2024: Gov’t to spend 52.7% of GHS 226bn budget expenditure on wages, salaries and interest payments
The estimated total budget expenditure for 2024 is GHS 226 billion.
Of this amount, some GHS 119.62 billion has been earmarked for payments of wages and salaries as well as interest for this year.
The GHS 119.62 billion on wages, salaries, and interest payments represents 52.7% of the expected total expenditure of GHS 226.68 billion.
Total Expenditure for the fiscal year constitutes 21.6% of the Gross Domestic Product (GDP).
Primary Expenditure, representing expenditure excluding interest payments, is projected at GHS 170.7 billion, equivalent to 16.2% of GDP.
Compensation (wages and salaries) commands the lion’s share at GHS 63.68 billion, followed closely by Interest Payments at GHS 55.93 billion, dedicated to servicing domestic loans.
Grants to other Government Establishments claim the third-largest allocation at GHS 39.58 billion, trailed by Capital Expenditure standing at GHS 28.72 billion.
Notably, Other Expenditures and Goods and Services account for GHS 27.69 billion and GHS 11.06 billion, respectively.
