[ad_1]
Economic News from Sunday, July 21, 2019
Source: citinewsroom.com
2019-07-21
play the videoMinister of Information, Kojo Oppong Nkrumah
The government announced that on July 29, the mid-year budget would include raising government revenues to fund outstanding social and economic policy programs.
S addressing reporters in Accra on Sunday, Information Minister Kojo Oppong Nkrumah said the mid-year budget review would provide an opportunity to re-examine the revenue available to run the remaining programs.
"This is why the revenue mobilization put forward in the 2019 budget will remain a key element of the mid-term review."
"The goal will be to ensure that the government mobilizes enough resources to fully honor the remaining commitments."
Mr. Nkrumah added that the government hoped to eliminate avoidable expenses while earning income.
The aim is to create more budget space to fund and fully implement the outstanding medium-term expenditure framework programs.
Under the country's Financial Administration Act, the Minister of Finance is expected to appear before Parliament by 31 July to prepare and submit a mid-term review of fiscal policy.
The review includes the estimates presented in the budget presented by the Minister of Finance for the fiscal year in question.
There are indications that certain macroeconomic objectives set in 2018 will be reviewed in the Minister's presentation to Parliament.
Some of the objectives for the 2019 fiscal year were:
• overall real GDP growth of 7.6%;
• non-oil real GDP growth of 6.2%;
• inflation of 8.0% at the end of the period;
• budget deficit of 4.2% of GDP;
• a primary surplus of 1.2% of GDP; and
• Gross international reserves must cover at least 3.5 months of imports of goods and services.
Source link
