Mid-year budget review gives us hope – GAWU

As the Minister of Finance, Seth Terkper, gears up to present the mid-year supplementary budget to Ghana’s Parliament today, Monday July 25, the General Secretary of the General Agriculture Workers Union (GAWU), Edward Kareweh, has said he expects Mr Terkper to, among other things, give Ghanaians hope as far as the performance of the economy is concerned.

Mr Terkper, who doubles as the acting Minister of Power, is expected to review some of the economic and revenue projections the government made in this year’s budget, which he presented to parliament in November 2015.

Among the figures expected to be revised by the Finance Minister is the revenue target of GHS38 billion.

The November budget projected oil revenues at $53/barrel but oil prices are still hovering under the $50 mark, which means the expected revenue has not been met. Also, the fourth tranche of the $918million IMF bailout money is yet to be released. Further, the delay in launching another $1bn Eurobond has also created a revenue shortfall which needs plugging.

Speaking in an interview with Prince Minkah, host of the Executive Breakfast Show (EBS) on Class 91.3 FM Monday July 25, Mr Kareweh said: “ [The Finance Minister should] Let us know the performance of the economy and …in the next six months, what the outlook will be.”

“I also expect that he will … give us some hope that there have been improvements in the budget and economy. [He] will explain if there is a shortfall in any of the sectors and tell us how that shortfall will be made up in the next six months. We will like to know whether our revenue targets are being met…if not that we should be ready to see some cut in the earlier budget.”