Minister of Finance and Economic Planning Seth Terkper says the government needs over Gh¢ 800 million to meet targets outlined in the 2015 budget.
Presenting the Supplementary Budget and the 2015 Budget review in Parliament Tuesday, Mr. Seth Terkper said “fiscal performance has improved significantly, but the economy witnessed a sharp depreciation of the Cedi which partly contributed to the rising inflation.”
He, however, added that the “seasonal depreciation of the Cedi has begun to reverse.”
According to him, the “economy grew by 4.7% for the first quarter of 2015” meaning “growth numbers are pointing to an upward strength of our economy.”
“Our prudent expenditure drive continues with additional expenditure allowed only when revenues increase. On the other hand, we are confident that as the economy rebounds, the expenditure envelope will increase in tandem with revenue. In the interim, focus will be on pipeline projects and MDA/MMDAs are not to incur unauthorized expenditures beyond their budgets and budget allotments.
“Mr. Speaker, against this background, I have come to this House to request for Supplementary Estimates of GH¢865,789,380.00 in accordance with Article 179 (8) of the 1992 Constitution and Standing Order 143 of this House,” Mr. Terkper requested.
He said the government is on track to achieve its target.