2023 budget: Projected expenditure to exceed ¢200bn for the first time since independence - www.asempanews.com

Sixty-five years after independence, Ghana’s total expenditure (including clearance of arrears) within a specific fiscal year has been projected to reach GH¢205.4 billion by the end of 2023, with two line items accounting for more than 47% of the estimated amount.

According to the Minister, compensation of employees and interest payments on loans for the period under review will account for about 47.50% of the over GH¢205 billion projected expenditure.

Data contained in the 2023 budget indicate that interest payments on loans will be the most expensive expenditure line item with a projected value of GH¢52.6 billion, followed by compensation of employees, including wages and salaries of workers amounting to some GH¢44.99 billion.

2023 budget: Projected expenditure to exceed ¢200bn for the first time since independenceResource Mobilisation and Allocation for 2023

Total Revenue and Grants is projected at GH¢143.96 billion (18.0% of GDP)

Of the GH¢143.96 billion, domestic revenue from tax, oil and gas receipts, non-tax receipts and other revenue, is estimated at GH¢141.55 billion and represents an annual growth of 46.6% over the projected outturn for 2022.

2023 budget: Projected expenditure to exceed ¢200bn for the first time since independenceUpdate on government fiscal operations (Jan-Sept 2022)