Ghana Fiscal Deficit Probably Fell Below Target, Terkper Says

  • Government sees budget gap at about 7 percent of GDP in 2015
  • Economy expanded at least 4.1% last year, Terkper says

Ghana probably posted a smaller-than-expected fiscal deficit last year, Minister of Finance Seth Terkper said.

The budget gap was about 7 percent of gross domestic product, below the target of 7.3 percent, he told reporters in the capital, Accra, on Tuesday. The deficit was 10.2 percent in 2014.

There is “strong political will” backing fiscal consolidation, Terkper said.

Ghanaian President John Dramani Mahama has pledged to curb wasteful spending and stabilize the economy before elections this year after a volatile currency, high borrowing costs and plunging oil prices curbed growth. The economy probably expanded 4.1 percent last year, Terkper said. That’s the slowest pace in about 20 years.

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