Full text: Mid-year Budget review as presented by Finance Minister, Ken Ofori-Atta
The Finance Minister, Ken Ofori-Atta, delivered the mid-year review of the 2021 Budget and Economic Policy which was in line with the government’s theme of completion, consolidation, and continuity.
The government’s macroeconomic targets for 2021 as presented in the 2021 Budget were an overall real GDP growth of at least 5.0 percent, non-oil real GDP growth of at least 6.7 percent, end-period inflation of 8.0 percent, fiscal deficit of 9.5 percent of GDP, a primary deficit of 1.3 percent of GDP, and gross International Reserves to cover not less than 4.0 months of imports of goods and services.
The provisional fiscal data for the period between January and June 2021 showed that total revenue and grants amounted to GHS28.3 billion.
This was equivalent to 6.5 percent of GDP, against a programmed target of GH¢32.4billion or 7.5 percent of GDP.
For the same period, total expenditure, including the clearance of arrears, amounted to GHS 50.6billion, equivalent to 11.7, 13percent of GDP, against a programmed target of GH¢55.1billion or 12.7 percent of GDP.
The Finance Minister told Parliament that government will not spend beyond the GHS129 billion that was approved for it earlier in 2021.
Find the full mid-year review here