Ghana scaled down growth forecast for its GDP for 2017 to 7-7.4% against 8% previously, Reuters reported citing the country’s minister of finance, Serth Terkper.

The official said the government’s public expenditures were ranging within margins set by the International Monetary Fund under its 3-year program. He however did not reveal the reasons behind the downscaling.

Reuters recalled that in 2012, when took place the recent presidential elections, the government of Ghana recorded a budget deficit twice greater than what it expected due as it spent on civil service wages. Now, economists fear the government will increase public expenditures in sight of coming elections to which will be taking part John Dramani Mahama, facing opposition leader, Nana Akufo-Addo.

If confirmed, these concerns would seriously hurt the economy which is already slow as a result of global plunge in prices of crude, a higher inflation and budget deficit.