The government of Ghana has failed in 5 out of the 9 macroeconomic targets outlined for the 2022 fiscal year according to a JoyNews assessment.

According to the assessment, the government completely fell short on 5 out of 9 macroeconomic targets set for the 2022 fiscal.

The analysis of 9 key economic indicators outlined in the 2022 budget revealed that the government was unable to achieve most of its macroeconomic goals compelling it to revise all in the 2022 mid-year budget.

The macro-economic targets included an anticipated 5.8% expansion of the Ghanaian economy, with non-oil real GDP growth expected to reach 5.9%.

The end-December inflation rate was targeted at 8%, and the Gross International Reserves were intended to cover at least 4 months of imports.

Additionally, the government aimed to keep total expenditure below 136 billion cedis, while revenue was projected to be slightly above 100 billion cedis. However, the actual results indicated a failure to meet these targets as per JoyNews' assessment.

METHODOLOGY

The scores were determined by calculating the difference between the government's targets and the actual outcomes.

For instance, the target for real GDP growth rate was 5.8% by the end of December 2022, but the actual growth rate recorded during that period was 3.1%, resulting in a difference of 2.7%.

To compute the score, the actual growth rate was expressed as a fraction of the target and then multiplied by 100, yielding a final score of approximately 53.44%.

This score corresponds to a "CREDIT" (C6) grade on the West African Examinations Council's (WAEC) grading system.

Targets with abnormal deviations from the intended values were labeled as "DEVIATED."