The High Street Journal: Budget deficit rises this year

The High Street Journal says indications are that the financial profile of the Rawlings administration is showing higher expenditure levels this year, compared to last year.

According to the paper, the first quarter ended with a budget deficit of 305.9 billion cedis, compared to 231.6 billion cedis during the same period last year. In the second quarter of this year, the paper says, the budget deficit stood at 300.8 billion cedis, compared to 282.2 billion cedis in the same period last year.

The High Street Journal says so far this year, government revenue has amounted to 1,689.1 billion cedis, compared to 2,350.4 billion cedis leaving a cumulative deficit of 661.3 billion cedis during the first half.

In the first half of 1998, revenue totalled 1,534.3 billion cedis while expenditure was 2,648.2 billion cedis, says the paper, adding that the deficit for the first half of last year stood at 513.9 billion cedis. The High Street Journal explains that the rise in expenditure came mainly from spending on capital projects, which took p 778 billion cedis in the first half of this year, compared to 332.2 billion cedis during the same period last year.