On the other hand, total expenditure was below target by GH¢796.5 million, representing 0.3% of GDP.
That resulted in a cash fiscal deficit of GH¢6,371.8 million, representing 2.6% of GDP, against a target of GH¢5,739.5 million (2.4% of GDP).
Mr Ken Ofori-Atta, Minister of Finance, presenting the 2018 mid-year fiscal policy review to Parliament, said: “We anticipate that at this rate, if remedial actions are not taken, the end-year fiscal deficit target could widen mainly on the back of lower revenues.
“Our analysis indicates that without additional efforts, total revenue and grants would amount to an estimated GH¢49,610.4 million (20.5% of GDP) or 2.8% lower than the original budget target of GH¢51,039.1 million (21.1% of GDP).
“Of the total revenue and grants amount of GH¢49,610.4 million, non-oil tax revenue is estimated at GH¢37,500.5 million (15.5% of GDP), compared to our original budget estimate of GH¢39,001.8 million (16.1% of GDP),” he added.
Mr Ofori-Atta said, on the other hand, total expenditure (including the net change in arrears clearance) would amount to an estimated GH¢61,451.6 million (25.4% of GDP), GH¢558.7 million lower than the programmed target of GH¢62,010.3 million.
He said the resulting fiscal deficit would amount to GH¢11,841.2 million (4.9% of GDP), against a programmed target of GH¢10,971.1 million (4.5% of GDP).
“This will derail our fiscal consolidation efforts and put our objective of reducing the public debt profile at risk.
“A net fiscal adjustment of GH¢870 million (0.4% of GDP) would be required to ensure that we achieve our fiscal deficit target of 4.5% of GDP,” he said.
The Minister said to ensure that the achievement of the 2018 fiscal objectives and target are not derailed, this mid-year review affords them the opportunity to propose sustainable revenue and expenditure measures for the consideration and approval from Parliament.
These measures, he said, include new tax measures, strengthening of tax compliance, and expenditure adjustments.
Ghana’s total revenue and grants fall short by GH¢1.4bn
- Posted on
- Comment
The January to May 2018 fiscal performance shows that total revenue and grants fell short of target by GH¢1,428.7 million, representing 0.6% of Gross Domestic Product (GDP).
ABOUT: Nana Kwesi Coomson
[email protected] An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.
View all posts by: Nana Kwesi Coomson
(Selorm) | 
(Nana Kwesi)