Revenue And Grants Below Target Of 9.5bn Ghana Cedis - BoG.

Statistics from the Bank of Ghana indicate that government's fiscal operation saw a lower than expected out turn for both revenues and expenditure for the period January to May 2014. 

Revenue and grants for the period under review was nine billion Ghana Cedis, below the target of nine point five billion Cedis. 

This came to light after the Monetary Policy Committee, MPC of the Bank of Ghana reviewed development in the economy. 

Governor of the Bank of Ghana, Dr. Henry Kofi Wampah who is also the Chairman of the MPC, addressing the media in Accra attributed the under performance of government's revenue during the first five months of the year to low import volumes coupled  with the decline in gold prices on the international market.

Dr. Wampah also noted that trade deficit for the period January to May 2014 contracted sharping  on the back of a significant decline in imports, out pacing the  slow down in exports. 

He explains the main drivers of the total merchandise export which went down by seven point five percent compared to the same period in 2013.

Source: GBC