{"id":298496,"date":"2017-03-02T12:27:43","date_gmt":"2017-03-02T12:27:43","guid":{"rendered":"http:\/\/citifmonline.com\/?p=298496"},"modified":"2017-03-02T12:27:43","modified_gmt":"2017-03-02T12:27:43","slug":"govt-predicts-6-5-percent-budget-deficit-for-2017","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/03\/govt-predicts-6-5-percent-budget-deficit-for-2017\/","title":{"rendered":"Gov\u2019t predicts 6.5 percent budget deficit for 2017"},"content":{"rendered":"

Finance Minister Ken Ofori-Atta has projected the government\u2019s budget deficit target at 6.5 percent.<\/p>\n

[contextly_sidebar id=”fy0oyMf1uYivdVWVyoMNS8QE4uHojlVD”]This represents 13.2 billion cedis of the difference between the government\u2019s revenue expectations for 2017 compared to the\u00a0expenditure targets for the period.<\/p>\n

Government\u2019s total revenue target for 2017 is estimated at 44.9 billion cedis against a targeted expenditure of \u00a058.1 billion cedis, representing 28.6 percent of GDP.<\/p>\n

Presenting the government\u2019s first budget to Parliament today, Ken Ofori Atta also revealed that the deficit will be financed by domestic and international sources.<\/p>\n

According to him, net domestic financing will amount to 14.6billion cedis; equivalent to 7.1 percent of GDP.<\/p>\n

Also, foreign financing is expected to reach 1.3billion cedis; representing 0.6 percent of GDP.<\/p>\n

The country ended 2016 with a budget deficit of 9 percent.<\/p>\n

This according to the IMF\u2019s latest review fell below the target of 51<\/sup>\/4 <\/sub>percent.<\/p>\n

\u201cIn 2016, the overall fiscal deficit (on a cash basis) deteriorated to an estimated 9 percent of GDP, instead of declining to 5\u00bc percent of GDP as envisaged under the IMF-supported program. The large deviation was mainly due to poor oil and non-oil revenue performance and large expenditure overruns. As a result, the government debt-to GDP ratio increased further to close to 74 percent of GDP at end-2016.\u201d<\/p>\n

–<\/p>\n

By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

Finance Minister Ken Ofori-Atta has projected the government\u2019s budget deficit target at 6.5 percent. [contextly_sidebar id=”fy0oyMf1uYivdVWVyoMNS8QE4uHojlVD”]This represents 13.2 billion cedis of the difference between the government\u2019s revenue expectations for 2017 compared to the\u00a0expenditure targets for the period. Government\u2019s total revenue target for 2017 is estimated at 44.9 billion cedis against a targeted expenditure of \u00a058.1 […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,11],"tags":[],"yoast_head":"\nGov\u2019t predicts 6.5 percent budget deficit for 2017 - Citi 97.3 FM - Relevant Radio. 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