{"id":661815,"date":"2019-07-22T16:36:14","date_gmt":"2019-07-22T16:36:14","guid":{"rendered":"
\n\t\t\n

Ken Ofori-Atta, Finance Minister<\/strong><\/p>\n\n\n\n

THE CENTRAL\nBank has said gaps in the country\u2019s revenue mobilization, coupled with the\nincreasing spate of spending, could pose risks to the country\u2019s macroeconomic\nstability if "},"modified":"2019-07-22T16:36:14","modified_gmt":"2019-07-22T16:36:14","slug":"address-revenue-mobilisation-gaps-mpc","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/07\/22\/address-revenue-mobilisation-gaps-mpc\/","title":{"rendered":"Address Revenue Mobilisation Gaps \u2013 MPC"},"content":{"rendered":"

<\/p>\n

\n

Ken Ofori-Atta, Finance Minister<\/strong><\/p>\n

THE CENTRAL
\nBank has said gaps in the country\u2019s revenue mobilization, coupled with the
\nincreasing spate of spending, could pose risks to the country\u2019s macroeconomic
\nstability if not addressed.<\/p>\n

The aforementioned
\nconcerns have slowed down the pace of fiscal consolidation, the Governor of the
\nBank of Ghana (BoG), Dr Ernest Addison, stated on Friday at a press conference
\nin Accra, after the 89th<\/sup> Monetary Policy Committee (MPC) meeting. <\/p>\n

Deficit<\/strong><\/p>\n

He disclosed,
\n\u201cProvisional data for the first five months of 2019 showed an overall budget
\ndeficit (on cash basis) of 3.0% of GDP against the target of 2.4% of GDP. This
\nexcludes some legacy energy-related payments of about 0.7% of GDP. The
\nhigher-than- projected fiscal deficit outturn was primarily driven by
\nlower-than-expected revenues outturn against increased pace of spending. <\/p>\n

\u201cThe revenue
\nshortfalls were mainly from international trade taxes. Over the review period,
\ntotal revenue and grants amounted to GH\u00a218.5 billion compared to a programmed
\ntarget of GH\u00a221.5 billion, indicating an annual growth of 7.6%. Total
\nexpenditures, however, reached GH\u00a228.6 billion, marginally below the target of
\nGH\u00a229.7 billion, representing 25.2% annual growth.\u201d \u00a0\u00a0<\/p>\n

Corrective measures<\/strong><\/p>\n

Dr Addison
\nsaid, \u201cThe MPC expected that some corrective measures will be announced in the
\nmid-year budget review. This should help address the financing gap challenges
\nas well as manage the risks from the large unbudgeted energy sector related
\npayments that could adversely impact foreign exchange reserves and undermine
\nthe macro stability gains made so far.\u201d<\/p>\n

Price stability<\/strong><\/p>\n

However, he
\nsaid while such risks remained, the BoG\u2019s core mandate of price stability
\nappeared to be on track. <\/p>\n

Inflation<\/strong><\/p>\n

\u201cInflation
\nhas remained within the target band in the last 15 months,\u201d he said, adding
\nthat the MPC\u2019s assessment showed that the pass-through from exchange rate
\ndepreciation was waning, while the underlying inflationary pressures, as well
\nas inflation expectations, were well-anchored.<\/p>\n

Policy rate<\/strong><\/p>\n

He said the
\nMPC decided to maintain the policy rate at 16%.<\/p>\n

Growth<\/strong><\/p>\n

Noting also
\nthat economic activity remained strong and broad-based, he said, \u201cAlthough
\nthere are some downside risks to growth, mainly from subdued business
\nsentiments and increase in utility tariffs, growth is expected to remain robust
\nin the second half of the year. The medium-term outlook for the real sector is
\npositive based on improving consumer sentiments and continued recovery in
\nprivate sector credit growth.\u201d <\/p>\n

Continuing,
\nthe BoG Governor said the strong external payments position witnessed in the
\nlast 24 months continued in the first half of the year. <\/p>\n

\u201cBoth the
\ntrade and the current account recorded surpluses. These, together with
\nimprovements in the capital and financial account, translated into a slight
\nbuild-up in reserves in the first half of the year, supporting the local
\ncurrency market, as the cedi remained relatively stable in the second quarter.\u201d<\/p>\n

BY Samuel Boadi <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Ken Ofori-Atta, Finance Minister THE CENTRAL Bank has said gaps in the country\u2019s revenue mobilization, coupled with the increasing spate of spending, could pose risks to the country\u2019s macroeconomic stability if not addressed. The aforementioned concerns have slowed down the pace of fiscal consolidation, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison, […]<\/p>\n","protected":false},"author":1,"featured_media":656603,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-661815","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nAddress Revenue Mobilisation Gaps \u2013 MPC - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/07\/22\/address-revenue-mobilisation-gaps-mpc\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Address Revenue Mobilisation Gaps \u2013 MPC - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Ken Ofori-Atta, Finance Minister THE CENTRAL Bank has said gaps in the country\u2019s revenue mobilization, coupled with the increasing spate of spending, could pose risks to the country\u2019s macroeconomic stability if not addressed. 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