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The Budget Statement and Economic Policy

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REPUBLIC OF GHANA THE BUDGET STATEMENT AND ECONOMIC POLICY of the Government of Ghana for the 2018 Financial Year Presented to Parliament on Wednesday, 15th November, 2017 by Ken Ofori-Atta Minister for Finance Theme: “putting Ghana back to work” On the authority of His Excellency Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana Theme: “Putting Ghana Back to Work” THE 2018 BUDGET STATEMENT AND ECONOMIC POLICY OF GOVERNMENT i Theme: “Putting Ghana Back to Work” To purchase copies of the Statement, please contact the Public Relations Office of the Ministry: Ministry of Finance Public Relations Office New Building, Ground Floor, Room 001 and 003 P. O. Box MB 40 Accra – Ghana The 2018 Budget Statement and Economic Policy of the Government of Ghana is also available on the internet at: www.mofep.gov.gh ii Theme: “Putting Ghana Back to Work” ACRONYMS AND ABBREVIATIONS ABFA Assets Based Finance Association ACLP Ascertainment and Codification of Customary Law on Land and Family Project ACP African, Caribbean and Pacific ADR Alternative Dispute Resolution AFZ Airport Free Zone AG Associated Gas AGI Association of Ghana Industries AGOA African Growth Opportunities Act AGREDS Assemblies of God, Relief and Development Services ALP Alternative Livelihood Programmes AMA Accra Metropolitan Assembly AMSECS Agriculture Mechanization Service Enterprise Centres ARH Adolescent Reproductive Health AWS Automatic Weather Stations B.Tech Bachelor of Technology BDCs Bulk Oil Distribution Companies BECE Basic Education Certificate Examinations BMI Business Monitor Index BoG Bank of Ghana BOP Balance of Payments bopd barrels of oil per day BOST Bulk Oil Storage and Transportation Limited BOT Build Operate and Transfer BPA Bui Power Authority BPO Business Process Out-Sourcing BPU Border Patrol Unit BR Benchmark Revenue Brexit British exit BRT Bus Rapid Transport BSP Bulk Supply Point BVDs Biometric Verification Devices C.Is Constitutional Instruments CAF Confederation of African Football CAPEX Capital Expenditure CBM Conventional Buoy Mooring CCMC Conflict and Crisis Management CDA Coastal Development Authority CDP Community Development Programme iii Theme: “Putting Ghana Back to Work” CECs Civic Education activities in schools CEDECOM Central Region Development Commission CEMS Central Electronic Monitoring System CENDLOS Centre for Distance Learning and Open Schooling CET Common External Tariff CHAN Championship of African Nations CHPS Community Health and Planning Services CLSs Customary Land Secretariats CLTS Community Led Total Sanitation COCOBOD Cocoa Board CODAPEC Cocoa Diseases and Pests Control Programme COP Child Online Protection CoSMaP Comprehensive Sludge Management Programme CPI Consumer Price Index CRIG Cocoa Research Institute of Ghana CSIR Council for Scientific and Industrial Research CSOs Civil Society Organisation CWSA Community Water and Sanitation Agency DACF District Assemblies Common Fund DDF District Development Facility DIP District Industrialization Programme DMUs Diesel Multiple Units DPs Development Partners DSA Debt Sustainability Analysis DSD Department of Social Development DV Domestic Violence DVLA Driver and Vehicle Licensing Authority EC Energy Commission ECET ECOWAS Common External Tariff ECF Extended Credit Facility ECG Electricity Company of Ghana eCICs enhanced Community Information Centres ECOWAS Economic Community of West Africa States EDRL Energy Debt Recovery Levy EEZ Exclusive Economic Zone eGIS Enterprise Geographic Information System EITI Extractive Industries Transparency Initiative EOCO Economic and Organised Crime Office EPA Economic Partnership Agreement ERM Enterprise Risk Management ESICOME Expanded Sanitary Inspection and Compliance Enforcement iv Theme: “Putting Ghana Back to Work” ESL Energy Sector Levies ESLA Energy Sector Levies Act ETLS ECOWAS Trade Liberalisation Scheme EU European Union FBOs Faith Based Organisations FDI Foreign Direct Investments FEED Front End Engineering Design FIC Financial Intelligence Centre FIFA Federation of International Football Association FOB Free on Board FSP Fertilizer Subsidy Programme FWSC Fair Wages and Salaries Commission GAC Ghana Aids Commission GAEC Ghana Atomic Energy Commission GAF Ghana Armed Forces GAFMS Ghana Armed Forces Military School GAMA Greater Accra Metropolitan Area GATA Ghana Aviation Training Academy GBC Ghana Broadcasting Corporation GCAP Ghana Commercial Agriculture Project GCF Green Climate Fund GCNET Ghana Community Network GCX Ghana Commodities Exchange GDCP Ghana Development Cooperation Policy GDP Gross Domestic Product GEBSS Graduate Entrepreneurial Business Support Scheme GEDAP Ghana Energy Development and Access Project GELIS Ghana Enterprise Land Information System