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Minority Spokesperson on Finance in parliament, Dr. Anthony Akoto Osei has charged government to urgently present a revised budget to parliament to avoid a possible collapse of the economy.

“2016 will be more difficult for Ghana. I cannot imagine that the government will not have to come up with a new budget to adjust what will be brought to us.
“Any prudent manager should be thinking about revising the budget. The effects are already showing, you don’t wait till it collapses then you do it because the year will end quickly and it is an election year, that is why it will be more difficult” Akoto Osei explained.

In an interview with Citi News, the former minister of state Dr. Akoto Osei insists government cannot wait till July to submit its supplementary budget because it will be too late.

“The supplementary budget comes in July but you cannot wait till July. I think they should review what is going on and see what they can do because you cannot wait till July when the nation has collapsed and say you are coming with a supplementary budget.”

This comes on the back of the International Monetary Fund (IMF’s) warning that the nation’s economy may not recover any time soon due to the global slump in commodity prices.

Ghana’s economy took a downturn after 2012 and since government was struggling to deal with the situation, it turned to the IMF for help and secured an extended credit facility of over 900 million dollars. Ghana has done well so far with the plan but the IMF Mission chief for Ghana Joël Toujas-Bernaté who has been speaking in Washington said current global economic trends will not favour the country’s efforts to bounce back.