Aggressive measures needed to tackle overspending in 2014 budget
Posted on: 2013-Nov-15        
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Economist Dr. Joe Abbey says the 2014 budget should adopt measures to address government’s rising expenditure as well as wage bill.

On Tuesday, Finance Minister Seth Tekper will present the 2014 budget to Parliament. Joy Business gathers that the budget will focus on initiatives that would enhance the country's economic growth, while strengthening economic gains.

Sources say the Finance Minister will announce reviews in spending areas and revenue mobilization. The budget is also expected to link spending plans of various state agencies to results and achievable targets.

Despite all these new initiatives, Dr. Joe Abbey tells Joy Business that improving the business environment must be a major target of the budget.

“It’s not a question of just setting a target for the deficit; it is whether the target is concrete enough and whether visit has a solid basis. Bearing in mind what the business community is complaining about, I will like to see that expenditure rationalization is being treated with seriousness. Ghanaians are not happy with the value for money they are seeing, and we must take steps to assure them.”

In recent times, major scandals bordering on corruption have saddled the government. A streak of Civil Society bodies and anti-graft institutions have demanded major actions by government to cut back the incidence of rot in the management of the public purse.

Dr. Joe Abbey believes the budget also presents government with a unique opportunity to frustrate corrupt officials.

“The government must be seen to be quite serious in dealing with corruption. We should attack corruption; otherwise the public will rebel against the payment of taxes.”