By Kodjo
Adams, GNA
Accra, July 19, GNA – Mr Ken Ofori-Atta ,
Minister of Finance, has stated the 2018 fiscal total revenue and expenditure
amounted to G¢50,686.2 million, 0.7 percent lower than the original 2018 Budget
estimate of GH¢51,039.1 million.
Mr Ofori-Atta explained that the key revisions
to the revenues were occasioned mainly by the proposed new tax measures,
enhanced tax compliance as well as expected non- materialisation of some
revenues such as property taxes and yield from Capping of Metropolitan,
District Assemblies and Internal
Generate Funds.
The Finance Minister announced this on
Thursday in Accra at the 2018 Mid -Year Fiscal Policy Review.
Mr Ofori-Atta stated that total expenditure,
including arrears clearance had also been revised downwards from GH¢62,010.3 million
to GH¢61,657.4 million, adding that the key revisions to expenditures were in
wages and salaries, goods and services, interest payments specifically domestic
interest, and domestically financed CAPEX.
He stated that, these revisions in the fiscal
operations were prudent and expected to safeguard the fiscal deficit target of
4.5 percent of Gross Domestic Product, adding that financing of the deficit
would comprise a Net Foreign Financing of GH¢4,703.5 million and total Domestic
Financing of GH¢6, 267.6 million.
He
explained that, of the net Foreign Financing amount, borrowing from foreign
sources including the 2018 Eurobond would amount to GH¢973.2 million, while
Amortization would remain as programmed at GH¢5,269.7 million.
Mr Ofori-Atta said the total Domestic
Financing amount of GH¢6,267.6 million included net domestic market operations
of GH¢6,745.1 million, deposit build-up at the Bank of Ghana of GH¢1,521.3 million,
other Domestic Financing of GH¢4,054.8 million, and deposit build-up from the
Petroleum, Sinking and Contingency Funds of GH¢2,986.7 million.
The Minister said the resulting primary
balance from the adjustments in revenue, expenditures, and financing was a
primary surplus equivalent to 1.7 percent of GDP, higher than the original
Budget target of 1.6 percent.
GNA