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Politics of Tuesday, 30 September 2014

Source: Tv3network.com

IMF to halt election-year budget overrun in 2016 - Minister

The incessant budget overrun recorded every election year as a result of government overspending will be a thing of the past in 2016, a Deputy Minister of Finance has assured.

Mona Quartey says Ghana will be going into 2016 under an International Monetary Fund (IMF) financial programme, therefore, limiting government spending power.

Ghana has fallen back on the Washington-based lender for a partnership that is expected to boost investor confidence in the economy of the West Africa nation.

The programme is scheduled to begin January 2015 and end in 2018.

Speaking on TV3’s News @ 10 on Monday, September 29, Ms. Quartey said since Ghana will be heading into the next election year with an IMF programme, government overspending will not be recorded.

She added that the situation will then prevent a budget deficit.

Already, government has reduced public sector arrears substantially, she told host Bright Nana Amfoh.

She said the Ghana Integrated Financial Management Information System (GIFMIS) has helped in reducing government spending in the public sector as ghost names have been expunged from the payroll.