Finance Minister Seth Terkper will present this year supplementary budget and mid-year review to parliament today, Monday July 25, 2016.
Mr Terkper, who doubles as the acting Minister of Power, is expected to review some of the projections the government made as far as the economy is concerned, in this year’s budget, which he presented to parliament in November 2015.
Among the figures expected to be revised by the Finance Minister is the revenue target of 38 billion Ghana cedis.
The November budget projected oil revenues at $53/barrel but oil prices are still hovering under the $50 mark, which means the expected revenue has not been met. Also, the fourth tranche of the $918million IMF bailout money is yet to be released. Further, the delay in launching another $1bn Eurobond has also created a revenue shortfall which needs plugging.
The mid-year budget will, therefore, give details about how government intends raising revenue to make up for the shortfalls.
Source: Ghana/AccraFM.com
