The Minister of Finance and Economic Planning, Dr. Kwabena Duffuor, under whose watch Ghana has been hit by mountainous judgement debt controversies, would appear in Parliament today to ask for extra funds to execute some key projects, including the Single Spine Pay Policy (SSPP) and the 2012 December elections.
Dr. Kwabena Duffuor would appear on behalf of His Excellency President J.E.A. Mills to present a review of the performance of the economy and request for supplementary estimate, in accordance with article 179 (8) of the 1992 Constitution.
The supplementary estimate being requested for is informed by the receipt of certain inflows and some savings made in expenditure management.
In a statement issued by the Media Liaison of the Finance Ministry, Abdul Hakim Ahmed in Accra, it stated: "The estimate would also seek approval to incur additional expenditure in certain areas including the Single Spine Pay Policy (SSPP) and election-related expenditures".
In presenting the report, Parliament would be appraised of 2011 economic developments, based on the actual data for the full year of 2011.
The Minister for Finance and Economic Planning will also use the opportunity to inform the House of the current economic situation and performance of the Ghanaian economy for the first six months of the year 2012.
The Minister would also discuss the projections and policy objectives for the remaining period of 2012, according to the statement.
However, the International Monetary Fund (IMF) worried that a rapid depreciation of the cedi was fuelling inflation and reserve cover had fallen below comfortable levels.
According to the Breton Wood institution, spending overruns at the end of 2011, large public wage increases and re-emergence of energy subsidies have created the need for corrective actions to achieve fiscal targets.
The West African country will hold presidential and parliamentary elections in December and many Ghanaians have expressed fear that the government's efforts to stabilise the 'Better Ghana' economy is likely to be jeopardised by election-year demands, especially for public sector wage increases.