Ghana’s total public debt stood at GH¢23.61 billion, equivalent to 44.2 per cent of Gross Domestic Product (GDP) at the end 2011 as against the 2010 figure of GH¢17.6 billion, which represented 38.1 per cent of GDP.

The stock of domestic debt increased by 43 per cent year-on-year to GH¢11.84 billion in 2011 from GH¢8.3 billion in 2010.

The external debt stock also increased by 20.1 per cent over the end of December 2010 position to US$7.6 billion (GH¢11.77 billion).

In January 2012, total revenue and grants accruing to government amounted to GH¢649.3 million while expenditure was GH¢1.4 billion.

This resulted in a narrow fiscal deficit of GH¢756.4 million compared to a surplus of GH¢107.7 million recorded for January 2011.

A recent Monetary Policy Committee (MPC) report, which disclosed this, said the deficit was financed mainly from the domestic sector of GH¢679.9 million, and net foreign inflows of GH¢76.6 million. It represents 80.6 per cent of the first quarter target of GH¢844 million.

“Total revenue and grants in 2011 amounted to GH¢10.7 billion compared to GH¢7.5 billion in 2010. Import duties, import VAT, petroleum taxes and NHIL receipts accounted for GH¢3.5 billion.

“Income and property taxes were GH¢3.8 billion while domestic VAT, excise duty and NHIL amounted to GH¢1.3 billion. Programmed grants of GH¢340.6 million also accrued.”

Total expenditure was GH¢12.7 billion in 2011, compared to GH¢9.2 billion in 2010. Wages, salaries and related expenditures totalled GH¢5.2 billion.

The report noted that fiscal operations in 2011 resulted in a narrow budget deficit of GH¢2.1 billion, adding that it was financed mainly through the issuance of domestic bonds.

“The Net Domestic Financing (NDF) of GH¢2.1 billion was within the programmed target of GH¢2.4 billion.”