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Budget deficit Ghana to cut budget deficit by 2%, says IMF

Addressing the media after a meeting with President John Mahama and the country's economic management team yesterday at the Flagstaff House, Mr. Zhu also said the IMF is expecting Ghana's economy to grow by 4 to 5 percent.

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The Deputy Managing Director of the International Monetary Fund (IMF), Mr. Min Zhu has said he expects Ghana to cut its budget deficit by 2 percent in other to contain high public wages and reins in spending.

Addressing the media after a meeting with President John Mahama and the country's economic management team yesterday at the Flagstaff House, Mr. Zhu also said the IMF is expecting Ghana's economy to grow by 4 to 5 percent.

He said: “We expect to see that the government will cut the budget deficit by 2 percent and with all that we expect to put the economic growth at 4 to 5 percent.”

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Ghana is planning to reduce its budget deficit to 5.75 percent of Gross Domestic Product this year.

A statement on IMF's website said :“The government intends to continue with its policy of expenditure restraint, in particular containing the wage bill, maintaining zero subsidies and strengthening expenditure control, while ensuring no accumulation of arrears.”

The IMF also said “large decline in commodity prices, gold, oil and cocoa will mean lower exports” which will  translate into lower revenues, “making the advancement in the fiscal and external balances more difficult."

Ghana last month received $114.6 million dollars from the IMF after a review of its 3-year bailout program aimed at bolstering the economy.

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