Mid-year Budget Finance minister presents budget review to Parliament today

The budget is expected to review most of the macroeconomic estimates set in the 2016 budget submitted to parliament in November 2015.

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Finance Minister Seth Terkper play

Finance Minister Seth Terkper

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Finance Minister Seth Terkper is expected to present the mid-year budget review to parliament Monday, July, 25.

He was initially scheduled to address parliament on Friday, July 22 but it was cancelled to make way for MPs to attend the funeral of late MP for Abetifi, Peter Wiafe Pepra.

The budget is expected to review most of the macroeconomic estimates set in the 2016 budget submitted to parliament in November 2015.

Terkper is expected to review the projected Gross Domestic Product (GDP) growth from 5.4 percent to 4.1 percent.

Also, the year-on-year inflation and the fiscal deficit of 10.1 % and 5.3% respectively will also be reviewed.

The finance minister will also announce measures to address revenue shortfalls due to the reduction in crude oil production in the Jubilee fields as well as plummeting commodity prices.

He will also seek approval from parliament to spend money accrued from the energy sector levy as well as the restructuring of a substantial portion of debts owed by the Volta River Authority (VRA).