Ghana plans to reintroduce a mining windfall tax as it looks for ways to seal a widening fiscal deficit that stands above 10 percent this year.

Ghana Finance Minister Seth Terkper said at annual budget speech the government wants to reintroduce a mining windfall tax bill after consultations, BusinessReport quoted Reuters.

“A committee is reviewing all stability agreements, incentives and the windfall profit tax that could not be passed in 2012 …. In due course, government will re-introduce the bill in parliament after completion of the consultations with all stakeholders,” Terkper said.

A previous bill that sought to impose a 10 percent windfall profit tax was introduced in 2012 but it was not considered by parliament.

Ghana has pledged to narrow its budget gap by curbing wages and boosting revenue to reassure investors and underpin its credit rating following a downgrade last month, Bloomberg reported.

The fiscal deficit is forecast to narrow to 8.5 percent of gross domestic product in 2014 from an estimated 10.2 percent this year. The economy will expand 8 percent next year, compared with 7.4 percent in 2013, Terkper said.

Ghana is struggling to reduce a budget gap that reached 12 percent of economic output in 2012 during a presidential election year.

The government has tried to compensate for a jump in public wages to 74 percent of tax income by cutting subsidies for fuel, water and electricity. It also raised the value-added tax rate to 15 percent from 12.5 percent on Nov. 15.

Fitch Ratings last month lowered Ghana’s credit rating to B from B+ as the government failed to achieve its fiscal deficit goal of 9 percent for this year and overran spending on interest payments.