Pulse.com.gh logo

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:

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: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos

Top Articles

1 Illegal Operations Menzgold extends suspension of gold vault market servicesbullet
2 Investment banks in Ghana Top 5 investment banks in Ghana and why you...bullet
3 Illegal Operations Menzgold customer threatens to sue over principal...bullet
4 Ponzi schemes in Ghana These investments are Ponzi schemes in...bullet
5 Kotoka International Airport GACL to move all domestic airlines...bullet
6 Forensic Audit 6 state institutions misappropriate GH¢800 millionbullet
7 Ghana-Chinese Relations 6 reasons why the StarTimes deal is...bullet
8 Kweku Adoboli Rogue banker denies saying Ghana is worse...bullet
9 Salaries In 2018 Here are the dates public workers will...bullet
10 Economy of Ghana Vice President Bawumia says Ghana's...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 Former Capital Bank staff grills pork for survivalbullet
4 Support Finance minister buys Kantanka carbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Tech 6 reasons you should buy an iPhone SE instead of any of...bullet
7 Selorm Adadevoh MTN CEO dances Agbadzabullet
8 Plane Crash Starbow suspends operations following plane crashbullet
9 New Discovery Ghana discovers new mineral, lithium in...bullet
10 New Phones Nokia MWC 2018 Event in 5 minutesbullet