Ghana Seeks to Rein In Runaway Spending With New Legislation
ACCRA (Capital Markets in Africa) – Ghana wants to put an end to chronic overspending by making it illegal to propose or implement a budget where the deficit is larger than 5 percent of gross domestic product, Finance Minister Ken Ofori-Atta said. The West African nation’s government will this year ask lawmakers to amend the Public Financial Management Act to limit the budget deficit from 2018, Ofori-Atta said by phone on Thursday. The Finance Ministry will ensure…
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