For the first time in Ghana’s history, total expenditure is expected to exceed GH¢200 billion in 2023.
Sixty-five years after independence, Ghana’s total expenditure (including clearance of arrears) within a specific fiscal year has been projected to reach GH¢205.4 billion by the end of 2023, with two line items accounting for more than 47% of the estimated amount.
The Finance Minister, Ken Ofori-Atta, revealed this when he presented the 2023 budget to Parliament.
According to the Minister, compensation of employees and interest payments on loans for the period under review will account for about 47.50% of the over GH¢205 billion projected expenditure.
Data contained in the 2023 budget indicate that interest payments on loans will be the most expensive expenditure line item with a projected value of GH¢52.6 billion, followed by compensation of employees, including wages and salaries of workers amounting to some GH¢44.99 billion.
![](https://www.myjoyonline.com/wp-content/uploads/2022/11/WhatsApp-Image-2022-11-24-at-14.59.25.jpeg)
Resource Mobilisation and Allocation for 2023
Total Revenue and Grants is projected at GH¢143.96 billion (18.0% of GDP). According to the Finance Minister, this is underpinned by permanent revenue measures - largely tax revenue measures - amounting to 1.35 per cent of GDP. Of the GH¢143.96 billion, domestic revenue from tax, oil and gas receipts, non-tax receipts and other revenue, is estimated at GH¢141.55 billion and represents an annual growth of 46.6% over the projected outturn for 2022.
![](https://www.myjoyonline.com/wp-content/uploads/2022/11/WhatsApp-Image-2022-11-24-at-14.59.08.jpeg)
Update on government fiscal operations (Jan-Sept 2022)
Mr. Ken Ofori-Atta also indicated that provisional data on government fiscal operations shows a shortfall in revenue performance and a faster execution of expenditures.
According to the Finance Minister, this resulted in an overall budget deficit of GH¢41.7 billion (7.0% of GDP), against a programmed deficit target of GH¢36.7 billion (6.2 % of GDP).
Latest Stories
-
35th CIMG Awards: Full list of winners
1 hour -
The Multimedia Group wins big at CIMG Awards 2023
2 hours -
Bernard Mornah wins PNC flagbearship race
3 hours -
Video: Confusion at PNC National Executives election
3 hours -
Rapper E.L. joins King Promise as Guinness Accravaganza headliner for September 21 showdown
4 hours -
PNC Congress: Bernard Mornah leads in Greater Accra Region
4 hours -
Reject violence, divisive rhetoric, embrace peace ahead of elections – Bawumia appeals to Ghanaians
5 hours -
SEFF’s debut single ‘Father’ sets stage for bold new talent
6 hours -
Super typhoon Yagi kills four in Vietnam
6 hours -
Hollard Insurance-UENR Mentoring Day: Students urged to let hard work, integrity shine to advance career
6 hours -
2024/25 GPL: Vision FC opens campaign with draw against Berekum Chelsea
6 hours -
If Baba Yara pitch was good, Mumin clears the ball – Laryea Kingston
7 hours -
GPL 2024/25: Samartex begin title defence with draw against Dreams FC
7 hours -
Financing road construction and maintenance through a special fuel levy: A sustainable solution for Ghana’s road infrastructure
7 hours -
Ghana Celebrity Impact Awards 2024 launched to honor positive social influence
8 hours