Gov’t Likely To Over Spend 2020 Budget – Terkper

Former Finance Minister Seth Terkper, has said the government of President Nana Addo Dankwa Akufo-Addo is likely to overspend its budget in this year which happens to be an election year.

Speaking in an interview with Starr FM, Seth Terkper said the government is already heading towards overspending the budget.

“The deficit projected by the IMF at the end of this year is higher than 2016. It is supposed to show fiscal discipline and restriction and it is already higher above the 5 per cent and indeed higher than the 6.3 which the NDC left behind so I urge analysts to have a look at this again.” he said.

NDC’s financial records unmatched

He further noted that the financial performance and records of the former government are unmatched.

According to him, Mr Mahama’s administration exhibited prudent financial management compared to the current government, as records are there to show.

Mr Terkper noted that the programmes being implemented currently in the financial services sector by the current government cannot equate the records of the previous National Democratic Congress (NDC) government, adding, the Mahama-led administration introduced good policies in the financial services sector to strengthen the sector.

In his view, the NDC has records that could be looked at by stakeholders to make a comparison between the two main political parties in Ghana.

“We are being called upon to provide alternative but we don’t see any programme of this government that is beating our records,” he pointed out.

Assurance

The current Minister of Finance Ken Ofori-Atta presenting the 2020 budget on the floor of parliament gave the assurance that, the NPP-led administration will not overspend its budget in the election.

According to him, the government has put in place measures to ensure that it stays within the budget.

“2020 is an election year. I will like to take this opportunity to inform this August House on behalf of the President that all the needed resources required shall be marshalled for the Electoral Commission to ensure that we have a free credible and fair election. Ghana remains one of the most peaceful elections in the world and we intend to maintain it.”

The finance minister stressed 2018 has been good for the country.

“This is the year that one can confidently say that God’s blessings of the hard work is beginning to manifest, putting us on a positive trajectory for sustained lift,” he added.

He continued: “I say so because we have won some painful but necessary battles for God and country. We have stabilised the microeconomic turbulence that was all too regular a feature in the management of the national economy. We have delivered on our flagship programme. The Gains made so far are significant and it is indeed to the glory of God.”