Did the Mid-year review of budget give hope for a better future?

Government has asked Parliament to approve an additional 800 million cedis to enable it execute projects outlined in the 2015 budget

 

The economy has gone through turbulence in the past, mainly caused by over-spending in election years, revenue shortfalls, abuse of the public purse by a section of public servants, an increase in public sector wage bills and other fiscal challenges.

However, there are visible signs of economic recovery, which give hope for the medium-term prospect.

Our confidence has been boosted by the International Monetary Fund’s (IMF’s) endorsement of our home-grown programmes, the resumption of aid by development partners and the development of gas fields, all part of the medium-term prospects.

Needless to say, we saw a sharp decline of more than 26 per cent in the value of the cedi at the beginning of the year, but the sharp intervention by the Bank of Ghana (BoG) saw a recovery of more than 23 per cent in the value of the national currency.

But just when there appeared light at the end of the tunnel, the cedi suffered in value against the major currencies.

However, efforts by the BoG in pumping $20 million into the economy daily have again stabilised the cedi against the dollar and other currencies.

At the end of June this year the cedi was trading at about GH¢4.50 against the dollar.

Mr Seth Terkpersays the government needs over Gh¢ 800 million to meet targets outlined in the 2015 budget.

Did the Mid-year review of budget give hope for a better future?

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