The Minister of Finance Seth Terkper will present the 2016 budget to Parliament, on November 17.
The Parliament suggested the date to Seth Terkper, the Finance Minister, Thursday.
For some economic analysts, one of the crucial areas to look forward to in the 2016 budget is a government’s spending plan for coming up year’
That is, in case there would be an expenditure enlarge to take care of election-related problems or there would be some important cuts in line with the IMF program targeted at fast-tracking measures already executed to minimize the nation’s increasing public debt.
As at July this year, the public debt rose at eighty-three billion Ghana Cedis, therefore a sharp enlargement in the expenditure envelope might the reason overruns again by the end of this year.
The growth might cause to a potential tax hike to make up for the election-year overrun.
Nonetheless, with the decreasing revenues from commodity exports like cocoa, gold and crude oil government might not have any choice, than to cut its expenditure or look at other earning measures like enhancing collections, or reviewing laws to magnify the tax net.
According to the 2015 review budget, the government is optimistic to spend about forty billion Ghana Cedis by the end of current year.
The Government’s own fiscal report reveals that it has spent twenty-four billion Ghana Cedis as at August current year, while earning climbed at twenty billion Ghana Cedis.
