Ghana Raises Budget-Deficit Target as Oil Revenue Target Cut
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Ghana said this year’s budget deficit will be wider than previously projected after a fall in crude oil prices curbed revenue.
The target for the gap was revised to 7.5 percent of gross domestic product from 6.5 percent, Minister of Finance Seth Terkper told Parliament Thursday in the capital, Accra. The deficit has averaged about 10 percent in the past three years. The benchmark oil price in the budget was cut to $52.80 per barrel from $99.38, he said.