Government records GH¢16.7bn revenue in quarter 1, 2022; lower than programme target

Government recorded GH¢16.7 billion total revenue and grants, about 3.3% of Gross Domestic Product (GDP) in the first quarter of 2020, provisional data by the Bank of Ghana has revealed.

This is below the projected GH¢19.3 billion (3.8% of GDP).

Total expenditure also amounted to GH¢27.0 billion (5.4% of GDP), below the programmed target of GH¢30.5 billion (6.1% of GDP).

This indicated an overall broad fiscal deficit (cash, excluding energy sector payments, financial sector clean-up costs) of 2.6% of GDP, against the programmed target of 2.3% of GDP.

Also, the corresponding primary balance for the period was a deficit of GH¢2.3 billion (0.5% of GDP), against a deficit target of GH¢1.4 billion (0.3% of GDP).

Meanwhile, the stock of public debt increased to 78.0% of GDP (GH¢391.9 billion) at the end of March 2022.

This is compared with 76.6% of GDP (GH¢351.8 billion) at the end of December 2021.

Of the total debt stock, domestic debt was estimated at GH¢189.9 billion (37.8% of GDP), while the external debt was GH¢201.9 billion (40.2% of GDP).