05
Jun
A lower-than-targeted primary deficit indicates that Ghana’s fiscal adjustment is underway, IC Research, the analytical arm of IC Securities has stated. The country recorded a primary deficit of ¢596 million (0.1% of Gross Domestic Product) in the first quarter of 2023, against the target deficit of ¢4.6 billion (0.6 percent of GDP). According to IC Research, fiscal adjustment is underway, with the help of expenditure containment. The revenue and expenditure dynamics revealed that the fiscal adjustment in quarter one of 2023 was largely driven by expenditure controls instead of the revenue-based consolidation envisaged in the 2023 budget. The Treasury’s budget…