Ghana pledges pro-growth spending in 2011 budget
Ghana’s 2011
budget, due to be unveiled on Thursday, will include major
infrastructure and other spending aimed at fostering economic growth
and employment, according to a summary published by the finance
ministry.
However, it came
with a warning that oil, due to start flowing from its Jubilee oilfield
in coming weeks, would only contribute six percentage points of total
revenues next year and that the West African country should not neglect
existing industries.
Analysts noted the
pledge to spend would be scrutinised for its impact on public finances
and whether it was accompanied by efforts to bolster Ghana’s low rate
of tax revenue collection.
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