Browsing: Ghana fiscal deficit

According BoG, the fiscal data shows that both revenues and expenditure outturns for the first nine months of 2022 fell short of their respective targets.

According to the BoG, the Ghana cedi came under pressure in September and October on fiscal concerns. Pressure to the currency came from energy and corporate demand. Also, the strength of the US dollar weighed on the Ghana cedi.

The report said persistent uncovered auctions and portfolio reversals by non-resident investors continue to pose risks to financing of the budget, resulting in monetization of the budget deficit by the central bank.

According to Fitch, the possibility of new revenue measures could lead to a further shrinkage of deficit in 2023, but the government’s slim majority in parliament could frustrate attempts to raise tax rates or implement new taxes.