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Domestic interest payments constituted 82.7% of total interest payments for Q1 2022 – BoG

Bank Of Ghana231212121212 The Bank of Ghana Headquarters

Sun, 12 Jun 2022 Source: www.ghanaweb.com

The May 2022 Monetary Policy Report by the Bank of Ghana has indicated that total interest payments for the first quarter of 2022 amounted to GH¢10.608billion.

However, 82.7% of total interest payments were domestic interest payments and external interest payments took the remaining 17.3%.

The interest payments were however higher than the expected target of ¢10.037 billion for the period under review.

Also, 63.8% of total interest payments were made up of domestic revenue, away from the 64.6% recorded in the same period of 2021.

The data also showed that total expenditures and arrears clearance by government for the first three months of 2022 was GH¢26.953 billion, about 5.4% of Gross Domestic Product away from the target of ¢30.524 billion (6.1% of GDP).

This represents a year-on-year growth of 16.1%.

Government payments for employees, including wages and salaries, pensions & gratuities, and other wage-related expenditures were estimated at ¢7.555 billion, 15.7% lower than the target of ¢8.960 billion.

Payments of grants to other Government Units made up of National Health Fund, Education Trust Fund (GET Fund), Road Fund, Energy Fund, District Assemblies Common Fund (DACF), Retention of IGFs, transfer to GNPC and others, totalled GH¢4.459 billion, lower than the ¢5.596 billion target.

Source: www.ghanaweb.com
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