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%
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| 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%
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| 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% |
Source:Myjoyonline