Ghana’s three-month borrowing costs, which fell to five-month lows last week, are poised to decline for a fourth auction today after the central bank sold the most domestic bonds on record, reducing its funding needs.
Ghana , the West African nation that will start production of oil for export next month, plans to narrow its fiscal deficit in the next three years as revenue from the energy industry builds up, Finance Minister Kwabena Duffuor said.
Ghana ’s budget deficit is forecast to reach 8 percent of gross domestic product this year, more than earlier estimated as spending in the fourth quarter of the year accelerates, Finance Minister Kwabena Duffuor said.
Ghana’s economy is set to move from “stability to accelerated growth,” Finance Minister Kwabena Duffuor said in an address to parliament to outline the 2011 budget. The West African nation’s economy has shown “resilience” and “stability” in the face of the global economic crisis, he said.