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Ghana's budget deficit hits 7% of GDP

January 23, 2017 5:49 PM

He also indicated that government expenditure for 2016 was within projected target, adding that "fiscal outturn for 2016 presents challenges to the inflation outlook."

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Ghanas 2016 budget deficit edged up to 7 percent from a projected target of 4.7 percent, Governor of the Bank of Ghana has said, citing provisional data.

"Provisional fiscal data for the year to November 2016 indicated a budget deficit of 7.0 percent of GDP, against a target of 4.7 percent," Dr Abdul Nashiru Issahaku said on Monday during the announcement of the Monetary Policy Rate. "The fiscal slippage was mainly attributed to shortfalls in revenues."

In 2015, the budget shortfall was 6.3 percent of GDP fuelled by low oil output, high spending on elections and the energy-industry debts of the country.

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