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In its latest Fiscal Monitor publication, the International Monetary Fund (IMF) has revised its projected fiscal deficit target for Ghana downwards for 2023 to 7.3%, which is lower than both its previous projection of 8.6% in October and the government’s projection of 9.9% in the 2023 Budget Statement.
The reduction in the deficit target is primarily due to the suspension of interest payments on external debts in December 2022 and the completion of the domestic debt exchange programme (DDEP) in February 2023. Ghana restructured its local debt through the DDEP, resulting in lower interest payments and, therefore, lower budgeted expenditures.
However, the IMF revised its projected deficits for 2020, 2021, and 2022 upwards to 17.4%, 12.1%, and 9.9%, respectively, compared to its previous projections of 15.3%, 11.4%, and 9.2%. Additionally, the IMF lowered the deficit target for 2024 to 8.4% from its earlier forecast of 8.9% in October.
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Source:Omanghana.com/SP
