Ghana's economy has been said to be far worst than it was estimated in the 2017 fiscal budget.
Finance Minister, Ken Ofori Atta was at Parliament on Monday to present the mid-year fiscal policy review of the 2017 budget.
In his presentation, he quoted some macro-economic statistics which showed that the nation performed poorly than earlier reported in the budget.
He noted that though the budget presented in March this year showed a 3.6% growth of the economy, updated figures from the Ghana Statistical Service in April 2017 captured a 3.5% growth rate.
He further stated that the fiscal deficit which was reported to be 8.7 percent by the end of December 2016 was rather 9.3% of GDP.
"Mr. Speaker, on the fiscal front, updated information shows that the end-2016 fiscal deficit was worse than previously estimated, at 9.3 percent of GDP compared to the provisional figure of 8.7 percent of GDP on cash basis at the time of presenting the 2017 Budget. The deficit on commitment basis is now at 10.9 percent of GDP up from the 10.3 percent previously reported".
The accumulated debt under the erstwhile Mahama administration, he pointed out, had hiked up by about 1,054% rising from Ghc 9.5 billion in 2008 to Ghc 122 billion in 2016.
"The debt servicing payments arising from this legacy of debt accumulation amounts to some 45 percent of total domestic revenue. Unfortunately, our economy would have to live with this burden for some time as we make efforts to repair the damage," he stated.
According to the Finance Minister, the revised 2016 nominal GDP ratio of Ghc 167.3 billion, puts the public debt-to-GDP ratio at 73.1 percent of GDP against the 72.5 percent reported in the 2017 budget presented to Parliament earlier in March this year.
Source: Ameyaw Adu Gyamfi/Peacefmonline.com/Ghana
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i told you this ken guy and bawumia ***barred word*** are simply incompetent. they should rather lecture at private universities because,they can only talk grammar.
you have indicated that you do not understand anything which was said. please look for a basic economics teacher to take you through budget/projections,actual and variances. it would refresh you and i hope you would write differently.
The micro-economic indicators are showing some confidence. This confidence in the long run should propel growth. The finance minister appears to have his hand on the key indicators.
This finance minister would let you down if you don't fire him. I asked mahama to sack terkper and refused, we all saw the result. A finance minister must be a straight man, unfortunately this guy looks dodgy. He is the weakest Link
@James If you don't know, ask...the figures given previously were provisional, now, the statisical service is able to provide actuals that is why the mid-yr review was necessary - all governments work with provisional/projections. Waiting for the statistical service would have meant the budget would now be presented, which you would still probably complain about!
Ken is telling us that, their economic team headed by Dr. Bawumia have been giving Ghanaians projected figures instead of Facts ?? In opposition, Dr. Bawumia was "flying" figures in the air, asking Ghanaians to believe his figures instead of the governing party. Are they saying now, that they didn't have the facts then ? Lets' even assume they couldn't have the facts in opposition. Is Ken also telling us that they didn't consult with the Ghana statistic Service for the right figures before the Prez presented his first state of the nation address and subsequently he (ken) presented the budget ? The Akufo Addo government is still in the campaign mood and obviously seeking sympathy with Ghanaians. This is clearly incompetence and i wonder how long clear conscience and well meaning Ghanaians will sit aloof for this incompetence to continue. Finally, was the Prez in so much a hurry, he and his cohorts couldn't wait for the end of 2016 report from the Statical Service to present the truth and actual facts ? INCOMPETENCE
As3m nie oo "The accumulated debt under the erstwhile Mahama administration, he pointed out, had hiked up by about 1,054% rising from Ghc 9.5 billion in 2008 to Ghc 122 billion in 2016." black man ny3 easy, Lord Archer was Jailed in uk, We should change our indemnity clauses and jail anyone including presidents for abusing their authority, nurses and teacher's stranded because of 8 year rule of some gang of ***barred word***
Did all this borrowed money come into the Ghanaian economy and yet we're not feeling it? You people must retrieve all stolen monies oh! That's why we voted for change.