Full document: 2018 budget presented by Finance Minister,Ken Ofori-Atta

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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GhanaPoliticsonline.com final 2018 budget speech

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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GhanaPoliticsonline.com final 2018 budget speech