Ghana News

2023 budget: Projected expenditure to exceed ¢200bn for the first time since independence

For the first time in Ghana’s history, total expenditure is expected to exceed GH¢200 billion in 2023.

Sixty-five years after independence, Ghana’s total expenditure (including clearance of arrears) within a specific fiscal year has been projected to reach GH¢205.4 billion by the end of 2023, with two line items accounting for more than 47% of the estimated amount.

The Finance Minister, Ken Ofori-Atta, revealed this when he presented the 2023 budget to Parliament.

According to the Minister, compensation of employees and interest payments on loans for the period under review will account for about 47.50% of the over GH¢205 billion projected expenditure.

Data contained in the 2023 budget indicate that interest payments on loans will be the most expensive expenditure line item with a projected value of GH¢52.6 billion, followed by compensation of employees, including wages and salaries of workers amounting to some GH¢44.99 billion.

2023 budget: Projected expenditure to exceed ¢200bn for the first time since independence

Resource Mobilisation and Allocation for 2023

Total Revenue and Grants is projected at GH¢143.96 billion (18.0% of GDP). According to the Finance Minister, this is underpinned by permanent revenue measures – largely tax revenue measures – amounting to 1.35 per cent of GDP. Of the GH¢143.96 billion, domestic revenue from tax, oil and gas receipts, non-tax receipts and other revenue, is estimated at GH¢141.55 billion and represents an annual growth of 46.6% over the projected outturn for 2022.

2023 budget: Projected expenditure to exceed ¢200bn for the first time since independence

Update on government fiscal operations (Jan-Sept 2022)

Mr. Ken Ofori-Atta also indicated that provisional data on government fiscal operations shows a shortfall in revenue performance and a faster execution of expenditures.

According to the Finance Minister, this resulted in an overall budget deficit of GH¢41.7 billion (7.0% of GDP), against a programmed deficit target of GH¢36.7 billion (6.2 % of GDP). 

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

AfricaNewsWeb publishes around 700 news a day from more than 50 news organizations and over 15 special editiors representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons, Entertainment Sports and more. Publishers named above each report are responsible for their own content, which does not have the legal right to edit or correct.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button