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.

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%

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