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Doom and Gloom Ghana's economy to get worse in 2016- Oxford Research Group

The report predicts that not only will government miss the IMF's debt targets, it will cross the 71% threshold by the end of the year.

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Oxford Research Group has predicted a bleak outlook for the Ghnanaian economy in 2016. This is contrary to the IMF and the minister of finance, Seth Tekper's predictions.

The minister of finance, Seth Tekper and the IMF said current macro economic indicators, coupled with steps being taken by the ministry of finance to consolidate expenditure, increase revenue and reduce public sector debt, will ensure a much stronger economic outlook in the medium term.

All these efforts notwithstanding, research outfit, Oxford Research Group's 2015 mid-year report for Ghana suggest that nothing will change much.

According to the report, government will not meet the IMF's debt targets for the year. Already government has exceeded its borrowing targets for the first half of 2015 by some GHC700 million. The report predicts that not only will government miss the IMF's debt targets, it will cross the 71% threshold by the end of the year.

The Oxford Research Group also predicts that government will abandon all policies and efforts to consolidate expenditure in 2016 as is symptomatic of all electioneering years.

So far government has been able to stabilize the wage bill, and reduce expenditure on subsidies, especially on energy and fuel. But with revenue generation being considerably imparted by dwindling international oil prices.

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