H1 2017: Govt bags GHS17.5bn

Related Articles

Put your enemies to shame; sign Anti-LGBTQ+ Bill – Akufo-Addo charged

March 2, 2024

Ghana’s Inflation Rate Nearly Triples the Combined Rates of Ivory Coast, Togo, and Burkina Faso

February 23, 2024

Reconsider your policies on cash crop imports from the developing countries: GARDJA President appeals

February 5, 2024

Finance Minister Ken Ofori-Atta has revealed that the New Patriotic Party (NPP) government was able to raise GHS17.5 billion in total revenue and grants for the first half of 2017.

This forms 8.6 per cent of the Gross Domestic Product (GDP) but fell short of the GHS20.5 billion that government had projected to achieve.

This was contained in the 2017 mid-year budget review presented to parliament by the minister on Monday, July 31.

Total expenditure, including payments for the clearance of arrears amounted to GHS23.0 billion which forms 11.3 per cent of GDP, against a target of GHS27.6 billion which forms 13.6 per cent of GDP.

Wages and salaries amounted to GHS6.8 billion which sums up to 3.4 per cent of GDP against a target of GHS6.9 billion.

Goods & Services amounted to GHS854.6 million forming 0.4 per cent of GDP against the target of GHS1.4 billion which was 0.7 per cent of GDP.

Interest payments amounted to GHS6.7 billion which makes up 3.3 per cent of GDP against a target of GHS7.1 billion which was 3.5 per cent of GDP.

Capital Expenditure (CAPEX) amounted to GHS2.4 billion representing 81.8 per cent of the target of GH¢2.9 billion for the period.

Meanwhile, government was able to achieve a real Gross Domestic Product (GDP) of 6.6 per cent in the first quarter.

The erstwhile National Democratic Congress (NDC), however, achieved 4.4 per cent for the same period in 2016, per the figures provided Mr Ofori-Atta.

Agriculture was 7.8 per cent against 5 per cent for the same period in 2016; Industry was 11.5 per cent against 1.8 per cent for the same period in 2016 and Services was 3.7 per cent against 6.6 per cent for the same period in 2016.

Non-oil GDP growth rate was 3.9 per cent against 6.3 per cent for the same period in 2016;

The minister said inflation was 12.1 per cent at the end of June, down from 15.4 per cent at the end of December 2016.

The 91-day T-bill rates was 12.08 per cent at end June, down from 16.4 per cent at end 2016 while the Country’s Gross International Reserves stands at US$5.9 billion in June, up from US$4.9 billion at end December 2016.

Source: Ghana/ClassFMonline.com