Ghana records 3.8% deficit first four months of 2013
Ghana’s deficit hits 3.8% of GDP in the first four months of 2013, the central bank said today May 22, 2013 based on provisional estimates.
The deficit was against government’s target of 3%, Dr Kofi Wampah, Governor of the Bank of Ghana told the press when presenting the 55th Monetary Policy Committee (MPC) report in Accra.
The Committee attributed the deficit rise to the “significant shortfall in revenues with expenditure marginally below target”.
According to the BoG, the country’s total revenue and grants from January-April 2013 was GH¢6.3 billion, against a target of GH¢7.1 billion.
Total expenditures on the other hand amounted to GH¢9.7 billion during the four-month period, lower than government’s budget target of GH¢9.8 billion, Dr Wampah stated.
“These resulted in an overall budget deficit of GH¢3.4 billion (3% of GDP) as against a target of GH¢2.7 billion which is 3% of GDP,” the Governor added.
By Ekow Quandzie
THIS GOVERNMENT HAVE NO GRIP TO THIS CURRENT ECONOMY AND THE DEFICIT REDUCTION IS NOT ACHIEVABLE IN NEAR TERM. NO BETTER IMPLEMENTATION OF FISCAL MEASURES IS NOT TAKING PLCE CURRENTLY OR IN THE FUTURE. SAD THE ECONOMY BEING RUN THIS WAY. SORRY FOR GHANAIANS LOOKING FOR BETTER FUTURE OUT OF THIS CURRENT GOVERNMENT