• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

IFS projects growth in interest payments to GHS 55.9bn in 2024, represents 5.3% of GDP

2 years ago
in Features, highlights, Home, home-news, latest News
1 min read
0 0
0
78
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

IFS projects growth in interest payments to GHS 55.9bn in 2024, represents 5.3% of GDP

In a concerning fiscal outlook, the Institute of Fiscal Studies (IFS) reveals that the government is set to grapple with a surge in interest payments, reaching ¢55.93 billion in 2024, constituting 5.3% of the Gross Domestic Product (GDP).

This marks a stark increase from ¢34.77 billion in 2023, representing 4.1% of GDP. The IFS underscores the imperative for swift foreign debt restructuring, urging the government to expedite the process to secure vital debt service relief. Notably, the call extends to seeking debt cancellation as a pivotal component of negotiations with creditors.

In tandem with the escalating interest payments, non-interest expenditure is slated to rise nominally to ¢182.36 billion in 2024, up from ¢144.20 billion in 2023. As a percentage of GDP, non-interest expenditure is anticipated to climb from 17.0% in 2023 to 17.4% in 2024.

The IFS advocates for a rigorous approach to rein in these expenditures, advocating for a meticulous review of flagship programs to optimize budgetary spending and enhance overall efficiency.

The Medium-Term Revenue Strategy (MTRS) also comes under scrutiny, with the IFS contending that it inadequately addresses Ghana’s weak revenue generation from the extractive sector. The institute calls for a comprehensive review of the extractive sector component within the MTRS framework, emphasizing the incorporation of recommended measures, including active state participation and the utilization of production-sharing agreements to substantially bolster revenue generation.

Despite fiscal challenges, the government anticipates a more favorable overall fiscal balance in 2023 than initially targeted. The budget deficit, projected at ¢49.09 billion (5.3% of GDP), outperforms the mid-year budget target of ¢54.95 billion (6.4% of GDP).

RelatedPosts

African Airlines Record 9.4% Growth In Air Cargo Demand In July 2025 – IATA

South African President Ramaphosa Launches G20 Taskforce to Tackle Global Wealth Inequality Amid US Absence

Burkina Faso’s Nationalization Rattles West Africa’s Gold Sector

Noteworthy, however, is the anticipated shortfall in revenue, projected at ¢133.88 billion (15.7% of GDP), compared to the mid-year estimate of ¢134.91 billion (15.8% of GDP). The IFS underscores that the lower deficit is primarily attributed to prudent expenditure management, with a notable reduction in interest payments accounting for over 90% of the decrease.

As the government navigates this intricate fiscal landscape, the urgency for proactive measures in debt restructuring, expenditure control, and strategic revenue initiatives takes center stage.

Tags: GDPIFSIFS projects growth in interest payments to GHS 55.9bn in 2024nterest paymentsrepresents 5.3% of GDP
No Result
View All Result

Highlights

Experts Talk BoG’s New Currency Controls & Crackdown on NPLs on NorvanReports’ X Space Discussions Tonight

Piastri Claims Pole Position in Thrilling Dutch Grand Prix Qualifying

US Open: Osaka, Alcaraz, Djokovic Shine as Gauff Joins Them in Last 16

Morocco Beat Madagascar to Secure Historic Third CHAN Title

$41bn Reserves vs Empty Pockets: When Will Relief Come For Nigerians?

Africa Emerges as Manufacturing Haven Amid US–India Trade Tensions

Trending

Aviation

African Airlines Record 9.4% Growth In Air Cargo Demand In July 2025 – IATA

August 31, 2025

African Airlines Record 9.4% Growth In Air Cargo Demand In July 2025 – IATA African airlines saw...

South African President Ramaphosa Launches G20 Taskforce to Tackle Global Wealth Inequality Amid US Absence

August 31, 2025

Burkina Faso’s Nationalization Rattles West Africa’s Gold Sector

August 31, 2025

Experts Talk BoG’s New Currency Controls & Crackdown on NPLs on NorvanReports’ X Space Discussions Tonight

August 31, 2025

Piastri Claims Pole Position in Thrilling Dutch Grand Prix Qualifying

August 31, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.