The Ghanaian government asked parliament for approval to spend 266.7 billion Ghana cedis (18.9 billion U.S. dollars) in the 2024 fiscal year.
Ken Ofori-Atta, Minister for Finance, requested this while presenting the 2024 annual budget to parliament, adding that the expenditure would be 21.6 percent of Ghana’s Gross Domestic Product (GDP).
Ofori-Atta said the government expected to raise 176.4 billion cedis through revenue and grants during the 2024 fiscal year.
Based on the overall revenue, grants, and total projected expenditure, Ofori-Atta said the 2024 budget would record a fiscal deficit of 5.9 percent.
He announced several revenue measures and expenditure rationalization to keep the government’s budget implementation within the scope of expectations.
The West African cocoa, gold, and crude oil exporter has been implementing some reforms to deal with the harsh economic crisis, which has posed challenges to the government.