According to Bloomberg Ghana is taking steps to avoid missing its fiscal deficit target this year thanks to pressure from falling oil prices.
The government announced that it had lowered its growth forecast for this year to the lowest level in two decades.
In related news Investment Banker and CEO of Africa Investment Group, Dr. Sam Ankrah has questioned the government’s investments choice for the country’s oil revenue, reported Citimonline.
Speaking as the guest speaker at this year’s Ghana Banking Awards he posed the question, “why are we investing our stabilization and heritage funds which has accrued up to $448M in foreign portfolios at a rate of 2% and 2.5% respectively? And our banking and finance leaders are very quiet. This requires sound management of our natural and national resources.”
He also called on the government’s investment advisory committee to consider several viable investment options in the country.
“I beg to differ on the issue of where and how we disburse our stabilization and heritage funds and I think it is not too late to rethink it through; after all that is what the legislature is there for. A clear case of things done right and not the right thing. Is the justification for this action purely based on the fact that relevant legislation governing the disbursement of our oil revenues dictate so, regardless of the socio-economic realities on the ground? Where is the justification? At a time when investors are taking advantage of opportunities in the housing sector for example, in our country instead of their own countries due to the low return on investment in their Countries, especially Europe and America”, he explained.