Government will be forced to spend within its means, as a law is being considered to arrest the persistent over-expenditure that caused Ghana's record 12.0% deficit, Joy News sources at the National Economic Forum have revealed.

This is a key consensus gathered ahead of a communique to be issued as the National Economic Forum inches to a close today at Senchi in the Eastern region.

The three-day non-partisan forum, themed, ‘Changing the Narrative: National Consensus for Social Transformation has hosted 400 economic leaders to tackle Ghana's fiscal challenges.

Joy News' Evans Mensah explained, the law would punish agencies who over-spend.

Ghana's minority in Parliament will feel vindicated after Minority leader expressed sadness over government's continued violation of the law in respect over-expenditure.

Osei Kyei Mensah Bonsu last November questioned "why in 2009 government over expenditure amounted to GH¢300 million.  Why over expenditure in 2010 exceeded GH¢800 million or why over expenditure totaled GH¢1.3 billion in 2011 and; the mother of all over expenditures – GH¢2.8 billion or ¢28 trillion in 2012". 

He suggested the business of the Finance Committee [of Parliament] which should have detected this over-expenditure, did not live up to its responsibilities.

Fitch has downgraded Ghana's sovereign rating in October to B from B+ because of concerns about government spending.

The government has said, it aims to reduce the deficit to 6 percent in 2015 from 11.8 percent in 2012 and has taken tough decisions this year by cutting subsidies on utilities and fuel.

Joy News' Evans Mensah further revealed participants will also be asking Parliament to play a more active role in checking government over-expenditure.

A recent survey has bashed Ghana's 230 parliamentarians for doing an average job.