Ministry of Finance Ghana reduces revenue targets to GHC56.7 billion

Revenue targets expected from gold for 2016 has also reduced due to a drop in production forecasts for 2016 to 2018.

  • Published: , Refreshed:
24/7 Live - Subscribe to the Pulse Newsletter!

Government has revised its revenue targets for 2016 in line with falling commodity prices, especially the prices of crude and gold.

The damage to the FPSO Kwame Nkrumah’s turret bearing that lasted between March and April 2016 has also led to a reduction in the revenue targets for oil production from the Jubilee fields in 2016.

READ MORE: Ghana- IMF Bailout Ghana commits to IMF Program for election year prudence

In a statement released by the Finance Minister,  Seth Terkper, total national income for 2016 is expected to be 56.7 billion Ghana Cedis, and 30.1 billion Cedis in 2018.

Fiscal deficit targets have also been reduced from 5.3% of GDP to 5% of GDP. This, according to the Finance Minister, is in line with government’s aim to spend prudently even in the face of the election year.

The fiscal deficit may improve to 3.6 percent of GDP in 2017 and 3 percent in 2018 and 2.3 percent in 2019, the finance ministry said.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Poverty Gap Ghana’s policies make the rich wealthier – UNbullet
2 Job Creation Nation Builders Corps to be launched end of April - Bawumiabullet
3 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
4 Salaries In 2018 Here are the dates public workers will be paid in...bullet
5 Menzgold Ghana Investment company closes down its Gold Vault Marketbullet
6 In Upper East 2 men killed in daylight bank robberybullet
7 SSNIT Scandal 10 SSNIT staff with fake certificates...bullet
8 May I take Your Order It's ‘Chop Time’ at Achimota Mallbullet
9 NPP government Ghana Beyond Aid is fight for economic...bullet
10 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet

Top Videos

1 Money Alert Meet Africa's richest womanbullet
2 Forbes 2018 Africa's billionaires rich listbullet
3 Bozoma Saint John 10 quotes from Uber top official, Bozoma, that...bullet
4 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
5 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
6 Plane Crash Starbow suspends operations following plane crashbullet
7 Support Finance minister buys Kantanka carbullet
8 Entrepreneurship How to be resourceful as an entrepreneurbullet