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Ghana�s total public debt stood at GH�23.61 billion, equivalent to 44.2 per cent of Gross Domestic Product (GDP) at the end 2011 as against the 2010 figure of GH�17.6 billion, which represented 38.1 per cent of GDP. The stock of domestic debt increased by 43 per cent year-on-year to GH�11.84 billion in 2011 from GH�8.3 billion in 2010. The external debt stock also increased by 20.1 per cent over the end of December 2010 position to US$7.6 billion (GH�11.77 billion). In January 2012, total revenue and grants accruing to government amounted to GH�649.3 million while expenditure was GH�1.4 billion. This resulted in a narrow fiscal deficit of GH�756.4 million compared to a surplus of GH�107.7 million recorded for January 2011. A recent Monetary Policy Committee (MPC) report, which disclosed this, said the deficit was financed mainly from the domestic sector of GH�679.9 million, and net foreign inflows of GH�76.6 million. It represents 80.6 per cent of the first quarter target of GH�844 million. �Total revenue and grants in 2011 amounted to GH�10.7 billion compared to GH�7.5 billion in 2010. Import duties, import VAT, petroleum taxes and NHIL receipts accounted for GH�3.5 billion. �Income and property taxes were GH�3.8 billion while domestic VAT, excise duty and NHIL amounted to GH�1.3 billion. Programmed grants of GH�340.6 million also accrued.� Total expenditure was GH�12.7 billion in 2011, compared to GH�9.2 billion in 2010. Wages, salaries and related expenditures totalled GH�5.2 billion. The report noted that fiscal operations in 2011 resulted in a narrow budget deficit of GH�2.1 billion, adding that it was financed mainly through the issuance of domestic bonds. �The Net Domestic Financing (NDF) of GH�2.1 billion was within the programmed target of GH�2.4 billion.