Ghana realizes GH¢8.4b in revenue, grants first eight months of 2012

Ghana accrued a total amount of GH¢8.4 billion in revenue and grants during the first eight months of 2012, according to the central bank’s Monetary Policy Committee (MPC) report released September 12, 2012.

Giving the fiscal government operations on the narrow coverage, the report showed import duties, import VAT & NHIL and petroleum taxes totaled GH¢2.9 billion while GH¢3.2 billion were realized from income and property taxes.

The Bank of Ghana (BoG) report covering January to August 2012, indicated that non-tax revenue and programmed grants amounted to GH¢208 million and GH¢389.7 million respectively.

Domestic VAT, Excise Duty and NHIL realized GH¢894.8 million, it added.

During the same period (January-August) 2011, revenue, grants secured by the government totaled GH¢6.5 billion.

On total government expenditure including arrears and other outstanding payments during the 2012 eight-month period, the report observed that the total amount reached GH¢12.5 billion, compared to GH¢7.8 billion in 2011.

Most of the expenditure went into wages, salaries and related payments which took GH¢6.2 billion while domestic interest payments received GH¢1.1 billion.

External interest payments made were GH¢300.6 million, the MPC report indicated.

Other payments amounted to GH¢4.9 billion made up of MDA drawings and statutory payments (DACF, GETFUND, NHIL etc.).

By Ekow Quandzie