Ghana's budget deficit to fall to 4.9 percent in 2016 - President Mahama

Ghanaian president John Mahama says that Ghana’s budget deficit is expected to fall to 4.9 percent of GDP in 2016, from an earlier projection of 5 .3 percent.

#Ghana budget deficit expected to fall to 4.9 pct this year – president https://t.co/M5cBSMVcFK pic.twitter.com/qBDqCzOf1U

— CNBC Africa (@cnbcafrica) September 14, 2016

While outlining his ruling party’s manifesto, Mahama added that Ghana’s GDP is expected to grow more than 8 percent in 2017 compared to a projected 4.1 percent this year.

The West African economy has had a sharp economic decline over the last for years due to the fall in commodity prices, and a fiscal crisis that forced Ghana to enter into a 3-year aid program with the International Monetary Fund.

As Ghana’s gears for elections in December, positive economic news is crucial for president Mahama as he hopes to be elected for a final four year term in office.

Mahama will face a tight contest against Nana Akufo-Addo, leader of the New Patriotic Party, which ruled the country for eight years until it lost an election in 2008.

Reuters