• About
  • Contcat Us
  • Privacy Policy
Monday, August 15, 2022
Primenews.com.gh
No Result
View All Result
  • HomePage
  • Ghana News
  • Politics
  • Entertainment
  • Sports
  • HomePage
  • Ghana News
  • Politics
  • Entertainment
  • Sports
No Result
View All Result
Primenews.com.gh Logo
No Result
View All Result
Home general news

Finance Ministry reacts to allegations of massaging macroeconomic data (Video)

by Justice Kofi Bimpeh
2020-05-10
in general news
Finance Minister, Ken Ofori Atta

Finance Minister, Ken Ofori Atta

116
SHARES
31
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The Finance Ministry has refuted claims by the opposition NDC and Fact Check Ghana that it has been massaging macroeconomic data in the country.

The NDC and Fact Check Ghana said figures presented to the IMF by the government for $1 billion under the Rapid Credit Facility (RCF) was not the same as figures presented to parliament.

The statement from the Ministry said, “Our attention has been drawn to a publication by fact-checkghana.com of the Media Foundation for West Africa suggesting that Government has shared different macroeconomic data with Ghanaians and the International Monetary Fund (IMF). We wish to state that this assertion is false and misleading.

Fact Check Response

READ ALSO

NPP Elections: Prof Kalmonia re-elected as Savannah chairman

High price volatility makes crypto assets unattractive as a means of payment – BoG

May we state that the Ministry of Finance welcomes discussions of the economic information we provide. Such discussions help us in managing the economy. We also operate an open-door policy.

We urge the public to seek clarification on matters they may have difficulty with and we would be happy to help resolve any misunderstanding. Publishing such wrong claims about the economy is not helpful.

The first inaccuracy in the said publication was taking the January to September figures, that is the third quarter figures reported in our budget statements and comparing them with the full year figures reported by the IMF.

The fiscal deficit and primary balance reported in the publication are provisional end-September data quoted from the 2019 and 2020 Budget Statements. It was wrong to compare them with the full year figures reported by the IMF and come to the erroneous conclusion that Government had misrepresented information on the economy.

ADVERTISEMENT

Here is the data: for the first three quarters of 2018 and 2019, the provisional fiscal deficit reported were 3.0% of GDP (2019 Budget Statement) and 4.5% of GDP (2020 Budget Statement), respectively while the primary balances were 0.5% of GDP (2019 Budget Statement) and -0.3% of GDP (2020 Budget Statement) respectively.

However, the full year fiscal outturn published on the Ministry of Finance website (www.mofep.gov.gh) indicate that the fiscal deficit was 3.9% of GDP for 2018 (Jan-Dec) and 4.8% of GDP for 2019 (Jan-Dec) while the primary balance recorded a surplus of 1.5% of GDP and 0.9% of GDP in 2018 and 2019 respectively.

Contrary to the claims in the publication, there is consistency between full-year fiscal performance indicators (overall fiscal balance and primary balance) reported by the Ministry of Finance and that reported by the IMF, even though both of them independently estimate their GDP projections based on independent assumptions. For the avoidance of doubt, Table 1 below depicts the level of consistency in the fiscal data as reported by both the MoF and IMF.

It is also important to point out for public education that there may be some explained disparities between the data reported by national authorities and the IMF across the world. In Ghana’s case, differences between MoF and IMF data are mainly based on:

whether the reported fiscal deficit includes or excludes extraordinary items such as financial sector bailout and energy sector contingent liabilities;

whether the reported fiscal deficit includes or excludes Ghana Revenue Authority (GRA) retentions; and

whether the fiscal deficit to GDP ratio is based on provisional or actual nominal GDP.

Whether the assumptions underpinning reported projected GDP are the same or differs.
It is worthy of note that, just as Ghana did in our full-year reports, the IMF in their Ghana Country Report (No.20/110), from which the Media Foundation quoted, both the “Overall balance” and “Overall balance excluding financial and energy sector related costs” have been reported. It is disingenuous for anybody to pick different variables for comparison. The Media Foundation should not do that.

Tags: finance ministryGhana newsKen Ofori-Atta,News in Ghana
Share116TweetSend
Previous Post

Hearts of Oak MD supports Ghana Premier League going autonomous

Next Post

Coronavirus: Third Brighton player tests positive

Related Posts

NPP Elections: Prof Kalmonia re-elected as Savannah chairman
general news

NPP Elections: Prof Kalmonia re-elected as Savannah chairman

2022-05-28
Russia-Ukraine conflict presents further risk to recovery – BoG Governor
general news

High price volatility makes crypto assets unattractive as a means of payment – BoG

2022-05-28
Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP
general news

Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP

2022-05-28
The debt challenges are compounding for us in Africa – Akufo-Addo
general news

The debt challenges are compounding for us in Africa – Akufo-Addo

2022-05-28
COCOBOD closes purchases for 2021/2022 main crop cocoa season
general news

COCOBOD closes purchases for 2021/2022 main crop cocoa season

2022-05-28
2 killed in robbery at gold shop at Asamang Tamfoe
general news

2 killed in robbery at gold shop at Asamang Tamfoe

2022-05-28
Next Post
Coronavirus: Third Brighton player tests positive

Coronavirus: Third Brighton player tests positive

Ghana’s COVID-19 cases now 1,154 but 120 persons recover

Ghana's COVID-19 cases now 4,700 with 494 recoveries

ADVERTISEMENT

TRENDING NEWS IN GHANA

Iga Swiatek

Iga Swiatek beats Coco Gauff for second French Open title

2022-06-04
Shakira and footballer Gerard Piqué announce split after 12 years

Gerard Pique and Shakira announce split after 12 years

2022-06-04
Ibrahim Danlad

Kotoko shot-stopper Ibrahim Danlad receives Black Stars call up for four-nation tournament

2022-06-04
Felix Afena-Gyan

Photos: Black Stars arrive in camp ahead of AFCON 2023 qualifiers

2022-05-28
Alfred Duncan

Alfred Duncan retires from Black Stars at age of 29

2022-05-28
NPP Elections: Prof Kalmonia re-elected as Savannah chairman

NPP Elections: Prof Kalmonia re-elected as Savannah chairman

2022-05-28
Russia-Ukraine conflict presents further risk to recovery – BoG Governor

High price volatility makes crypto assets unattractive as a means of payment – BoG

2022-05-28
Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP

Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP

2022-05-28
The debt challenges are compounding for us in Africa – Akufo-Addo

The debt challenges are compounding for us in Africa – Akufo-Addo

2022-05-28
COCOBOD closes purchases for 2021/2022 main crop cocoa season

COCOBOD closes purchases for 2021/2022 main crop cocoa season

2022-05-28
ADVERTISEMENT

Must Reads

High price volatility makes crypto assets unattractive as a means of payment – BoG

Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP

The debt challenges are compounding for us in Africa – Akufo-Addo

COCOBOD closes purchases for 2021/2022 main crop cocoa season

2 killed in robbery at gold shop at Asamang Tamfoe

Malawi slashes the value of its currency

About

A Prime Network Limited Website.

Follow us

No Result
View All Result
  • HomePage
  • Ghana News
  • Politics
  • Entertainment
  • Sports

©2015 - 2020 Primenews.com.gh

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.