Ghana's economy on target - Veep

Vice President, Kwesi Amissah Arthur says the Ghanaian economy has resumed an upward growth trajectory and is on course to meet its target.

Government had projected a growth target of 8.0 percent for this year but the economy grew by only 6.7 percent during the first quarter of this year.

Speaking on the mid-year review of the economy, Mr. Amissah Arthur said the economy would have performed better if the commodity prices had been in the country’s favor.

“The first half year has been quite challenging and that the GDP growth objective in the first quarter was difficult but in the second quarter I see that growth has resumed and therefore is looking like we are on an upward trajectory.”

For his part, Finance Minister, Seth Tekper said government expects revenue to grow as the economy picks up.

He added that “at the moment there are some shortfalls in taxes .. . but we expect revenue to pick up going into the 3rd and 4th quarters.

Mr. Tekper explained that his outfit has begun strategizing for next year’s budget because of the effects of the single spine.

“The main highlights are the half-year review and then we’d also have discussions on some developments such as the single spine, sovereign bond which we just issued and then we’d strategize going into the 2014 budget for which preparations have already started.”