Ghana Cedi Falls as Government Wage Bill Exceeds Projections
- Country exceeds annual allocation for local government workers
- Overspending on wages to weigh on cedi, inflation: Databank
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Ghana’s currency retreated on Monday after government data showed the West African nation is overshooting key budget targets as it approaches elections in December.
The government spent 58 percent of its full-year budget for state-worker pay in the first six months of 2016, exceeding annual allocations for local government and rural development employees, according to budget documents, raising questions about the country’s commitment to rein in the fiscal deficit as agreed with the International Monetary Fund.