Budget implementation, using banking sector data, for the first 9-months of this year recorded an elevated overall cash deficit of 6.4% of Gross Domestic Product (GDP).
This is against the revised programmed target of 5.0% of GDP.
According to the Bank of Ghana, total receipts of ¢51.49 billion (8.7% of GDP) over the review period, fell short of projected target of ¢60.08 billion (10.2% of GDP).
This represented 85.7% of the budgeted estimate.
Also, total payments of ¢89.04 billion (15.0% of GDP) was almost on target, representing 99.5% of ¢89.46 billion (15.1% of GDP).
The Central Bank added that the deficit of ¢37.56 billion, together with net foreign loan repayments of ¢3.54 billion, created a resource gap of ¢41.1 billion, which was financed from domestic sources and use of resources from the stabilization fund.
Government meets fiscal deficit target of 5.3% of GDP
Finance Minister, Ken Ofori Atta, had earlier pointed out that government met its fiscal deficit target of 5.3% of GDP in the first seven months of 2022.
According to him, the overall fiscal deficit amounted to ¢31.1 billion (5.3% of GDP), against a target of ¢31.2 billion (5.3% of GDP).
Latest Stories
-
Burkina Faso army massacred 223 villagers in revenge attack – HRW
1 min -
Germany detains alleged Nigerian mafia members
6 mins -
Manhyia Palace hosts royals, dignitaries from Ghana and beyond at special Awukudee
13 mins -
Celestine Donkor speaks on report of undergoing weight loss surgery
35 mins -
Bright Simons: The SML defence “falls flat”
43 mins -
We need long term macroeconomic stability to build a strong and vibrant economy – Deloitte Boss
43 mins -
Adomaa Adjeman to make theatre debut as Aku Sika in Prof Martin Owusu’s epic
45 mins -
U.S. government supports Ghanaian partners to protect Intellectual Property
50 mins -
Eric Johnson
56 mins -
Tanzania denies abuse reports as World Bank halts funds
1 hour -
2024 polls: The person I defeated twice can’t succeed me – Akufo-Addo
1 hour -
NBA: Miami Heat beat Boston Celtics to even series
1 hour -
Two sentenced for stealing over 1,000 bags of rice
1 hour -
Zulu monarchy in row over king’s praise singer
1 hour -
Xavi to remain as Barcelona coach until at least June 2025
2 hours