2018 Budget: 2017 revenue target 9.3% short

Finance Minister Ken Ofori-Atta has revealed that total revenue and grants for 2017 amounted to GHS28, 429.2 million which is equivalent to 14.1 per cent of Gross Domestic Product (GDP) even though the target was GHS1, 346.4 million which was supposed to be 15.5 per cent of GDP.

According to Mr Ofori-Atta who presented the 2018 Budget and Economic Policy Statement to Parliament on Wednesday, 15 November, the revenue accumulated represents “9.3 per cent below the budgeted target”.

However, it represents an annual growth of 16.2 per cent compared to 4.1 per cent during the same period in 2016.

Provisional data through September of 2017 indicate that total expenditure, including the clearance of arrears amounted to GHS37, 705.0 million (18.7 percent of GDP) compared to the target of GHS41, 036.2 million, representing a budget shortfall of 8.1 per cent below target.