ACCRA (Reuters) – Ghana’s budget deficit was at 11.8% of gross domestic product (GDP) on a commitment basis last year, almost double the target of 6.3%/GDP, Finance Minister Ken Ofori-Atta said on Monday during a mid-year budget review.
The West African nation has been grappling with its worst economic crisis in a generation and is restructuring its debt as a condition for receiving International Monetary Fund support.
Its central bank last week raised its main interest rate again and called for tighter fiscal policy to help bring down stubborn double-digit inflation.
(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian; Editing by Alexander Winning)
