Finance and Economic Planning Minister Dr Kwabena Duffour has hinted that the budget deficit which stood at 14.5% when the NDC assumed office in January could have been as high as 24.5% had certain “arrears and commitments been taken into account.” But the minister says the deficit which now stands at 4.5 per cent of GDP was achieved “through the prudent management of the economy by the NDC government.” Dr Duffour said these when he went to Parliament Tuesday with a reviewed 2009 budget to seek approval for about GH¢253m to shore up the economy. He blamed what he said was a dip in gross reserves in March this year on the performance of the three-year and five-year bonds floated by the previous administration in 2007. The Finance Minister hinted that whilst 47% of the three-year bond was acquired by foreigners, a huge 87% of the five-year bond also went into the hands of foreigners all of whom demanded gains in dollars. The situation negatively affected the performance of the bond, hence its dip this year, he explained. Dr Duffuor however hinted that the economy is currently taking shape as government vigorously pursues prudent economic policies. Total exports, he said, stood at $3003.8 million as of July 2009 compared to $2845.8 million the same period in 2008. Receipts from cocoa beans and products have also seen a 16.6 per cent growth as compared to last year’s figure. Dr Duffuor said although there are no concrete indicators of a complete recovery from the global financial squeeze, the country would continue to post positive results. The comments by the minister are expected to be met with a strong rejection by the Minority in Parliament who have continuously dismissed such criticisms of the previous administration. Listen to excerpts of the presentation by Dr. Duffuor on the floor of Parliament on Tuesday. Story by Fiifi Koomson/Myjoyonline.com/Ghana