Thursday, August 18, 2022
  • Home
  • About
    • Editorial Guidelines – Accuracy
    • Trust and transparency
  • Advertise
  • Login
  • Register
Ghana News - GhStandard
  • Home
    • General
    • Social
    • Religion
    • Education
    • Health
    • Environment
    • Science
  • Breaking
    • Latest News
    • Trending News
  • Politics
    • Opinions
    • Speeches
    • Profiles
  • Sports
  • Crime
    • Legal
  • Business
    • Economy News
    • Real Estate
    • Ghana – Economy
    • Finance News
    • Faith and Business
    • Digital Marketing
  • Entertainment
    • Music Related
    • Movies
  • Lifestyle
    • Fashion News
    • Food Related
    • Travel News
  • Features
    • Profiles
    • Press Release
    • Obituary
  • World
No Result
View All Result
  • Home
    • General
    • Social
    • Religion
    • Education
    • Health
    • Environment
    • Science
  • Breaking
    • Latest News
    • Trending News
  • Politics
    • Opinions
    • Speeches
    • Profiles
  • Sports
  • Crime
    • Legal
  • Business
    • Economy News
    • Real Estate
    • Ghana – Economy
    • Finance News
    • Faith and Business
    • Digital Marketing
  • Entertainment
    • Music Related
    • Movies
  • Lifestyle
    • Fashion News
    • Food Related
    • Travel News
  • Features
    • Profiles
    • Press Release
    • Obituary
  • World
No Result
View All Result
The Ghanaian Standard
No Result
View All Result
ADVERTISEMENT
Home Economy

Government revises fiscal deficit target in 2022 to 6.6% of GDP

The Ghanaian Standard by The Ghanaian Standard
July 26, 2022
in Economy
Reading Time: 2 mins read
A A
Finance Minister - Ken Ofori-Atta

Finance Minister - Ken Ofori-Atta

ShareTweetSend

The government has revised the country’s overall fiscal deficit target in 2022 to 6.6% of Gross Domestic Product (GDP), from the earlier 7.4%.

This is due to cuts in expenditure and expected improvement in revenue for the rest of the year.

ADVERTISEMENT

Again, the government has revised the primary surplus target to 0.4% of GDP, up from a surplus of 0.1% of GDP.

Government in March 2022 announced the implementation of the 30% discretionary expenditure cuts and other expenditure measures.

Some expenditure measures were the moratorium on foreign travels except pre-approved critical and/or statutory travels, and a 50% cut in fuel coupon allocations for all political appointees and heads of government institutions, including State Owned Enterprises, effective April 1st, 2022.

ADVERTISEMENT

The government also recently approved a 15% Cost of Living Allowance (COLA) for all public servants.

Accordingly, total Revenue and Grants have now been revised to ¢96.84 billion (16.4% of GDP) in 2022, from the 2022 Budget target of ¢100.51 billion (20.0% of GDP).

This represented a 3.7% reduction.

ADVERTISEMENT

Total Expenditure including payments for the clearance of arrears has also been revised downward to ¢135.74 billion (22.9% of GDP), from the original budget projection of ¢137.52 billion (27.4% of GDP).

Interest Payments have however been revised upwards from ¢37.44 billion (7.5% of GDP) to ¢41.36 billion (7.0% of revised GDP).

This is mainly on account of inflationary pressures and exchange rate depreciation resulting in a higher cost of financing.

SimilarNews

Deloitte Ghana

Rising external debt sparks foreign currency demand, cedi depreciation

August 10, 2022
Include organized labour in the Economic Management Team – Dr Samuel Ankrah

Include organized labour in the Economic Management Team – Dr Samuel Ankrah

July 20, 2022
Ghana Economy

Ghana ranked 2nd among countries with highest debt default risk in 2022 by Bloomberg

July 19, 2022
Education Schools Resumption

Hohoe Schools reopen for academic activities

July 18, 2022
Kadjebi teacher Unions

Kadjebi Teacher unions grateful to Government for 15% COLA

July 18, 2022
GNAT President commends teachers for support

GNAT President commends teachers for support

July 18, 2022
Source: Joy Business
Via: Joy News
Tags: Cost of Living AllowanceGross Domestic Product

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
ADVERTISEMENT

Similar Topic

Clement Osei Amoako

Country’s economic outlook worrying – GNCCI calls on government to support industry

August 17, 2022
Vice President Dr. Mahamudu Bawumia

533 ‘ghosts names’ detected by Controller and Accountant-General’s Department – Dr Bawumia reveals

