Ghana’s total loan interest payment for 2023 is projected at 52.5 billion cedis, or 6.6% of GDP.
This amount is higher than total employee compensation (salaries) which is projected at ¢44.9 billion, or 5.6% of GDP over the same period.
The figures were unveiled by Finance Minister Ken Ofori-Atta during the presentation of the 2023 budget to Parliament on Thursday, November 24, 2022.
Meanwhile, capital expenditure, which is funds allocated for infrastructure development, is expected to amount to 27.7 trillion yen, or 3.5 percent of GDP.
The government also plans to spend about ¢8 billion on goods and services, while it plans subsidies to other government units at ¢30 billion.
“Mr. Speaker, Other Expenditure, comprising mainly Energy Sector Levy (ESL) Transfers and Energy Sector Payment Shortfalls, is estimated at GH¢26,739 million,” Mr. Ofori-Atta said.
He said that total revenue and grants and total expenditure, the overall budget balance to be financed is a budget deficit of ¢61.4 billion, or 7.7% of GDP.
“The corresponding primary balance is a deficit of GH¢8.9 billion, or 1.1% of GDP.”
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