Use 2015 Budget To Fix Economy — Government Told

TERKPERThe Institute for Fiscal Policy (IFP) and the Integrated Social Development Centre (ISODEC), have called on the Ministry of Finance to use the 2015 budget to fix the challenges confronting the country’s economy.

They cited the high inflation rate, relatively low revenue generation and the depreciation of the cedi as some of the challenges which the ministry must address.

The two agencies made the call yesterday in Accra, at a press conference preceding the 2015 budget statement which would be read before parliament today.

Co-ordinator for IFP, Mrs Philomena Johnson noted that the budget must confront the above mentioned challenges in order to correct the imbalances in the country’s economy.

She said government failed to meet some of its statutory payment to agencies such as the Ghana Education Trust Fund (GETFUND), National Health Insurance Scheme (NHIS) and the District Assembly Common Fund (DACF), in the 2014 budget, which should be avoided in next year’s budget.

Mrs. Johnson also noted that the 2015 budget should clearly define policy strategies to ensure that macro-economic stability was achieved without worsening the plight of the less-privileged in the country.

“For this reason the 2015 budget would be expected to focus on revenue improvement measures that seek to block revenue leakages, particularly illicit financial outflows,” she said.

Mr. Nicholas Adametey, a financial consultant with the IFP added that the budget should match domestic and external revenue inflows to close the country’s deficit gap.

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