Tag: Government expenditure
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Govt expenditure falls by 37.2% despite increase in employee compensation
Government has recorded major decreases in its expenditure line items for the first quarter of 2023. Out of the six expenditure line items, only the compensation of employees increased. The Bank of Ghana in its May 2023 Monetary Policy Report indicated the expenditure performance was partly attributed to a reduced debt service due to the…
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Gov’t expenditure needs to be checked to help deal with inflation – ICAG
The Institute of Chartered Accountants Ghana is calling for fiscal discipline amidst the current high inflation and policy rate. Some stakeholders have blamed unbudgeted spending by government Ministries, Departments and Agencies (MDA’s) for contributing to the high level of inflation in the country. Since May 2021, when national inflation stood at 7.5%, the rate has…
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Government cuts down its expenditure by 20%
The Finance Ministry has revealed that Government has suspended 20 percent of expenditure in the 2022 budget. According to the Ministry, though Parliament has already approved government’s total expenditure for 2022, in a prudent fiscal consolidation move, government has decided to cut down its expenditure, by up to 20 percent. Speaking at a press conference…
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Government urged to adopt performance index approach towards public sector wages
The Managing Director of the Bank of Africa, Kobby Andah says government should adopt a performance index pay approach towards public sector wages. This approach he believes would ensure value for money in the payment of salaries for government workers. Averagely government spends about forty percent of the country’s total revenue to pay public sector…
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Economist justifies hike in government’s expenditure after BoG quarterly report
A new report released by the Bank of Ghana on the government’s financial standing in the first quarter of 2020 indicates that the government’s expenditure increased by over GH¢5,867 million; indicating a 28.3 percent increase as compared to the amount of money spent in 2019 over the same period. According to the report, “Government expenditure…