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.

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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%