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.

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"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."

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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.