Budget cleared of all deficits

Mr Yaw Osafo Maafo, Minister of Finance, said on Thursday that the 2.6 trillion cedi budgetary deficit carried over from the last administration has been cleared.

"With our own modest adjustments, efforts regarding extra revenue generation and expenditure cut-backs, as well as additional resources from our development partners, including benefits from HIPC, the gap has been closed. We can now talk about a fully-financed budget"

Mr Osafo-Maafo who was presenting a mid-year review of the 2001 budget in Parliament, said government would keep a constant vigil on all critical areas of the economy, adding, " An uncompromising fiscal prudence is non-negotiable."

"Given our chequered economic history and the fragile economic situation that the world faces today, it is required that we remain steadfast and committed in our resolve to continue the arduous but very possible task of repairing the damage done to this economy".

He said:" We owe this to the people of Ghana, and we must not fail them...It is evidently clear that the NPP government has set the country on the path for economic development. Let us together build a prosperous nation for generations unborn."

The Minister said the achievements chalked so far included the stability of the value of the cedi, continuous reduction in the rate of inflation, keeping expenditure under control and containing domestic borrowing.

"We have improved on the overall fiscal out-turn and introduced strategic initiatives to improve the general economic environment, including the restructuring of the domestic market. While we have made considerable headway, much more needs to be done."