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2017 Budget Highlights “Sowing the Seeds for Growth and Jobs”

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2017 Budget Highlights “Sowing the Seeds for Growth and Jobs” www.pwc.com/gh 2017 Budget Highlights “Sowing the Seeds for Growth and Jobs” March 2017 Contents 2017 Budget Highlights 2 Commentary 2 At a Glance 6 The Economy 10 Direct Taxation 30 Indirect Taxation 34 Sectoral Outlook Overview 38 Appendix 1 50 Glossary 54 Our Leadership Team 57 PwC 2017 Budget Highlights 1 2017 Budget Highlights Commentary he much anticipated first budget statement of the Nana Addo Dankwa Akufo-Addo led government was finally presented to Parliament on 2 March 2017 under the theme “Sowing the seeds for growth and jobs”. The budget is anchored to the Tcountry’s medium term vision and priorities of Government, incorporates programmes initiated under the Ghana Shared Growth and Development Agenda II (“GSGDA II”), and is informed by the United Nation’s Sustainable Development Goals (“SDGs”), and the African Union’s Agenda 2063. It is also set within the context of the IMF’s three-year Extended Credit Facility (“ECF”) programme with Ghana. Key policy objectives targeted in the medium-term include: a business- friendly and industrialised economy that creates jobs; a modernised agricultural sector that emphasises value addition and improved efficiencies; countrywide integrated infrastructure, and enhanced human capital. At PwC, in keeping with our practice for more than 15 years now, we have Vish Ashiagbor reviewed and analysed the budget statement, offered our independent Country Senior Partner views on Government’s policy intentions, proposed initiatives, and the 2017 economic targets. PwC Ghana The Hon. Minister of Finance, Mr Ken Ofori-Atta, noted that provisional data available indicates that economic performance in 2016 was weak. Many of the targets that were set for macroeconomic and fiscal performance, and for the monetary and external sectors were missed: 2016 real GDP growth rate was 3.6% compared to a revised target of “Government’s 4.1%; budget deficit-to-GDP ratio (on a cash basis) of 8.7% compared to a revised target of 5.3%; on a commitment basis, deficit-to-GDP ratio was selection of the theme higher at 10.3%; and debt-to-GDP ratio was high at 72.5%. Provisional “Sowing the seeds for results across the three major constituent sectors of the economy were growth and jobs” is also uninspiring. For example, industry is reported to have contracted by 1.2% under the global pressures of weak oil markets. well supported by the array of initiatives Some of the factors identified by the Minister as the reasons for the current state of the economy include excessive borrowing, financial indiscipline, they propose to and revenue underperformance resulting from leakages, loopholes, and implement. How tax exemptions. Additional factors mentioned include a debilitating quickly such seeds will environment for the private sector characterised by stiff energy sector challenges, and existing rigidities resulting from earmarked revenues that sprout and how deeply leave Government with very limited room for prioritising its expenditures their roots will go will into capital projects that align with its socio-economic development depend significantly agenda. on effective It is our expectation, therefore, that the Minister will seek to correct implementation.” (or begin to correct) some of the challenges present in the economy to improve Ghana’s chances of meeting the 2017 as well as the medium-term economic performance targets, which in our view are within reach, given good macroeconomic management. This is also with the assumption that forecast revenues will materialise. PwC 2017 Budget Highlights 2 It would seem to us that, oil and gas • How quickly can the seeds sown by sales are in local currency. It is our from the Tweneboa, Enyera, Ntomme these initiatives “germinate, grow view, therefore, that the Government (“TEN”) as well as the Sankofa-Gye and be ready for harvesting? must act quickly, through its fiscal Nyame (“SGN”) fields is expected to be • What are the conditions that should management, to restore the confidence a key growth driver of the economy in be prevalent for these “seeds” to of the market and help stabilise the the medium-term. To this end, we hope result in quick growth and high Ghana Cedi. Failing to achieve stability that the lessons learnt of the impact that yields? in the currency value could mean that unanticipated challenges with technical the removal of import duties would do operations could have on budgetary We have offered our views of these little to improve the lot of spare parts revenue forecasts have been taken into initiatives based on our understanding dealers. Indeed, most businesses will account in arriving at the production of what information has been included continue to hurt, if the Ghana Cedi volumes projected for 2017. in the budget, as well as our own continues to slide at the current rate. Indeed, growth in the Industry sector knowledge and experience. We expect other initiatives, such as is projected to spike up to 17.6% in In this commentary, we have touched the proposed National Identification 