Finance Minister Ken Ofori Atta is currently before Parliament presenting the budget for the 2018 financial year.
The theme for the budget is “Putting Ghana back to work.”
Attached is the highlight for the budget as is being presented to Parliament.
Click here for the 2018 budget highlights.
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% |