Single-Digit Inflation Ahead

November 2007 | Ratings Update

Finance Minister Kwadwo Baah-Wiredu announced on November 15 that the 2008 budget will aim at an overall deficit of no more than 4.0% of GDP, which represents only a minor increase from an estimated 3.2% in 2007. The government insisted that the target will be achieved despite the holding of presidential elections and the organisation of the African Cup of Nations football tournament in 2008. Against this backdrop, we are more cautious, however, and forecast a 2008 year-end deficit of 4.4% of GDP. Yet we welcome government plans to channel expenditure towards infrastructure projects (in particular roads and energy), which

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