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Election 2016 Deputy finance minister allays fears of overspending in election year

Speaking at the launch of the 2015 Chief Finance Officers (CFO) Survey Report by KPMG in Accra, Quartey also allied the fears of investors who are adopting the 'wait and see' attitude.

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Ghana's deputy finance minister, Mona Quartey, has pledged government commitment to spend within budget limits as the nation draws closer to this year's election.

Speaking at the launch of the 2015 Chief Finance Officers (CFO) Survey Report by KPMG in Accra, Ms Quartey also allayed fears of investors who are adopting the 'wait and see' attitude.

“We will keep to our budget and ensure that we don’t overspend and that will help us to continue with the efforts we are making under the IMF programme. I don’t see investors taking the ‘wait-and-see’ approach due to the efforts we have made to cut the deficit,” she said.

“Our experience with 2015, a year of low revenues which was met with massive expenditure cuts, should give us hope. We have climbed down from a high budget deficit of 11.8percent in 2012 to 10.2percent in 2014 and further to 6.5percent in 2015 and there is every commitment to consolidate the gains we have made so far,” she added.

In April, parliament assured the nation of a strict exercise of its oversight role on the national purse to ensure that there was no extra spending by Government in this election year.

The First Deputy Speaker, Mr Ebo Barton-Odro, in a discussion with a parliamentary and business delegation from Germany, said the Legislature in Ghana would keep an eye on the Ministry of Finance to spend within the approved budget.

As Ghana heads into a crucial elections this year, there are fears violence could erupt which will hamper business growth and scare investors.

Ms Quartey also highlighted government determination to improve business climate in the country.

"The government is making frantic efforts to improve business confidence and achieve real results for the business community and the entire Ghanaian populace. It is a long and hard road to travel but let us not forget about where we have come from,” she said.

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