Ghana’s total expenditure, including payments for the clearance of arrears for the first half of 2015 amounted to GH¢18,068.5 million (13.5 percent of GDP) against a target of GH¢18,805.7 million (equivalent to 14.0 percent of GDP).
The outturn was 3.9 percent lower than the budget target but 14.1 percent higher than the outturn for the same period in 2014.
The growth in expenditure was mainly due to higher spending on goods and services and foreign financed capital expenditure.
The cash fiscal deficit of 2.3 percent of GDP for the period under review was financed mainly from domestic sources, resulting in a Net Domestic Financing (NDF) of the budget of GH¢1. 875.4 million (1.4 percent of GDP).
The NDF for the period was 57.3 percent lower than the budget target of GH¢4,395.1 million and 48.6 percent lower than the outturn for the same period in 2014.
Foreign Financing of the budget was GH¢1,218.0 million representing 39.4 percent of total financing, against a target of GH¢206.1 million.
Thus domestic financing constituted about 60.6 percent of the total financing of the deficit for the first six months of the year.