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| Finance Minister Seth Terkper |
Government is reviewing its 2015
budget estimates given a fall in the global crude oil price, which could have a
negative impact on the current account balance and foreign exchange reserves,
Finance Minister Seth Terkper said on Friday.
The West African state, which
produces gold, cocoa and oil, is in talks with the International Monetary Fund
on an assistance package designed to stabilise its economy amid high inflation
and a wide budget deficit, so it is sensitive to any changes in its fiscal
outlook.
"The required adjustments (to
the budget estimates) will be done through the necessary procedures to ensure
that the continued fall in the crude oil price does not derail our fiscal
consolidation objectives," Terkper told journalists.
The government based its 2015 budget
announced in November on a crude price of $99.736 per barrel, a figure derived
using a formula based on legislation. Oil is currently trading below $50 a
barrel.
Ghana began producing oil in 2010
and has a stabilization fund to protect against price shocks.
The economy grew at around 8 percent
in recent years due to exports but GDP growth is expected to slow in 2015 to
3.9 percent, in part because of fiscal problems and a currency that slumped 31
percent last year.
Source:
myjoyonline
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