Ghana plans 389.2 billion cedis in spending in 2027
By the AFREEQUE newsroom, based on 3News
Ghana’s budget provides for 389.2 billion cedis in spending in 2027, including 30 billion for the first year of the New Economy programme. The government also plans to repay 29 billion cedis of restructured bonds three months ahead of maturity, according to Finance Minister Cassiel Ato Forson.
Ghanaian Finance Minister Cassiel Ato Forson is forecasting 389.2 billion cedis in public spending in 2027, equivalent to 21.6% of GDP, in the draft budget presented to Parliament on Thursday 12 November. Revenue and grants are expected to reach 323.4 billion cedis, while the cash deficit is projected at 65.8 billion cedis, or 3.6% of GDP, according to 3News.
Wages and salaries are expected to account for 92.6 billion cedis and interest payments for 61 billion, including 51.5 billion for domestic debt and 9.5 billion for external debt. Capital expenditure is set at 100.4 billion cedis under the fiscal framework, while the government plans 13.9 billion to clear arrears, including 4.3 billion owed to independent power producers, according to Cassiel Ato Forson.
The budget also provides 30 billion cedis for the first year of the New Economy programme, as well as the early repayment of 29 billion cedis of restructured bonds, three months ahead of maturity. The government also plans to revise in 2027 the Income Tax Act, the tax administration law, stamp duty management and the framework for the communications service tax, according to the Finance Minister.
The 2027 budget was presented on 12 November, following several preparatory announcements on the New Economy programme and public investment. The New Economy framework was presented by Cassiel Ato Forson on 31 July, while the government announced on 9 November a $10 billion investment programme over four years.
