Ghana confirms supplementary budget for Wednesday

Reuters News
Posted: Jul 17, 2012 5:47 AM

ACCRA (Reuters) - Ghana's finance minister will present a supplementary budget to parliament on Wednesday, the ministry confirmed in a statement issued late on Monday.

The statement came after Finance Minister Kwabena Duffuor told Reuters on Monday that more spending was "unavoidable" given the cost of staging elections, a rising public sector wage bill and arrears partly inherited from the previous government voted out of power at the end of 2008.

The extra spending is likely to nudge the budget deficit above an IMF-sanctioned target of 5.2 percent of gross domestic product and risks undermining confidence in the country's economic management ahead of presidential and parliamentary elections due by December.

(Reporting by Kwasi Kpodo; writing by David Lewis; editing by Stephen Nisbet)