Fiscal Discipline Gov’t spends more than GHC 2bn than forecasted

The fiscal figures for the first five months of this year show that the government has spent more than GHC 2 billion than forecasted.

  • Published: , Refreshed:
Finance Minister, Seth Terkper play

Finance Minister, Seth Terkper

24/7 Live - Subscribe to the Pulse Newsletter!

Government’s commitment to ensuring fiscal discipline and rein in spending ahead of this year’s election is under threat.

The fiscal figures for the first five months of this year show that the government has spent more than GHC 2 billion than forecasted.

READ MORE: Deputy finance minister allays fears of overspending in election year

The latest development is raising concerns over government ability to deal with election-year pressure and demand from labour and communities yearning for basic developmental needs.

The Finance Minister, Seth Terkper, on Monday requested for a supplementary budget of GHC1.8 billion due to a plunge in commodities prices, shut down of the FPSO Kwame Nkrumah and drop in crude oil prices on the international market.

He assured that government would resist budget overruns, often associated with elections, manage the public debt to ensure debt sustainability, sustain fiscal discipline and invest in infrastructure to ensure a better Ghana for all.

Asked if the government will able to spend within budget limits considering the fiscal numbers for the first five months, a Deputy Minister of Finance, Mona Quartey responded in the affirmative.

She added: “We can because we know clearly what budget we have for the Electoral Commission.

“We are making sure that we give them enough fund [s] to be able to run an efficient and a peaceful election.”

READ MORE:Terkper requests for GHC1.8 billion supplementary budget

According to her, the government is “very comfortable"  with the fiscal numbers thus far. 

Mrs Quartey also debunked assertions that the government is overspending for “purposes of elections.”

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Salaries In 2018 Here are the dates public workers will be paid in 2018bullet
2 Cash For Seat Allegations against Trade Ministry ‘flimsy’ and...bullet
3 Aviation British airways has received a tongue lashing from Ghana's...bullet
4 Gov't Promises 1 District, 1 Factory has the potential to turn...bullet
5 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
6 Interest Rate Here are the banks offering the cheapest car...bullet
7 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
8 Retirement How to calculate your SSNIT pensionbullet
9 Petroleum Products OMCs confirm increase in fuel pricesbullet
10 Cash-For-Seat I’ll be shocked if Fakhri paid  – Akufo-Addobullet

Top Videos

1 Support Finance minister buys Kantanka carbullet
2 Forbes 2018 Africa's billionaires rich listbullet
3 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
4 Tech 6 reasons you should buy an iPhone SE instead of any of the...bullet
5 Bozoma Saint John 10 quotes from Uber top official, Bozoma, that...bullet
6 Entrepreneurship How To Get Ready To Get Started | StartUpSchoolbullet
7 Vodafone adbullet

Business