Pulse.com.gh logo
Go


2016 Budget This is a story not a budget- Casely-Hayford

This document that is supposed to be a budget, does not constitute a budget. It is a story. This thing (the budget) has become like a Kwaku Ananse(folk tale) story."

  • Published: , Refreshed:

Financial analyst and anti-corruption campaigner, Sydney Casely- Hayford has hit hard at Ghana's 2016 Budget statement read on Friday by the Minister of Finance, Seth Terkper.

The Budget which was labelled "Consolidating Progress towards a Brighter Medium Term” did not contain detailed strategies about how government was going to get the fiscal problems of the country back on track.

" This is not how a budget reads like. This is not how to put a budget  is put together.  You cannot have wishy-washy statements that you cannot substantiate"

Even though the financial analyst concedes that what the finance minister delivered was a summary of a hopefully more detailed budget, Sydney Casely- Hayford expected a laid- down plan for fiscal discipline.

" You cannot say blankly that you are going to instill fiscal discipline, but you don't spell exactly how, that becomes a figment of imagination."

Sydney again hit at the part of the budget where the finance minister said government plans to block revenue leakages. The financial analyst said,

" Which revenue leakages are you talking about? Where exactly do you want to block these leakages? Is it at GRA, is it at the ports, where exactly, and how exactly?", Sydney quizzed.

He added, "This document that is supposed to be a budget, does not constitute a budget. It is a story. This thing (the budget) has become like a Kwaku Ananse(folk tale) story."

The 2016 budget is supposed to be a twin year budget for the 2016 and 2017 geared towards consolidating Ghana's middle income country, under the guidance of the IMF. Speaking on the Big Issues, Casely-Hayford said,

"I expected detailed pragmatic solutions  as to how we are going to turn around the main problem of constant budget deficits due to  shortfalls in revenue generation, and increased expenditure. You see, you need to concentrate on the fiscal performance.  Forget the macroindicators. Once we get the fiscal performance on track, everything else will fall in place."

About deficits, government will have to find additional revenue to finance a project shortfall in revenue in the 2016 budget to the tune of over GHC10 billion, representing 8.3 percent of GDP.

In his three hour address to parliament on Friday, Finance Minister, Seth Terkper, revealed financial expenditure forcasts for 2016 at 47 billion Ghana Cedis.

 This represents an18 percent of Gross Domestic Product, and a 13 percent increase on 2015's total expenditures.

 While, Total Revenue targets for 2016 is GHC38 billion. This includes total oil revenues, taxes, and grants.

Non-oil  total revenue forcast is 36 billion Ghana Cedis. This will be an 18.2 percent increase over 2015's total revenues.

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 Investment banks in Ghana Top 5 investment banks in Ghana and why you...bullet
2 Incompetence Otabil wasn't qualified to be Capital Bank Board Chairman...bullet
3 Breaking Otabil finally breaks silence on banking controversiesbullet
4 Salaries In 2018 Here are the dates public workers will be paid in...bullet
5 Banking In Ghana Stranded customers of First Allied Savings &...bullet
6 Education Top 5 private high schools in Ghana according to WAECbullet
7 Increment Fuel prices to go up again – IESbullet
8 Nana Appiah Mensah Menzgold CEO invited by EOCObullet
9 Nana Appiah Mensah Menzgold boss apologises to BoG after...bullet
10 Bank Collapse Capital Bank Board misused GHC 610...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
4 Former Capital Bank staff grills pork for survivalbullet
5 Plane Crash Starbow suspends operations following plane crashbullet
6 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 New Phones Nokia MWC 2018 Event in 5 minutesbullet
9 Support Finance minister buys Kantanka carbullet
10 Tech 6 reasons you should buy an iPhone SE instead of...bullet

Business