Thinner budget gap in pipeline

GHANA will narrow its budget gap next year after ratings companies downgraded the country this year because of soaring inflation and slowing growth. The government would target a deficit of 6.5 percent of gross domestic product next year from 9.5 percent in 2014, Minister of Finance Seth Terkper said in parliament yesterday. The economy would expand 3.9 percent next year, slower than this year’s estimate of 6.9 percent, he said. The currency would remain stable through the end of the year, he said. Ghana is seeking to ease concern about rising debt levels, power shortages and inflation that are curbing economic growth and led to its credit rating being cut. – Bloomberg