Government to spend GH¢226.7 billion in 2024 - Ofori-Atta

The Akufo-Addo government has projected revenue for 2024 at GH¢176.4 billion.

The government, would, however, spend GH¢226.7 billion, Finance Minister Ken Ofori-Atta told parliament on Wednesday, 15 November 2023 when he presented the budget for next year.

He said total revenue and grants are projected at GH¢176.4 billion (16.8

percent of GDP) and the amount is underpinned by permanent revenue measures, largely tax revenue measures amounting to 0.9 percent of GDP.

For revenue allocation for 2024, Mr Ofori-Atta said total expenditure (commitment) is projected at GH¢226.7 billion (21.6 percent of GDP). This projection, he explained, reflects a reduction of 6.1 percentage points of GDP in total expenditures (commitment basis) relative to the outturn in 2022.

"This large decrease comes from the combination of fiscal consolidation efforts of 4.9 percentage points of GDP, reflecting an adjustment in revenue by 1.0 percentage points and primary expenditure by 4.0 percentage points of GDP", he noted.

The minister said the potential interest rate saving from the ongoing external debt operation "will further bolster public finance sustainability".

Concerning budget balances and financing operations for 2024, Mr Ofori-Atta said based on the estimates for total revenue & grants and total expenditure (including arrears clearance), the overall budget balance to be financed is a fiscal deficit of GH¢61.9 billion, equivalent to 5.9 percent of GDP.

The corresponding primary balance is a deficit of GH¢5.9 billion, equivalent to 0.6 percent of GDP, he added.