"NDC undertook deep revenue and expenditure reforms in 2016 election year \u2013 Terkper says"

" NDC undertook deep revenue and expenditure reforms in 2016 election year \u2013 Terkper says \r\n\r\nFormer Finance Minister, Seth Terkper, says the erstwhile Mahama administration embarked on deep revenue and expenditure reforms during the government\u2019s time under an IMF programme, notably in the 2016 election year.\r\n\r\nAccording to the former Finance Minister, the deep revenue and expenditure reforms undertaken by the Mahama-led administration even during an election year resulted in a low fiscal deficit of 6.3% as against a fiscal deficit of 7% and a debt-to-GDP ratio of 57%.\r\n\r\nThis he noted, compares favourably to the now over 10% fiscal deficit and 100% debt-to-GDP ratio of the incumbent NPP administration although under an IMF programme.\r\n\r\nMaking the assertion during an interview on Joy New\u2019s PM Express monitored by norvanreports, Mr Terkper averred that it was due to the reforms and fiscal discipline undertaken by the Mahama administration that led to the creation of buffers for the country.\r\n\r\n\u201cThe decision for the IMF programme to extend into an election year was made by former President Mahama, because he wanted to show that even during an election year we can maintain our fiscal discipline.\r\n\r\n\u201cAs a government, we had deep revenue and expenditure reforms that helped us to maintain low fiscal deficit of 6.3% which was within the 7% target and debt-to-GDP ratio of 57% unlike this government\u2019s 10.3% fiscal deficit and 100% debt-to-GDP ratio.\r\n\r\n\u201cWhat we did was deep structural reforms and fiscal discipline and that\u2019s how come we left buffers. We left $250m in the Ghana Infrastructure Fund, we didn\u2019t touch ESLA to try to use it during the election year as ESLA was to bring in GHS 66bn by 2026, then there is the Sinking Fund which we also left for the current administration,\u201d he posited.\r\n\r\nMr Terkper made the above assertions speaking on the topic, \u201cThe Election Year Economy: Prospects and the IMF Question.\u201d \r\n\r\nGhana is known to usually overspend during electioneering years resulting in major fiscal slippages.\r\n\r\nThis is even after the country has made significant strides in fiscal consolidation and revenue enhancement in the years prior to the election year."

"NDC undertook deep revenue and expenditure reforms in 2016 election year \u2013 Terkper says"

Databank Maintains 4.5% 2025 Growth Forecast Despite Q2 RevisionAMP

GSE Composite Index Climbs to 7,829 Points as Market Cap Hits GHS 158bnAMP

Ghana Signs $256m Bilateral Debt Restructuring Deal with UKAMP