The revision of macroeconomic and fiscal targets, mostly towards the negative pose serious socioeconomic challenges for government and Ghanaians as a whole going forward.Â
Fact: The 36% reduction in GDP growth target from 5.8% to 3.7% means bebt to GDP ratio (excluding ESLA bonds) is 80.82% and the ratio ( ESLA bonds) is 82.61% as at June 2022.Â
The revised inflation rate target of 28.5%, up from a target of 8%, means the best rate of increase in general prices of goods and services Ghanaians should expect will be 26.5% (BoG +/-2% margin of error). It means do not expect any reduction in your cost of living anytime soon.Â
Considering no emphatic and specific expenditure cut measure has been announced, coupled with the dwindling revenue performance so far (little to no solutions yet), the fiscal deficit which is currently at 5.7% will end the year above 10% contrary to the 6.6% revision announced.Â
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