By way of a quick summary, the truth that must be told is that, the Government inherited a distressed economy characterised by huge twin deficits. The fiscal deficit alone stood at GH¢2.6 billion at the end of 2008 when NPP left office compared with GH¢260 million registered at end 2000 when NDC left office.
The accumulation of the huge arrears in 2008 threatened the execution of the 2009 budget since most of the arrears were not detected and budgeted for during the preparation of the 2009 budget. The NDC Government has managed to pay a sizeable proportion of the arrears but there are still outstanding ones to be taken care of in the 2010 budget.
There is also the possibility of uncovering new arrears which MDAs have not disclosed to Government and these will have to be dealt with as and when they are uncovered.
2010 Budget Statement and Economic Policy of Ghana by Fuaad Dodoo on Scribd
