Ghanaian President Nana Akufo Addo

ACCRA (Reuters) – Ghana will miss its 2016 targets on growth, fiscal deficit reduction and its primary balance, but it intends to restore fiscal discipline and eliminate overexpenditure, Finance Minister Ken Ofori-Atta said on Friday.

The new government said this week it inherited debt from state-owned enterprises and government ministries of at least 7 billion cedis ($1.6 billion) and a budget deficit close to “double digits” compared with a 2016 target of 5 percent of GDP.

Ofori-Atta said the government is hopeful of meeting the challenges by enforcing strict financial discipline.

“We are hopeful because we believe that we can restore policy credibility and we would be able to enforce the public financial management act to restore the discipline that is required to stabilize the economy,” Ofori-Atta told reporters.

Ghana, which exports cocoa, gold and oil, is halfway through a three-year, $918 million International Monetary Fund programme aimed at restoring fiscal balance and promoting growth.

(Reporting by Matthew Mpoke Bigg and Kwasi Kpodo; Editing by Larry King)


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