GEPA Ghana Export Promotion Authority GEPARI Ghana Economic Policy Analysis and Research Institute GES Ghana Education Service GETFund Ghana Education Trust Fund GHACCO Ghana Alliance for Clean Cooking GHARH Ghana Adolescent Reproductive Health GHEITI Ghana Extractive Industries Transparency Initiative GHF Ghana Heritage Fund GHS Ghana Cedis GIC Ghana Investment Corporation GIDA Ghana Irrigation Development Authority GIFMIS Ghana Integrated Financial Management Information System GIIF Ghana Infrastructure Investment Fund v Theme: “Putting Ghana Back to Work” GIPC Ghana Investment Promotion Centre GIRSAL the Ghana Incentive-Based Risk Sharing System for Agricultural Lending GIS Geographic Information System GLSS Ghana Living Standards Survey GMet Ghana Meteorological Agency GMOs Genetically Modified Organisms GMP Gas Master Plan GNA Ghana News Agency GNAT Ghana National Association of Teachers GNGC Ghana National Gas Company GNPC Ghana National Petroleum Commission GoG Government of Ghana GPFs Ghana Petroleum Funds GPHA Ghana Ports and Harbours Authority GPP Gas Processing Plant GRA Ghana Revenue Authority GRATIS Ghana Regional Appropriate Technology Industrial GRCL Ghana Railway Company Limited GRIDCO Ghana Grid Company Limited GSE Ghana Stock Exchange GSE-CI Ghana Stock Exchange Composite Index GSF Ghana Stabilisation Fund GSGDA II Ghana Shared Growth and Development Agenda II GSOP Ghana Social Opportunities Project GSS Ghana Statistical Service GSWF Ghana Sovereign Wealth Fund GWCL Ghana Water Company Limited HHs Households HOMOFEST Homogeneous Festival HR Human Resource HRMIS Human Resource Management Information System HT Human Trafficking ICC International Coordinating Committee ICCES Integrated Community Centers for Employable Skills ICE Intercontinental Exchange ICM International Capital Market ICT Information Communications Technoly ID Identification IE Inclusive Education iEPA Interim Economic Partnership Agreement vi Theme: “Putting Ghana Back to Work” IFSC International Financial Services Centre IGF Internal Generated Fund IGF Internally Generated Fund ILD Infrastructure for Local Development ILD Infrastructure for Local Development IMF International Monetary Fund INIR Integrated Nuclear Infrastructure Review IPEP Infrastructure for Poverty Eradication Project IPP Independent Power Produce IUU Illegal, Unreported and Unregulated IWAD Integrated Water Management and Agricultural Development IWRM Integrated Water Resources Management JHS Junior High School KG Kindergarten KIA Kotoka International and Airport KTPP Kpone Thermal Power Project L.Is Legislative Instruments LAN Local Area Network LAP Land Administration Project LEAP Livelihood Empowerment Against Poverty LGS Local Government Service LGSS Local Government Service Secretariat LIPW National Labour-Intensive Public Works MASLOC Microfinance and Small Loans Centre MBA Middle Belt Development Authority MDA Ministries, Departments and Agencies MDGs Millennium Development Goals MDPI Management Development and Productivity Institute MiDA Millennium Development Authority MiG Made-in-Ghana MMDAs Metropolitan, Municipal and District Assemblies MMT Metro Mass Transport MoF Ministry of Finance MOH Ministry of Health MOU Memorandum of Understanding MPC Monetary Policy Committee MPS Meridian Port Services MRS Medical Receptive Stations MSEs Micro and Small Enterprises MTDS Medium Term Debt Management Strategy NAB National Accreditation Board vii Theme: “Putting Ghana Back to Work” NACAP National Anti-Corruption Action Plan NACOB Narcotics Control Board NADMO National Disaster Management Organization NAFTI National Film and Television Institute NAG Non-Associated Gas NAGRAT National Graduate Teahers Association NAPP National Asset Protection Project NBA The National Bio-safety Authority NBSSI National Board for Small Scale Industries NCTE National Council for Tertiary Education NDA Net Domestic Assets NDA Northern Development Authority NDC National Democratic Congress NDF Net Domestic Financing NDMW National Daily Minimum Wages NDPC National Development Planning Commission NDT Non-Destructive Testing NEDCo Northern Electricity Distribution Company NEIP National Entrepreneurship and Innovation Plan NESL National Electrification Scheme Levy NFA Net Foreign Assets NFED Non-Formal Education Division NFLP National Functional Literacy Programme NFS Net Foreign Assets NGOs Non-Governmental Organizations NHIL National Health Insurance Levy NHIS National Health Insurance Scheme NIA National Identification Authority NIP National Infrastructure Plan NITA National Information Technology Agency NORST Northern Regional Small Towns Water and Sanitation Project NOSH National Occupational Safety and Health Policy NPC National Peace Council NPRA National Pensions Regulatory Authority NPSIP Network Protection System
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