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Ghana recorded an amount of GH�2.7 billion as tax revenue in the first quarter of 2012, a period which also saw total government expenditure adding up to GH�4.2 billion, according to fiscal data provided by the Finance Ministry and released by the central bank last week. The revenues, which were 45.8% higher than the outturn of GH�1.8 billion recorded during the same period in 2011, were made from all the major tax categories � customs, direct domestic tax and indirect domestic tax. �Total tax revenue amounted to GH�2.7 billion and was 45.8% higher than the outturn of GH�1.8 billion recorded during the same period in 2011,� the data said. Despite total revenue and grants for the first quarter of 2012 amounting to GH�3.5 billion, 25.1% higher than what was recorded during the same period in 2011, government�s expenditure amounted to GH�4.2 billion. �Total expenditure (including payments made for outstanding commitments)amounted to GH�4.2 billion in the first quarter of 2012,� the Bank of Ghana (BoG) said. Of the total expenditure, the BoG noted recurrent expenditure totalled GH�2.6 billion against a target of GH�2.7 billion, driven mainly by higher levels of emoluments, while domestically-financed capital investment amounted to GH�427.6 million with foreign-financed capital expenditure amounting to GH�178.9 million, 62.8% lower than the GH�480.9 million target. According to the central bank, these developments resulted in an overall budget deficit on cash basis (including divestiture and discrepancy) of GH�835.3 million (equivalent to 1.2% of GDP), against a budget target of GH�916.5 million (equivalent to 1.3% of GDP).