Sovereign Analysis /
Ghana

Ghana 2022 budget: Credibility gap

  • Overall, the fiscal deficit (ex-restructuring costs) is seen as narrowing from 9.4% of GDP in 2021 to 6.4% in 2022

  • However, what appears to be a strong and front-loaded deficit reduction relies on overoptimistic revenue assumptions

  • 43% revenue growth, due mainly to better tax compliance and revenue administration, seems unlikely; retain Hold

Ghana 2022 budget: Credibility gap
Stuart Culverhouse
Stuart Culverhouse

Head of Sovereign & Fixed Income Research

Tellimer Research
18 November 2021
Published by