August 17, 2022
Residents of the Commonwealth Hall at the University of Ghana

UG’s Commonwealth Hall residents protest suspension of Hall Master, Senior Tutor over clashes with Mensah Sarbah Hall

August 17, 2022
Mr. Appiah Kusi Adomako - West Africa Director

Private sector enterprises advised to build capacity for AfCFTA

August 17, 2022
Dr John Kwabena Kwakye -Director of Research at the Institute of Economic Affairs

IMF negotiations: Government must be prepared for tough measures – Dr Kwakye

August 17, 2022
Dr Anthony Yaw Baah - General Secretary of the Trades Union Congress

Tariff increment not acceptable at this time – TUC

August 16, 2022
Please login to join discussion
https://youtu.be/2QL-nhbkqts
ADVERTISEMENT

Latest News

Country’s economic outlook worrying – GNCCI calls on government to support industry

Today’s Newspaper Frontpages – Wednesday, August 17, 2022

Fire outbreak in Egyptian church cause stampede killing at least 41, most of them children

Bawku: Three men shot dead in highway robbery

‘We can’t restore power to Kroboland until stolen parts of our transformers are fixed’ – ECG

Liberia Government suspends three officials accused by U.S. of corruption

Ghanaian taxi driver beaten to death in New York; Ghana Mission urges others to take charge of personal security

533 ‘ghosts names’ detected by Controller and Accountant-General’s Department – Dr Bawumia reveals

UG’s Commonwealth Hall residents protest suspension of Hall Master, Senior Tutor over clashes with Mensah Sarbah Hall

I don’t ‘beef’ for relevance – Lyrical Joe

Prev Next
ADVERTISEMENT

Trending News

Ghana’s Commonwealth Games delegation presents medals to Minister

“I haven’t retired yet” – Asamoah Gyan sets sight on 2022 World Cup

Three Opoku Ware SHS students arrested for alleged robbery

Bawku: Three men shot dead in highway robbery

Today’s Newspaper Frontpages – Wednesday, August 17, 2022

IMF negotiations: Government must be prepared for tough measures – Dr Kwakye

I don’t ‘beef’ for relevance – Lyrical Joe

533 ‘ghosts names’ detected by Controller and Accountant-General’s Department – Dr Bawumia reveals

UG’s Commonwealth Hall residents protest suspension of Hall Master, Senior Tutor over clashes with Mensah Sarbah Hall

Afrochella co-founder steps down following sexual harassment allegations

Prev Next
ADVERTISEMENT

Editor's Pick

Top 10 Twitter Influencers in Ghana

DStv Nigeria Packages, Channels, Prices

Ghana Braids: 25 Lovely Ghana Weaving Hairstyles

Top 10 Business Opportunities in Ghana

Best Banks in Ghana: 2021 Performance Ranking of Ghana’s Banking Sector

LIVE: GPL Table 2022 – Ghana Premier League table 2022

Wa Polytechnic Courses: List of Dr Hilla Liman University Courses & Fees

Prev Next
Best Web Design Company in Ghana Best Web Design Company in Ghana Best Web Design Company in Ghana
ADVERTISEMENT
ADVERTISEMENT
The Ghanaian Standard

The Ghanaian Standard is a privately own news website based in Accra, Ghana. We bring you accurate Breaking News, Trends & Top Stories in Business, Politics, Lifestyle, Technology, and more from Ghana, Nigeria, Africa, and across the globe.

GhStandard.com - News made for discerning minds ...

Google News - The Ghanaian Standard, Ghana News
  • About
  • Contact
  • Advertise

© 2021 The Ghanaian Standard - Breaking News & Top Stories in Ghana, Africa, Business, & More | Powered by YellGh - Designed by EnspireFX.

No Result
View All Result
  • Home
    • General
    • Education
    • Health
    • Social
    • Religion
    • Tech
  • Breaking News
    • Latest
    • Trending
  • Politics
    • Opinions
    • Speech
  • Sports
  • Crime
    • Legal
  • Business
    • Economy
    • Finance
    • Finance & Investment
  • Sports
  • International
    • DR Congo
    • Guyana
    • Kenya
    • Nigeria
    • South Africa
    • Qatar
  • Entertainment
    • Movies
    • Music
  • Lifestyle
    • Fashion
    • Food Related
    • Travel
  • Feature
    • Press Release
    • Profiles
    • Obituary
  • Editorial
    • Ethics and Guidelines
    • Trust and Transparency
HTML tutorial

© 2021 The Ghanaian Standard - Breaking News & Top Stories in Ghana, Africa, Business, & More | Powered by YellGh - Designed by EnspireFX.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In