Ghana spent GH¢68.4 billion in 2019

Ghana’s January 2020 Monetary Policy Report has shown that the government spent GH¢68.4 billion in 2019.

Ken Ofori-Atta

This represents 19.8 of the country’s Gross Domestic Product.

The figure is compared with the GHS59 billion (19.6% of GDP) recorded for the corresponding period in 2018.

The report captured that the pace of spending was broadly within the projected outturn.

This outturn represents a year-on-year growth of 15.9% and constituted 96.4% of the expected target for the period.

Of the total expenditures, interest payments amounted to GH¢19.7 billion (5.7% of GDP) for the review period compared with GH¢15.8 billion (5.3% of GDP) for the same period in 2018.

This outturn was 0.8% above the projected target of GH¢19.5 billion, about 5.7% of GDP.

Compensation of employees for the period amounted to GH¢22.0 billion, representing 6.4% of GDP.

This was below the programmed target by some 1.9% but represented an annual growth of 12.3%.

Of this, wages and salaries amounted to GH¢19.5 billion (5.6% of GDP), below the envisaged target by 1.4 per cent.

The Use of Goods and Services for the period under review amounted to GH¢6.1 billion (1.8% of GDP) compared with the target of GHS6.9 billion (2% of GDP).

Grants to government units during the period under review also amounted to GH¢11.4 billion, about 3.3% of GDP, against the target of GH¢13 billion, about 3.8% of GDP.

Capital expenditures was GH¢6.1 billion (1.8% of GDP) compared to the target of GHS6 billion (1.7% of GDP).

This represented a year-on-year increase of 29.8%.

Domestically financed capital expenditure accounted for some 41% of the total with the rest financed from foreign sources.

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