Finance Minister Seth Terkper is set to present revised estimates in the 2015 budget to parliament on Thursday.
The presentation has been influenced by a 700 million decline in Government’s revenue from the slump in crude oil prices on the international market.
The review of the budget estimates will result in significant cuts in government expenditure.
Government last year budgeted with crude oil price of $99 a barrel, which should bring in about a $2 billion to help it meet its revenue target of 34 billion Ghana cedis.
However, the revised estimates could see the finance minister, announce some serious cuts in Government’s initial plan to spend some 44 billion Ghana cedis this year.
Analysts predict the areas that could see aggressive cuts will be subsidies on petroleum products and utility tariffs. They predict also that some initial budgets for some projects could be slashed to make up for the cut in Government’s expenditure.
Government last year prepared the 2015 budget when crude oil prices stood at $99 a barrel and was hoping to make about $1.2 billion by the end of the year to enable it to meet a revenue target of GH¢34 billion.
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