Government is projecting an interest payment of ¢37.2 billion, about 7.5% of Gross Domestic Product in 2022, the 2022 Budget and Economic Policy has indicated.

This is out of a revenue of ¢70.5 billion and slightly higher than that of the 2021 forecast.

Interest payment is expected to increase to ¢38.0 million (6.8% of GDP) in 2023, ¢38.7 billion (6.1% of GDP) in 2024, and further to ¢41.3 billion (5.8% of GDP) in 2025.

This indicates that the nation is spending more money to service debt, rather than undertaking investments projects.

However, capital expenditure is projected at ¢11.8 billion (2.4% of GDP) for 2022, increasing to ¢12.2 billion (2.2% of GDP) in 2023, GH¢11.4 billion (1.8% of GDP) in 2024, and further to GH¢12.1 billion (1.7% of GDP) in 2025.

Also, domestically financed Capex is projected at ¢11.8 billion (2.4% of GDP) for 2022, rising to GH¢12.2 billion (2.2% of GDP) in 2023. It is expected to fall to GH¢11.4 billion (1.8% of GDP) in 2024, but will rise to GH¢12.1 million (1.7% of GDP) in 2025.

For revenue, gross non-oil Tax Revenue is estimated at GH¢70.5 billion (14.2% of GDP) and represents a per annum growth of 23.5%.

On net basis that is excluding tax refunds, non-oil tax revenue is estimated at ¢66.96 billion (13.5% of GDP).

Non-oil Non-Tax revenues from Municipal District Assemblies that generate Internally Generate Funds (IGFs) will also amount to ¢8.41 billion in 2022 and increase by about 14.8% thereafter.

Sadly, grants disbursements is expected to dwindle from ¢599.89 million in 2022 to ¢157.71 million in 2025.