The Bank of Ghana’s headquarters
The Bank of Ghana‘s September 2025 Monetary Policy Report showed that government spending for the first seven months of 2025 fell below target as a result of tighter fiscal discipline.
According to the report, total government expenditure stood at GH¢131.1 billion, compared to its target of GH¢152.6 billion in terms of GDP.
The outturn represents a 14.1 percent shortfall relative to its target.
All major spending categories came in below target, except compensation of employees.
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Interest payments also dropped to GH¢28.9 billion, below the GH¢36 billion target, due to declining domestic interest rates and a stronger cedi.
However, compensation of employees exceeded projections at GH¢44.9 billion, while Capital Expenditure (CAPEX) fell sharply to GH¢10 billion, nearly 63 percent below the GH¢22.4 billion target.
Meanwhile, arrears clearance amounted to GH¢4.8 billion below the GH¢8.1 billion target with no new arrears buildup.
SP/AE
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