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).