Ghana ranked second in World Bank open budget survey

Ghana has been ranked 2^nd in Sub-Saharan Africa by the World Bank in an Open Budget Survey.

The country’s score of 53% follows South Africa which is ranked first in the region with a score of 85%.

The World Bank in its World Development Report said Ghana was doing better in the Open Budget Survey than almost all the countries in the region.

However, there is more room for improvement to bridge the gap with South Africa.

Therefore the Bretton Wood institution says the government must improve its pre-budget statements, macroeconomic forecasts underpinning budget projections as well as government policies guiding estimates of expenditure and revenue. Others include estimates on government borrowing and debt, as well as estimates of government expenditure for a multi-year period of two years after the implementation of the budget.

The World Bank further urged Sub-Saharan African countries to present further information on new borrowing, total debt outstanding at the end of the year and projected interest spending in the enacted budget document.

Moreover, the executive could strengthen its engagement with the public during the budget process, particularly regarding the dissemination of the citizens’ budget.

Botswana and Rwanda performed somewhat less well overall on the Open Budget Survey (OBS) (International Budget Partnership 2020) than several other sub-Saharan African countries. Based on these countries’ comparative scores on the OBS’s very detailed questionnaire, there was scope for Botswana and Rwanda to further improve the information presented in the budget document.

Meanwhile, Namibia placed 3^rd with a score of about 50%.

 

Source: Joy Business News