.”
He told Parliament that the economy grew by 4.9% in the first quarter of 2016 and added that government will persevere in bringing down Ghana’s debt level which stands at GHC99.9 billion according to the Central Bank figures.
Mr. Terkper further told Parliament that results and indications reveal that government’s policies are on track and working. He said government is living within its means; borrowing less from banks and the capital market.
He also revealed that the public debt has decreased from 72% at the end of 2015 to 63% at the end of May 2016.
He added that 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. The current $45 to $48, according to the minister, is still below oil price projection used in the 2016 budget.
Source: Ghana/starrfmonline.com/103.5FM/Kent Mensah
We’ll resist budget overrun – Terkper
25 July 2016
The Minister of Finance Seth Terkper has given Parliament an assurance the government will continue to live within it means, despite asking for a supplementary budget.