Skip to main content

Fiscal deficit narrows in 2011

By Kofi Ahovi
Ghana’s fiscal operations in 2011 resulted in a narrow budget deficit of GH¢2.1 billion according to data from Bank of Ghana (BoG).

The deficit was financed mainly through the issuance of domestic bonds. However, “the Net Domestic Financing (NDF) of GH¢2.1 billion was within the programmed target of GH¢2.4 billion,” data stated.

Total revenue and grants in 2011 increased to GH¢10.7 billion compared to GH¢7.5 billion in 2010. Import duties, import VAT, petroleum taxes and NHIL receipts accounted for GH¢3.5 billion. Income and property taxes were GH¢3.8 billion while domestic VAT, excise duty and NHIL amounted to GH¢1.3 billion. Programmed grants of GH¢340.6 million also accrued.

Total expenditure also increased to GH¢12.7 billion in 2011, compared to GH¢9.2 billion in 2010. Wages, salaries and related expenditures totalled GH¢5.2 billion.

In January 2012, total revenue and grants amounted to GH¢649.3 million, while expenditures were GH¢1.4 billion. This resulted in a narrow fiscal deficit of GH¢756.4 million compared to a surplus of GH¢107.7 million recorded for January 2011. The deficit was financed mainly from the domestic sector of GH¢679.9 million, and net foreign inflows of GH¢76.6 million. The NDF for January of GH¢679.9 million represents 80.6% of the first quarter target of GH¢844 million.

The stock of domestic debt increased by 43% year-on-year to GH¢11.84 billion in 2011, from GH¢8.3 billion in 2010. The external debt stock also increased by 20.1% over the end of December 2010 position to US$7.6 billion (GH¢11.77 billion).

Cumulatively, the total public debt was GH¢23.6 billion, equivalent to 44.2% of GDP at end 2011, compared to GH¢17.6 billion (38.1% of GDP) in 2010.

Comments

Popular posts from this blog

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...

E&P takes over Black Volta and Sankofa Gold projects after years of delay

 Indigenous mining firm Engineers & Planners (E&P) has acquired Azumah Resources Ghana Ltd and Upwest Resources Ghana Ltd, taking full control of the long-stalled Black Volta and Sankofa gold concessions in the Upper West Region. The transaction, registered with the Registrar of Companies and approved by the Minerals Commission, ends nearly two decades of under-investment, legal disputes, and capital shortfalls that kept the concessions dormant. With global gold prices trading above $3,000 per ounce, the move comes at a time when Ghana is seeking fresh mining revenue to support its IMF-backed fiscal consolidation programme. E&P announced that it has secured funding to begin mine development and has committed to repaying verified debts associated with the projects. Ghana travel guide The company outlined a structured plan that includes: Working with the Ghana Revenue Authority (GRA) to audit and confirm loans previously recorded as project investments. Repaying genuine d...

Ghana Property & Lifestyle Expo Ignites Global Interest in Ghana’s Real Estate Market with Landmark Washington DC Edition

  Washington DC, USA – Hundreds of investors, professionals, and diaspora attendees gathered at the Washington Marriott Georgetown for the Ghana Property & Lifestyle Expo (GPLE) – Washington DC Edition , marking the dynamic launch of the 2025 Global Series. The two-day international showcase delivered a powerful mix of credible investment opportunities, expert insights, and strategic networking, spotlighting Ghana’s booming real estate sector as a leading destination for property and lifestyle investment in Africa. From luxury apartments and serviced plots to gated communities and commercial developments, attendees experienced the best of Ghana’s property landscape—featuring top developers from Accra and Kumasi, including Royal Kingdom Estate, Goldkey Properties, Devtraco Plus, Clifton Homes , and others.   Eddy Acquah Moderator & AJ Akua Johnson Brand Ambassador GPLE (Actress , Fitness Coach & Philanthropist) [/caption] Ambassador Victor Smith Applauds Expo’s Rol...