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Full document: 2018 budget presented by Finance Minister

Finance Minister, Mr Ken Ofori-Atta has presented to Parliament the budget for 2018. This is the second budget statement and economic policy since the President Akufo-Addo led administration assumed office on January 7, 2017.

Click here to access the document.

 

Key Highlight of the 2018 Budget Statement and Economic Policy 

Theme: “Putting Ghana to work”

MACROECONOMIC PERFORMANCE FOR 2017 

 

•         Overall real GDP (as of June)  7.8%

•         Non-Oil real GDP (as of June) 4.0%

•         End-period inflation (as of October) 11.6%

•         Overall budget deficit on cash basis as percentage of GDP(Sept)  4.5%

•         Primary balance (Sept) 0.3%

•         Current account balance (August) (0.2%)

•         Gross International Reserves (import cover)-Sept  3.9%

•         End year expected deficit 6.3%

2017 SECTOR GROWTH 

 

•         Agriculture 4.3%

•         Industry 17.7%

•         Services 4.7%

EXCHANGE RATE DEVELOPMENTS -2017

Cedi/Dollar depreciation 4.0%

 

INTEREST RATE DEVELOPMENTS – 2017

•         91-Day 13.2%

•         182-Day 14.1%

•         1-Year 15.0%

•         Interbank Average 20.94%

•         Average Lending rates to DMBs 28.97%

 

POLICY INITIATIVES FOR 2018

•         The Akufo-Addo Programme For Economic Transformation (Aapet)

•         Financial Sector Initiatives

•         Energy Sector Policy Initiatives

•         Revenue Measures 

•         Expenditure Measures 

•         Voluntary Education Fund

OTHER INITIATIVES 

National LPG Promotion Policy will be rolled out

 

Electricity Tariff Reforms (Reduction)

•         Residential - Up to 13%

•         Non Residential - 13%

•         Special Load Tariff- Low Voltage - 13%

•         Special Load Tariff -Medium Voltage - 11%

•         Special Load Tariff -High Voltage - 14%

•         High Voltage Mines - 21%