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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    E-cedi will not affect MoMo business – Bank of Ghana

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    IIPGH to enter coding education partnership with Telecoms Chamber

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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Ghana’s public debt hits 58.4 billion cedis

bycitibusinessnews
July 10, 2014
in Banking And Finance, Business, Local Economy
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The Bank of Ghana has revealed that the country’s public debt including both domestic and external debt hit 58.4billion cedis at end of March this year.

This is a leap from the GH¢52.1 billion recorded at the end of December last year.

The new figure represents 55.4 percent of GDP.

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Of the total, the domestic debt component was GH¢27.8 billion which is 47.5% of the overall total.

According to the Governor of the bank of Ghana Dr Henry Kofi Wampah provisional data on government fiscal operations indicate lower than budgeted outturns for both revenues and expenditures for the period January to May 2014.

Total revenue and grants for the review period was GH¢9 billion making up 8.5% of GDP, this is below the target of GH¢9.5 billion which is 9% of GDP.

Total tax revenue amounted to GH¢7.1 billion, lower than the estimated GH¢7.3 billion.

Non-tax revenue outturn was almost in line with projected estimates at GH¢1.8 billion, driven mainly by oil revenues.

Grant disbursements remained low at GH¢79.4 million, against an estimated GH¢393.3 million.

according to Dr Henry Kofi Wampah ‘low import volumes, declines in international gold prices and production which affected mining sector corporate taxes and mineral royalties, and the general slowdown in economic activities’ accounted for the underperformance of government revenues during the first five months of the year.

Meanwhile government expenditures including arrears clearance amounted to GH¢13.1 billion, that is 12.5% of GDP.

this is lower than the estimated GH¢13.6 billion, 12.9% of GDP for the period.

Of the total expenditures, compensation of employees amounted to GH¢4.1 billion against a target of GH¢4.4 billion.

Although compensation of employees fell short of target, it constituted about 47 percent of domestic revenues, up from 44.1 percent in the same period of 2013.

Interest payments amounted to GH¢2.8 billion, compared with a target of GH¢2.2 billion.

These fiscal developments according to the bank of Ghana resulted in a deficit of GH¢4.12 billion (3.9% of GDP), almost at par with the estimated GH¢4.1 billion (3.8% of GDP) for the period.

In the corresponding period of 2013, the fiscal deficit was GH¢3.8 billion (4% of GDP).

The budget deficit was largely financed from domestic sources, with Net Domestic Financing of GH¢3.2 billion, against an estimated GH¢3.0 billion.

By:  Vivian Kai Mensah/citifmonline.com/Ghana

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