Total expenditure as of July 2026 amounted to GH¢147.07bn, 16% below target – BoG
According to the July 2026 Monetary Policy Report, Compensation of Employees amounted to GH¢50.553 billion, lower than the target of GH¢52.943 billion.
In July 2026, Ghana's government spent GH¢147.077 billion, falling short of its target by 16.4% according to the July 2026 Monetary Policy Report. The decrease was attributed to various factors, including reduced compensation to employees and lower expenditure on goods and services. Compensation of employees accounted for 35.2% of domestic revenue and was 4.5% below the target, while the use of goods and services totaled GH¢5.482 billion, only 63.4% of the expected amount.
Interest payments decreased to GH¢25.171 billion, 12.3% below the target, largely due to lower domestic interest payments and the front-loading of Eurobond payments from 2025. Grants to other government units were also lower than expected, at GH¢30.611 billion, representing a 1.6% decline year-on-year. Capital expenditure, which made up 1.5% of the GDP, fell short of the programmed target by 25%, growing by 157.9% compared to the same period in 2025.
Despite these challenges, the report highlighted macroeconomic improvements, a stable cedi, reduced external interest costs, and the government's commitment to rationalizing spending as contributing factors to the expenditure performance.
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