- July 28, 2022
- Posted by: Charles Yeboah Nixon
- Categories: Banking and Finance, Economics, Finance, Forex, Grants
Provisional data on government fiscal operations for January to June 2022 show shortfalls in revenue performance and a faster execution of expenditures.
According to the 2022 Mid-Year Budget Review, this resulted in an overall budget deficit of GH¢28.153 billion (5.6% of GDP), against a programmed deficit target of GH¢19.730 billion (3.9% of GDP).
The corresponding primary balance for the period was also a deficit of GH¢7.676 billion (1.5% of GDP), against a deficit target of GH¢672 million (0.1% of GDP).
Again, Total Revenue and Grants amounted to GH¢37.808 billion (7.5% of GDP), compared with the target of GH¢43.421 billion (8.6% of GDP) and the GH¢30.461 billion (6.6% of GDP) recorded in the corresponding period in 2021.
The outturn for Total Revenue and Grants represents a shortfall of 12.9% compared to the period’s target and year-on-year growth of 24.1%.
The shortfall in revenue stemmed from the less robust performance recorded in all the revenue handles for the period.
Total Expenditure (including arrears clearance and discrepancy) for the period amounted to GH¢65.961 billion (13.1% of GDP), marginally above the target of GH¢63.151 billion (12.6% of GDP).
Except for expenses on Interest Payments and Foreign Financed Capital, all key expenditure items were contained within their respective targets for the period.