Elorm Desewu
Provisional data on the implementation of the 2009 budget shows that the government’s fiscal deficit has continued to narrow for the first five months of this year.
The overall balance shows a deficit of GH¢608.9 million, excluding payment of some 2008 arrears of GH¢225 million, which is equivalent to 2.8% of GDP.
Total revenue and grants amounted to GH¢2.4 billion in the first five months of this year, representing an increase of 13% over the outturn for the same period in 2008.
Domestic revenue totaled some GH¢2.0 billion from the January-May period of this year. Compared to the GH¢1.7 billion collected in the same period of 2008, representing an increase of 17.4%.
Tax revenue was also 17.8% higher than the corresponding figure in the same period of 2008.
Total expenditure during the first five months of this year, amounting to GH¢2.9 billion, was 4% more than total expenditure during the same period of 2008.
Non-interest expenditure during the first five months of 2009 was also more than the corresponding expenditure in the same period in 2008 by 8.4%.
As a result, the domestic primary balance of 1.2% of GDP for the first five months of the year was much higher than the corresponding balance of 0.5% in the same period of 2008.
Provisional data on the implementation of the 2009 budget shows that the government’s fiscal deficit has continued to narrow for the first five months of this year.
The overall balance shows a deficit of GH¢608.9 million, excluding payment of some 2008 arrears of GH¢225 million, which is equivalent to 2.8% of GDP.
Total revenue and grants amounted to GH¢2.4 billion in the first five months of this year, representing an increase of 13% over the outturn for the same period in 2008.
Domestic revenue totaled some GH¢2.0 billion from the January-May period of this year. Compared to the GH¢1.7 billion collected in the same period of 2008, representing an increase of 17.4%.
Tax revenue was also 17.8% higher than the corresponding figure in the same period of 2008.
Total expenditure during the first five months of this year, amounting to GH¢2.9 billion, was 4% more than total expenditure during the same period of 2008.
Non-interest expenditure during the first five months of 2009 was also more than the corresponding expenditure in the same period in 2008 by 8.4%.
As a result, the domestic primary balance of 1.2% of GDP for the first five months of the year was much higher than the corresponding balance of 0.5% in the same period of 2008.
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