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Ghana’s budget deficit for 2020 will swell to more than double the legal limit because of the impact of the coronavirus on the economy, undoing years of fiscal consolidation that was supposed to mark the end of persistent financial bailouts.
The fiscal gap is forecast to widen beyond 10% of gross domestic product from an adjusted outlook in March of 7.8% of GDP, Finance Minister Ken Ofori-Atta said in an interview in the capital, Accra. Prior to the onset of the global pandemic, the West African nation expected a shortfall of 4.7%, in line with legislation passed two years ago that the deficit shouldn’t exceed 5%.
Economic growth is now projected at 1.2%, he said. That compares with a government estimate of 1.5% at the end of March and with an initial forecast of more than four times that.
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