Ghana records GH¢5.1b revenue, grants first five months of 2012

Ghana has recorded total revenue and grants amounting to GH¢5.1 billion from January-May of 2012, provisional data from the Bank of Ghana (BoG) has shown.

During the five-month period, total tax revenue was GH¢4.4 billion as against GH¢3 billion recorded during the corresponding period in 2011, according to the central bank’s Monetary Policy Committee (MPC), June 13, 2012.

“… for the first five months of 2012 – total revenue and grants recorded a year-on-year growth of 34.5%, amounting to GH¢5.1 billion,” the MPC said, adding that grants disbursements amounted to GH¢293.8 million.

Total expenditure for the same period amounted to GH¢7.5 billion, representing a year-on-year growth of 44.9%, it said.

Of this, statutory payments amounted to GH¢5.4 billion, comprising mainly of wage-related payments of GH¢4 billion and discretionary payments of GH¢2.1 billion, representing 38.9% of total payments, the central bank explained.

The country recorded a narrow budget deficit of GH¢2.4 billion. “The deficit together with a net foreign loan repayment of GH¢119.7 million created a resource gap of GH¢2.5 billion which was financed from domestic sources,” the BoG stated.

The banking sector financed 58.9% of the deficit, with the non-bank sector financing the remaining 41.1%, it added.

By Ekow Quandzie