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Here’s how much government plans to spend in 2019

Magdalene Teiko Larnyoh

The Finance Minister explained that the strategic pillars of the 2019 budget are Infrastructure; Agricultural Modernization,  Industrialization, Entrepreneurship, Improving Efficiency in Revenue Mobilization and Protecting the Public Purse as well as Social Intervention.

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This is equal to 21.3 percent of GDP, representing a growth of 27.0 percent above the projected outturn for 2018.

Ken Ofori Atta made this known when he presented the 2019 budget and financial statement themed a “Stronger Economy for Jobs and Prosperity”.

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“Total revenue and grants for 2019 is estimated at GH¢58.9 billion, 17.1 percent of the rebased GDP, up from a projected outturn of GH¢46.8 billion, 15.7 percent of rebased GDP in 2018.  Domestic revenue is estimated at GH¢57.8 billion, representing an annual growth of 25.5 percent over the projected outturn for 2018.”

He indicated that expenditure on Wages and Salaries is forecasted at GH¢19.4 billion representing about 26.5 percent of total Expenditure.

Meanwhile, total revenue and grants for 2019 is estimated at GH¢58.9 billion, 17.1 percent of the rebased GDP.  By this government will have a budget deficit of 14.5 billion cedis.

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On macroeconomic targets the government hopes to achieve an overall GDP growth of 7.0 per cent in 2019.

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Meanwhile, the government is projecting crude oil price for 2019 at US$66.76 per barrel in line with the Petroleum Revenue Management Act. The petroleum revenue will hit 1.1 billion in 2019 if the projections are right.

This is the first budget under the Nana Addo administration that will not be constrained by IMF conditionalities.

Most people are hopeful that this will give the government space to implement its policies.

Magdalene Teiko Larnyoh Magdalene Teiko Larnyoh A feminist at heart and a lover of art. She loves to write on business, politics and health.

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