IMF predicts10% fiscal deficit for Ghana end of 2013

Ghana’s fiscal deficit will hit 10% by the end of 2013, the International Monetary Fund predicted today April 12, 2013 after its Mission assessed the country’s economy.

Ghana’s deficit reached 12.1% end of 2012 after overshooting the 6.7% target.

In the 2013 Budget Statement, Finance Minister Seth Terpker, set the deficit target for 2013 at 9%.

But the IMF mission projected “a reduction in the fiscal deficit to 10% of GDP this year [2013], about 1% higher than the budget projections, assuming a delayed adjustment in utility tariffs.”

The IMF Mission was led by Christina Daseking and it visited Accra April 2-12, 2013, to conduct discussions for the 2013 Article IV consultations.

The mission met with President John Mahama, Vice-President Kwesi Amissah-Arthur, Finance Minister, Seth Terkper, Bank of Ghana Governor, Dr Kofi Wampah, other senior officials, members of parliament, and representatives of the private sector, think tanks, trade unions, and civil society.

By Ekow Quandzie