Government is seeking parliamentary approval for a supplementary budget estimate of 252.8million Ghana Cedis for the 2009 financial year. The additional amount is needed by government to enable it meet its financial obligation for the rest of the year. The Minister of finance and economic planning, Dr. Kwabena Duffuor requested for the approval of the additional amount when he presented the mid year review of the budget statement and economic policy and the supplementary estimate for the 2009 financial year.
According to the minister, President Mills’ government inherited from the previous government a run-down economy characterized by serious imbalances which resulted in a huge public debt and an increased overall budget deficit of 14.5% of GDP. He said the huge deficit did not include the expenditure arrears and commitment now estimated at about 1.7billion Ghana cedis. Dr. Kwabena Duffuor stated that the inflation rate stood at 20.5% at the end of March, 2009, 20.6% in April 2009, 21.1% in May, 20.7% in June and 20.5% in July 2009.
He attributed the slight increase in the June inflation to the effect of the petroleum price increases. Dr. Kwabena Duffuor said total exports from January 2009 amounted to 30003.8million dollars compared with 2845.8million dollars during the corresponding period of 2008.
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