Total interest payment on Ghana’s loans for 2023 is projected at ¢52.5 billion cedis, representing 6.6% of GDP.
This is above total Compensation of Employees (salaries) which is projected at ¢44.9 billion representing, 5.6% of GDP under the same period.
The figures were disclosed by the Finance Minister, Ken Ofori-Atta during the 2023 Budget Presentation in Parliament on Thursday, November 24, 2022.
Meanwhile, Capital Expenditure, which is money allocated for infrastructure development is projected at ¢27.7 billion representing 3.5% of GDP.
Government is also expecting to spend about ¢8 billion on Goods and Services, while it forecasts Grants to Other Government Units at ¢30 billion.
“Mr. Speaker, Other Expenditure, mainly comprising Energy Sector Levies (ESL) transfers and Energy Sector Payment Shortfalls is estimated at GH¢26,739 million” Mr. Ofori-Atta said.
He stated that Total Revenue and Grants and Total Expenditure, the overall Budget balance to be financed is a fiscal deficit of ¢61.4 billion, equivalent to 7.7 percent of GDP.
“The corresponding Primary balance is a deficit of GH¢8.9 billion, equivalent to 1.1 percent of GDP”.
Latest Stories
-
CAF Confederation Cup: I’ve learned valuable lessons that will help future generations – Karim Zito
5 mins -
Create partnership with Ghanaian businesses – K.T. Hammond tells U.S. business leaders
5 mins -
5 dead, over 14 injured in gory accident near Obuasi
45 mins -
Without my approval, no road can be constructed in Ghana – Akufo-Addo
51 mins -
Cleaner to stand trial over Cashier’s death at Twumasiwaa Hospital
1 hour -
Bawumia pledges full Ghanaian ownership of natural resources if elected president
1 hour -
Global financial institutions call for comprehensive treaty to end plastic pollution
1 hour -
Electoral processes, ethnoreligious cleavages threats to Ghana’s 2024 election – WANEP
1 hour -
ILO study just a projection, and will never come to pass – SSNIT
1 hour -
Harnessing intuition, reasoning, and memory to navigate the AI age
2 hours -
Azumah Nelson Sports Complex: Gov’t advised to terminate project contract
2 hours -
Dumsor will be a thing of the past soon – Bawumia assures
2 hours -
Why do you always run to the media? – EC quizzes IMANI
2 hours -
Francis Doku charges government to market traditional festivals
2 hours -
Ghana records an average of 9,900 snakebites annually
2 hours