{
  "id": 17902349,
  "title": "Interest, wages and statutory transfers leave nothing for capital spending – Theo Acheampong",
  "url": "https://urgent.news/2026/11/02/interest-wages-and-statutory-transfers-leave-nothing-for-capital",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-02T23:18:00.000Z",
  "source": {
    "name": "Joy Business",
    "slug": "joy-business",
    "url": "https://www.myjoyonline.com/interest-wages-and-statutory-transfers-leave-nothing-for-capital-spending-theo-acheampong/"
  },
  "original_language": "en",
  "account": "Economist Dr Theo Acheampong highlighted that Ghana's budget is constrained due to interest payments, public sector wages, and statutory transfers, leaving no room for capital spending. During an interview on Joy News' PM Express, he emphasized the need for a broader discussion on the wage bill and productivity. \"There's actually nothing left to pay for capital expenditure,\" he stated, referring to the rigidities in the budget.\n\nHis analysis included interest payments, employee compensation, and transfers to funds like the District Assemblies Common Fund and National Health Insurance. He noted that the wage bill must be examined over time, as rising expenditure figures alone do not provide the complete picture. According to data from 2008 to the present, wages accounted for between 25% and 36% of total expenditure, with an average of around 30%. Employee compensation in 2022 amounted to approximately GH¢79 billion, out of the total expenditure of GH¢233.8 billion. Despite the increasing amount, its share of total spending remained relatively stable.\n\nComparatively, Ghana's wage bill appeared significantly higher than that of its peers, even within the subregion. Dr Acheampong called for a connection between the size of the wage bill and productivity across both the public and private sectors. He acknowledged the government's stated focus on growth, productivity, and job creation in the 2027 budget, aiming for quality employment that could support sustainable wages.\n\nFor workers, he argued that lasting improvements in living standards required more than salary increases. He emphasized that fair wages must be accompanied by stable prices, a stronger economy, reliable public services, and more employment opportunities. \"If you can get all these things working right, and things are stable, even if you offer workers 5% in a stable environment, is always going to be better than offering them 30% when you have runaway inflation.\"",
  "summary": "Economist and political risk specialist Dr Theo Acheampong says interest payments, public sector wages, and statutory transfers leave Ghana’s budget with nothing for capital spending.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}