2018, the second highest in more than a on a few of these initiatives. In the rest Programme and National Digital Commentary decade after the 41% recorded in 2011, of the document, we have discussed in Address System, to help establish which was the first fiscal year in which more detail some of these initiatives a good foundation for building a we recorded and accounted for a full in addition to other programmes business-friendly environment, one year of oil production. This spike in the Government of Ghana (“Government“ that lends itself to achieving improved Industry sector’s growth is forecast on or “GoG”) plans to execute in 2017 and tax compliance. A major complaint the back of a 53.3% projected growth in the medium-term to 2019. of the financial services/ banking in the petroleum sub-sector in 2018. industry and foreign investors who Beyond oil, we have a keen interest in Improving the business environment seek local partners has been the the over 30 key policy initiatives that and job creation: The Minister absence of a reliable address system have been included in the 2017 Budget identified about 12 policy initiatives for that allows them to track persons and Statement. The Minister states that this thematic area. Key is the proposed organisations that do business with these policy initiatives, collectively, abolition of a broad array of taxes, them. This has been cited among the are aimed to strengthen the business described by the Minister as “nuisance reasons for high payment default rates. environment, promote fiscal discipline, taxes” because they are deemed to be Indeed, some banks have admitted that and stimulate investment in critical low revenue-yielding and burdensome their expectations of elevated default infrastructure in rural and deprived for tax payers. We understand that rates cause them to price interest rates communities. In the budget, these policy implementing these tax incentives on their loan facilities high. initiatives have been organised under could cost the State some tax revenues, We envisage that, with a functioning different thematic areas, including but the Minister is confident that this digital address system in place, a improving the business environment, loss would be more than compensated plethora of innovative technology- job creation, infrastructure for poverty for by other measures introduced, e.g. enabled services could be deployed eradication, expenditure management the initiatives proposed to stem the across different economic segments, and commitment control, etc. haemorrhaging of tax revenues by the current tax exemptions regime. leading to enterprise and job creation, The questions we ask ourselves include especially by the youth. Indeed, these the following: The one measure that has already two policy initiatives are fundamental sparked debate is the elimination of to our socio-economic development and • Will these initiatives be really duty imposed on spare parts imports. should be executed to an appropriate effective in “sowing the kind of Our view is that, while dismantling level of detail over the medium term, seeds that will create an enabling this duty could lead to a lowering of if it cannot be completed in the short environment for high business-led operational cost and an abatement of term. economic growth? cash flow pressures, spare parts dealers • Will the initiatives “sow seeds that would benefit more from a stabilised The initiatives targeted at the banking will lead to sustainable, poverty- Ghana Cedi. and capital markets also present some alleviating jobs being created interesting possibilities. If implemented This is because their costs are foreign outside of the public sector? properly, these initiatives will support currency denominated, while their a strengthening of both the banking PwC 2017 Budget Highlights 3 National Budget | 2017 Budget Highlights Commentary sector and the capital markets. The last initiative we wish to comment Ministry of Local Government and Reduction in exposure to the country’s on under this theme is the “One Rural Development (“MLGRD”), and currently challenged energy/ power District, One Factory” Programme. We the various or respective Metropolitan, sector and the avoidance of such a believe that this has the potential of Municipal, and District assemblies situation in the future will provide incubating in itself massive opportunity (“MMDAs”). the banking sector with the liquidity to achieve an even spread of value- that it needs to support infrastructure adding secondary economic activity, In addition to creating the right linkages, development as well as the operational located mainly in the rural and peri- it is important that Government requirements of the real sector, while urban parts of Ghana. This will packages these interventions in a also bolstering the confidence reposed generate significant employment as way that makes it attractive to the in it. Raising the minimum capital of well as lead to the production of goods private sector, as the intention – as we banks, strengthening the licensing and and services for domestic consumption understand it – is to use these initiatives regulatory framework, and introducing and export.
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