Finance Minister Seth Terkper will on Wednesday, November 19, appear before parliament to present government’s 2015 budget statement and economic policy.
Government is expected to announce some major austerity measures for 2015 following discussions with the International Monetary Fund for a bailout.
Government has struggled to achieve most of its targets for 2014 including key macro-economic indicators like inflation and growth rate while it still battles to keep the budget deficit under control.
Government’s biggest challenge for next year would be how to check its rising expenditure, in the face of labour agitations for higher wages as well as calls for complete infrastructure projects.
According to the finance ministry’s guidelines for preparation of the budget, government is hoping to mobilise 43 billion Ghana Cedis in revenue for next year, up from the 26 billion Ghana Cedis it hoped to get this year.
Meanwhile, sources say government would be using a new accounting programme that would help seal some of the loopholes in its revenue.
The new programme would look at how to enforce the cap on spending levels of the various ministries.