Ghana’s economy grew in 2014 despite some challenges encountered from January; finance Minister Seth Terkper has told Parliament.

He reported to the House that economic growth has remained robust compared to other African countries, despite shocks in the global economy.

Terkper nonetheless reiterated that Ghana’s economy is not out of the woods yet, adding that the expected programme from the International Monetary Fund (IMF) will help Government towards achieving medium to long term goals.

Terkper said the Government expects the budget deficit to reduce to about 3.5% by 2017. The 2014 budget targeted to reduce the fiscal deficit to 8.5% of GDP.

Terkper told Parliament Wednesday when he presented the 2015 budget and fiscal policy statement to the House that Ghana’s GDP growth without contribution from oil for 2015 will be 4.4%.

As far as medium term prospects for 2015 are concerned, Terkper said the Government expects GDP growth with contribution from oil to be 6.8%.

He also told Parliament that loans contracted were used to finance major infrastructure projects.

The Minister also revealed that Ghana's public debt has been soaring over the years, adding that as of September 2014, the country’s total debt hit Ghc69.7 billion.

He noted that the rising inflation in the country played a role in the plummeting in value of the local currency – the Cedi. The currency lost close to 40 percent of its value against the Dollar and other major currencies of international trade. A recent infusion of close to $3 billion through a $1-billion Eurobond and $1.7-billion cocoa syndicated loan, helped to buoy the Cedi.

Terkper told the House that the Government is putting in place measures to insulate the economy from the vulnerabilities of the global economy.

Meanwhile the Government, according to finance Minister has projected that non-oil growth will grow around 4.4%.

The Minister’s presentation of the budget was punctuated by intermittent heckling by Minority MPs, some of whom wielded placards that read: "Reduce Fuel Prices Now" and "Dumsor Dumsor Must End."

CLICK HERE FOR THE 2015 BUDGET SPEECH