Provisional data on budget execution from January to July 2024 indicate an overall fiscal deficit (commitment basis) of 2.4 per cent of GDP, Bank of Ghana Governor Ernest Addison has told journalists while briefing them on the Monetary Policy Committee’s decision to cut the policy rate from 29 per cent to 27 per cent.

The deficit is against the budget target of 2.8 per cent of GDP.

Dr Addison mentioned that the deficit of GH¢24.8 billion was financed from domestic (GH¢ 24.2 billion) and foreign (GH¢17.4 billion) sources.

The primary balance for the period was a deficit of GH¢3.8 billion (0.4 per cent of GDP).

This is against a primary deficit target of GH¢3.5 billion (0.3 per cent of GDP).