The government announced changes to Ghana’s macro-fiscal targets for 2024.
GDP growth has been revised upwards to 3.1% from an initial 2.8%, while non-oil real GDP growth has been adjusted to 2.8% from 2.1%.
The government maintains that these revisions reflect both domestic and global economic developments.
While presenting the half-yearly budget in Parliament on July 23, 2024, the Minister of Finance, Dr. Mohammed Amin Adam, said the government would remain on a growth path.
The year-end inflation target was left unchanged at 15%.
Announcing the changes to the 2024 budget framework, the Minister said the pledged primary balance remains unchanged at a target surplus of 0.5% of GDP, in line with the IMF-backed PC-PEG target. 4,444 4,444 Total international reserves (including the oil fund and secured/encumbered assets) are expected to cover more than 3.0 months of import coverage, up from an initial 1.7 months.
The Minister also added that total revenues and grants have been revised upward by 0.5%.
In particular, total revenues and subsidies were revised down to 177.22 trillion won (17.4% of GDP) from 176.414 trillion won (16.8% of GDP) in fiscal 2024. 4,444 4,444 Expenses were revised downward by 2.1%. 4,444 4,444 Total expenditure (commitments) has been revised to GH¢219,749 billion (21.5% of GDP) from the initial budget forecast of GH¢226,681 billion (21.6% of GDP). 4,444 4,444 The revision is mainly due to interest payments, which have been revised downward by GH¢7,934 billion to reflect the impact of external debt restructuring on external interest payments.
