Statutory  payments   17.14   19.38   Discretionary   payments   Budget   balance   (incl  -­‐8.48   Div)   Primary   budget  2.45   balance   13.52   22.18   13.98   13.84   18.36   19.86   11.22   24.78   12.59   24.18   10.87   12.34   26.83   32.48   -­‐7.24   -­‐5.26   -­‐3.40   -­‐3.20   -­‐2.00   -­‐7.81   3.80   2.14   2.50   0.70   3.40   -­‐8.06   -­‐6.13   -­‐4.90   Source:  The  State  of  the  Ghanaian  Economy  in  2008,  ISSER;  *  -­‐Provisional   For   the   second   year   running   the   primary   budget   balance   to   GDP   ratio   is   in   a   deficit   of   6.1   percent   in   2007,   higher   than   the   4.9   achieved   in   2006.   There   has   been   an   increase   in   total   receipts   from   37.70   percent   of   GDP   in   2006   to   about   42.23   percent   of   GDP   in   2007.   This   is   commendable  and  could  partially  indicate  that  revenue  mobilization  efforts  are  yielding  results.   Total  payments  have  also  increased  from  about  37.70  percent  of  GDP  to  about  44.82  percent  in   2007   largely   as   a   result   of   increase   in   discretionary   payments   from   26.83   percent   of   GDP   in   2006   to   32.48   percent.   Majority   of   the   discretionary   payments   went   into   the   payment   of   personal  emoluments.         The   total   debt12   stock   of   Ghana   was   7,409.72   million   US   dollars   at   the   end   of   2007   but   has   increased  to  about  8488.74  million  US  dollars  as  at  the  end  of  June  2008.  In  terms  of  debt-­‐to-­‐ GDP  ratio,  there  has  been  an  increase  in  gross  public  debt-­‐to-­‐GDP  ratio  from  41.42  percent  in   2006  to  about  50.80  percent  in  2007.  However  the  figure  decreased  to  about  46.11  percent  as   at  June  2008.  While  external  debt-­‐to-­‐GDP  ratio  increased  from  about  16.98  percent  in  2006  to   about  24.66  percent  in  2007  but  declined  to  about  22.67  percent  as  at  the  end  of  June  2008,   the   domestic   debt-­‐to-­‐GDP   ratio   increased   from   about   24.44   percent   in   2006   to   about   26.24   percent  in  2007  but  reduced  to  about  23.44  percent  as  at  the  end  of  June  2008.       6 The   attainment   of   single   digit   inflation   is   the   primary   objective   of   Ghana’s   monetary   policy.   However   this   objective   still   remains   a   major   challenge   given   the   external   and   internal   shocks.  Broad  money  supply  growth  declined  from  39.07  percent  in  2006  to  about  36.3  percent                                                                                                                             19 12 The debt discussed here exclude COCOBOD debt. 67