Business in Ghana

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Posts Tagged ‘Budget Deficit’

IMF Concludes Article IV Consultation Mission to Ghana

Posted by Business in Ghana on April 12, 2013

Press Release No. 13/117, April 12, 2013

A mission from the International Monetary Fund (IMF), led by Christina Daseking, visited Accra during April 2-12, 2013, to conduct discussions for the 2013 Article IV consultations. The mission met with President Mahama, Vice-President Amissah-Arthur, Finance Minister Terkper, Bank of Ghana Governor Wampah, other senior officials, members of parliament, and representatives of the private sector, think tanks, trade unions, and civil society.

At the end of the mission, Ms. Daseking issued the following statement:

“Economic growth continued at a robust pace of 8 percent in 2012 amid rising fiscal and external imbalances. A growing public sector wage bill, costly energy subsidies, and higher interest cost, pushed the fiscal deficit to about 12 percent of GDP. The external current account deficit also widened to 12 percent of GDP, while unadjusted fuel and energy prices and a tightening of monetary policy helped keep inflation in single digits. Read the rest of this entry »

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A Pain Full Budget. Critical News, 10th March 2013

Posted by Business in Ghana on March 10, 2013

Sydney Casely-Hayford, sydney@bizghana.com

Here is my pain.  First night of the week, Monday night.  I get back from a day in the field and lights have been out since morning.  Ok, we should have power back by 6.30pm, so I catch a quick bath and try and have supper with a simple beam of light.  I am eating plantain and palaver sauce with fish tonight, heavy recipe for bone-in disaster, and wary of swallowing a bone and accidentally choking, I give up and decide instead to catch a quick nap and get some rest for when the lights come back on.  I have a lot of work to deliver in the morning and I am determined not to call my client and say “sorry, oh, no light so I could not finish”.  By 10.30pm I still have no power, so I throw in the towel and go to bed.  It is hot, it is humid and in the dark I am dripping with sweat.  I toss and turn for hours and then it starts raining.  A gentle drizzle at first and then huge torrents of it.  What relief.  The lights come back on.  3.45am.  I jump out of bed, rush to the kitchen and make a cup of coffee.  I settle down to work.  A loud clap of thunder and a lightning strike; lights out.  I am fully awake with my coffee and lost for words.  My trusty internet router with battery power, mournfully blue-lights me, waiting for the signal to start a web search.  I am a guest on Citi Fm on the breakfast show and I might just vent.  Where did I go wrong? I sit in the dark, my temples pulsating with anger.  For the first time since I returned, I wonder if the decision to come back home was the right one.  Pain full. Read the rest of this entry »

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