{"id":744128,"date":"2019-11-14T00:40:46","date_gmt":"2019-11-14T00:40:46","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/11\/14\/a-glance-of-ghanas-2019-fiscal-performance-according-to-the-2020-budget\/"},"modified":"2019-11-14T00:40:46","modified_gmt":"2019-11-14T00:40:46","slug":"a-glance-of-ghanas-2019-fiscal-performance-according-to-the-2020-budget","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/11\/14\/a-glance-of-ghanas-2019-fiscal-performance-according-to-the-2020-budget\/","title":{"rendered":"A glance of Ghana\u2019s 2019 fiscal performance according to the 2020 budget"},"content":{"rendered":"

<\/p>\n

\n
\n
\"\"
Ken Ofori-Atta<\/figcaption><\/figure>\n<\/div>\n

\u00a0<\/p>\n

The Finance Minister, Ken Ofori-Atta, has said provisional fiscal data present indicates that government\u2019s fiscal operation of the first nine months of 2019 shows 2019 has been a very good year for the country.<\/p>\n

According to the Finance Minister;<\/p>\n

    \n
  • Overall fiscal balance on cash basis
    \nresulted in a deficit of Ghs 15.7 billion equivalent to 4.5 per cent of GDP as
    \nagainst a fiscal deficit of Ghs14.2 billion equivalent to the targeted targeted
    \n4.1 per cent of GDP.<\/li>\n<\/ul>\n
      \n
    • Total revenue and grants for the
      \nperiod amounted to Ghs 36.3 billion refelecting a 10.5 per cent to GDP. An out turn
      \nrepresenting a per annum growth of 9.2 per cent despite\u00a0 a shortfall from its Ghs 42 billion target,
      \nrepresenting \u00a012.1 per cent of GDP.<\/li>\n<\/ul>\n
        \n
      • Total expenditure including arrears
        \nclearance amounted to Ghs 51.9 billion cedis representing a 15.1 per cent to
        \nGDP as against a target of Ghs 56.1 billion\u00a0
        \nequivalent to 16.2 per cent of GDP. Indicating a reduction in total
        \nexpenditure.<\/li>\n<\/ul>\n
          \n
        • \u00a0Primary balance for the period was Ghs 916
          \nmillion representing a 0.3 per cent to GDP against a primary surplus target of Ghs
          \n201.7m representing 0.1 percent of GDP, hence government recorded gains from
          \ntrade.<\/li>\n<\/ul>\n
            \n
          • Total public debt increased form Ghs 122.3
            \nbillion in 2016 to Ghs 208.6 billion including cost of banking sector clean up
            \nat the end of September 2019, raising the debt to GDP ratio to 60.55 per cent as
            \nat end of September \u00a02019. <\/li>\n<\/ul>\n
              \n
            • Inflation declined from15.4 per cent in
              \n2016 to 7.6 per cent in 2019 and has been in single digits since april 2019. <\/li>\n<\/ul>\n
                \n
              • Interest rate has also declined with
                \naverage lending rate declining from 31.7 per cent in 2016 and stagnating at 24
                \nin 2019, with government promising to actively work to remove structural bottlenecks
                \nto support lower interest rates.<\/li>\n<\/ul>\n
                  \n
                • Cedi depreciation against dollar averages
                  \n7.8 since 2017 to 2019. <\/li>\n<\/ul>\n

                  Based on the performance of the economy for the first nine months of the year, revised projections for end of year were:<\/p>\n

                    \n
                  • Total revenue and grants to increase to
                    \nGhs 54.6 billion equivalent to 15.8 percent of GDP. <\/li>\n
                  • Fiscal deficit projected to reach about
                    \n4.7 per cent to GDP with a further increment in primary surplus to 0.9 per cent
                    \nof GDP.<\/li>\n<\/ul>\n

                    The Finance Minister attributed the general under performance of tax revenue to shortfall in international trade, taxes on income and property taxes, import duties, customs, Value Added Tax, National Health Insurance Levy and higher admittance of import goods into the zero rated and tax exempted brackets.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

                    Ken Ofori-Atta \u00a0 The Finance Minister, Ken Ofori-Atta, has said provisional fiscal data present indicates that government\u2019s fiscal operation of the first nine months of 2019 shows 2019 has been a very good year for the country. According to the Finance Minister; Overall fiscal balance on cash basis resulted in a deficit of Ghs 15.7 […]<\/p>\n","protected":false},"author":1,"featured_media":744129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-744128","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nA glance of Ghana\u2019s 2019 fiscal performance according to the 2020 budget - 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\/11\/14\/a-glance-of-ghanas-2019-fiscal-performance-according-to-the-2020-budget\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A glance of Ghana\u2019s 2019 fiscal performance according to the 2020 budget - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Ken Ofori-Atta \u00a0 The Finance Minister, Ken Ofori-Atta, has said provisional fiscal data present indicates that government\u2019s fiscal operation of the first nine months of 2019 shows 2019 has been a very good year for the country. According to the Finance Minister; Overall fiscal balance on cash basis resulted in a deficit of Ghs 15.7 […]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/11\/Budget-2020-16-1024x683.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/14\\\/a-glance-of-ghanas-2019-fiscal-performance-according-to-the-2020-budget\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/14\\\/a-glance-of-ghanas-2019-fiscal-performance-according-to-the-2020-budget\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\"},\"headline\":\"A glance of Ghana\u2019s 2019 fiscal performance according to the 2020 budget\",\"datePublished\":\"2019-11-14T00:40:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/14\\\/a-glance-of-ghanas-2019-fiscal-performance-according-to-the-2020-budget\\\/\"},\"wordCount\":394,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/14\\\/a-glance-of-ghanas-2019-fiscal-performance-according-to-the-2020-budget\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/Budget-2020-16-1024x683.jpg\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/14\\\/a-glance-of-ghanas-2019-fiscal-performance-according-to-the-2020-budget\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/14\\\/a-glance-of-ghanas-2019-fiscal-performance-according-to-the-2020-budget\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/14\\\/a-glance-of-ghanas-2019-fiscal-performance-according-to-the-2020-budget\\\/\",\"name\":\"A glance of Ghana\u2019s 2019 fiscal performance according to the 2020 budget - 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