Finance Minister Seth Terkper is likely to present the 2015 Budget to parliament by November 20. This is however subject to the approval of parliament.

Joy Business gathered from its sources close to the Finance Committee of Parliament that despite the current negotiations with the IMF, government can still go ahead with the presentation.

There were fears, initially, that because of the current negotiations with the IMF, government might not be able to meet the constitutional requirement, which enjoins it to present the budget at least a month before the beginning of the implementation of that the new budget.

But according to persons close to the preparation of the Budget, government can still go ahead, because it can reach some agreement with the IMF even in the middle of the negotiations. This means government can go ahead with its economic policy and financial statement for 2015.

But for some economists, the government’s biggest challenge for next year, would be how to check its rising expenditure, in the face of labour agitations for higher wages as well as calls for complete infrastructure projects.

However, for those working on the budget,  the challenge facing government now  is whether it should go ahead with some expenditure cuts  to address the budget deficit and raise more revenue to match its rising expenses.

According to the finance ministry's guidelines for preparation of the budget, government is hoping to mobilize 43 billion Ghana cedis in revenue for next year, up from the  26 billion Ghana cedis it hoped to get this year.

Meanwhile, sources say government would be using a new accounting program that would help seal some of the loopholes in its revenue.

The new program would look at how to enforce the cap on spending levels of the various ministries. 

It would also help reduce the ghost names on government's payroll, which is expected to reduce the wage bill.

The 2015 Budget would also come up with some new rules on the benefits and salaries for all  public servants.