Statistics & Publication
Fiscal Development Report - Oct. 2011
Wednesday, 26 October 2011 00:00
Fiscal Developments, Volume 2: No 5/2011 - November 2011

Highlights of Budgetary Development

Narrow Coverage, January-September 2011

Provisional banking data on the execution of the 2011 budget show that by the third-quarter of2011:

  • Total revenue and grants increased by 46.5 per cent to GH¢7,441.0 million (13.9% of GDP),compared to the corresponding period in 2010.
  • The level of government spending increased by 34.1 per cent to GH¢8,728.8 million (16.3%of GDP) compared with the corresponding period in 2010.
  • Consequently, fiscal operations resulted in a narrow budget deficit equivalent to 2.4 per centof GDP compared with 3.1 per cent of GDP recorded over a similar period the previous year.
  • The primary balance1 recorded a deficit of 0.4 per cent of GDP; against the deficit of 1.3 percent of GDP recorded in the corresponding period last year.
  • The narrow budget deficit of GH¢1,287.8 million (2.4% of GDP) together with a foreign loanrepayment of GH¢42 million, resulted in a financing gap of GH¢1,329.8 million. This gap was financed from the issuance of domestic bonds and bills.

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