Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.
Government kept expenditure well below target from January to July, signalling tighter fiscal discipline and improved expenditure controls under its IMF-backed reform programme.
Data from the Bank of Ghana’s September 2025 Monetary Policy Report showed total spending at GH¢131.1bn — about 9.4 per cent of GDP — compared with a programmed target of GH¢152.6bn or 10.9 per cent of GDP.
The outcome represents a 14.1 per cent shortfall against target but a 9.3 per cent year-on-year increase, reflecting continued fiscal restraint even as nominal spending rose.
The government underspent across most categories, with the exception of the public sector wage bill, which edged above projections at GH¢44.9bn.
Interest payments declined sharply to GH¢28.9bn, roughly 19.5 per cent below the GH¢36bn target, as easing domestic rates and a firmer cedi reduced the cost of debt servicing.
Source: newsthemegh.com