The Finance Minister, Ken Ofori-Atta, says fiscal performance from January to August 2023 indicates a stronger fiscal consolidation.
According to him, the 2023 fiscal framework was revised during the 2023 Mid-Year Fiscal Policy Review to reflect updated macro-fiscal developments and align with the fiscal adjustment path under the IMF-supported PC-PEG path.
However, it has recorded significant progress in the first eight months of the year.
He gave provisional data as follows:
i. Total Revenue and Grants was GH¢79.1 billion (9.3 percent of GDP), 2.8 percent lower than the programmed target of GH¢82.2 billion (9.6 percent of GDP).
ii. Total Expenditure (Commitment) was GH¢104.6 billion (12.2 percent of GDP), 14.1 percent lower than the target of GH¢121.8 billion (14.2 percent of GDP).
iii. Primary Expenditure (Commitment) was GH¢84.7 billion (9.9 percent of GDP), 6.0 percent lower than the target of GH¢90.1 billion (10.5 percent of GDP).
iv. Primary Balance (Commitment) was a deficit of GH¢5.5 billion (0.7 percent of GDP) compared to the target deficit of GH¢7.9 billion (0.9 percent of GDP).
v. Overall Fiscal Balance (Commitment) was a deficit of GH¢25.4 billion (3.0 percent of GDP) compared the target deficit of GH¢39.6 billion (4.6 percent of GDP).
vi. Overall Fiscal Balance (Cash) was a deficit of GH¢26.1 billion (3.0 percent of GDP) compared the target deficit of GH¢44.6 billion (5.2 percent of GDP).
Based on the overall macroeconomic objectives and the medium-term targets, the following macroeconomic targets are set for the 2024 fiscal year:
i. Overall Real GDP growth of at least 2.8 percent;
ii. Non-Oil Real GDP growth of at least 2.1 percent;
iii. End-Period inflation rate of 15.0 percent;
iv. Primary Balance on Commitment basis of a surplus of 0.5 percent of GDP; and
v. Gross International Reserves to cover not less than 3.0 months of imports.
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