The Ghanaian government will introduce program-based budgeting instead of the current activity- based system in running the country's fiscal sector in 2014, a deputy minister for finance said Wednesday.

This would enable the government to be more strategic in budget management, Ricketts Kwaku Hagan said when addressing a multi- stakeholder meeting over the drawing of next year's budget which is expected to be read next month, .

Hagan bemoaned that high public sector wage taking over 70 percent of total revenue and high interest payments had left little space for expenditure on goods and services.

The government has targeted a 9.0 percent deficit in this year's budget, and 6.0 percent by 2016.

"The type of investment we make in the next three to four years will determine whether Ghana will move forward or not. First thing is that we need to re-conceptualize how we approach economic policy making," Bishop Akolgo, Executive Director of the Integrated Social Development Center (ISODEC), a policy think-tank, stated in a comment.

He said Ghana needed to introduce a development paradigm that taxed sectors of "diminishing returns" and inject these funds in areas of "increasing returns".