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Budget review Finance Minister to present budget review July

The disclosure was contained in Guidelines for the preparation of the 2017-2019 budgets.

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Tumbling commodity prices in the international market has put a strain government budget, forcing the Finance Minister to announce his intentions to present a budget review to parliament in July.

The disclosure was contained in Guidelines for the preparation of the 2017-2019 budgets.

Ghana is heavily dependant on export of commodities such as Cocoa, Gold and Oil to finance its budget.

Ghana's fourth quarter oil revenue fell by a whooping 87 percent as compared to the total revenues in the third quarter.

Ghana recorded a total of US$ 44, 788, 915 in oil revenue receipts, according to figures from the Ministry of Finance, representing 87 percent drop from the third quarter’s US$341.50 million in oil receipts.

Last year, when crude prices started sliding, Terkper scaled back revenue projection from GH¢4.2billion to GH¢1.5billion after crude prices fell by more than half.

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The Minority spokesperson on Finance, Dr. Anthony Akoto Osei asked government to review its budget estimates to avoid a possible collapse of the economy last month when oil prices fell to about $32.00.

“2016 will be more difficult for Ghana. I cannot imagine that the government will not have to come up with a new budget to adjust what will be brought to us.

“Any prudent manager should be thinking about revising the budget. The effects are already showing, you don’t wait till it collapses then you do it because the year will end quickly and it is an election year, that is why it will be more difficult.”

“The supplementary budget comes in July but you cannot wait till July. I think they should review what is going on and see what they can do because you cannot wait till July when the nation has collapsed and say you are coming with a supplementary budget,” he said.

The IMF experts Ghana to cut its budget deficit by 2 percent in other to contain high public wages and reins in spending.

“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,” the Deputy Managing Director of the International Monetary Fund (IMF), Mr. Min Zhu said on his recent trip to Ghana.

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