Categories
Social News

Terkpe to present supplementary budget on July 25

Finance Minister, Seth Terkper is expected to present a Supplementary Budget and a Midyear Review to parliament on Monday, July  25.

Finance Minister, Seth Terkper is expected to present a Supplementary Budget and a Midyear Review to parliament on Monday, July  25.

The minister was expected to present the estimates to Parliament on July 22, however, some Members of Parliament (MP) had a challenged with the date as they had to attend the funeral of the late MP for Abetifi, Peter Wiafe Pepera.

According to sources close to government, Mr Terkper is expected to review most of the macroeconomic targets set out in the 2016 budget which, was presented, to Parliament in November last year.

Sources say the Minister will review the growth target from 5.4 percent to about 4 percent, whiles the end of year inflation target of 10.1 percent, as well the fiscal deficit of 5.3 percent will also be reviewed.  

The revenue target of GH¢38 billion and the expenditure target will also be revised. The benchmark price for crude oil is also expected to see some adjustment. 

The supplementary budget will also, give details on revenue raised for the first half of the year, and possibly the revised target for the rest of the year.

It also gives details on government’s expenditure for the first six months of the year and the next half of 2016.

The Finance Minister will also be seeking parliamentary approval to spend new revenues that have come in as a result of the energy sector levy.

JOYBUSINESS is learning that the Finance Minister, wants the approval to spend some funds on restructuring a substantial portion of debts owed by the Volta River Authority (VRA) and the legacy debts in the energy sector.

Many will be looking forward to seeing some of the policy measures that the minister will also announce to help convince investors and donors  that government is committed to stabilizing the economy.

Some economist will be hoping that the Minister will use the presentation to give Ghanaians an update on the International Monetary Funds (IMF) program.

They would want to know the way forward on the proposed amendments made by the IMF to the Bank of Ghana Act, as well as an update on plans to raise the country’s fourth Eurobond possibly in the last quarter of this year. 

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.