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1. 2003 Budget Statement

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1. 2003 Budget Statement TABLE OF CONTENTS SECTION ONE: INTRODUCTION - AN OVERVIEW OF ECONOMIC............. 2 POLICY AND BUDGET- FISCAL YEAR 2003 ................................................................ 2 SECTION TWO: WORLD ECONOMIC OUTLOOK ................................................ 9 SECTION THREE: MACROECONOMIC PERFORMANCE IN 2002..................... 12 Overview........................................................................................................................ 12 Overall GDP Growth ..................................................................................................... 13 Fiscal Developments .................................................................................................... 15 Monetary Developments.............................................................................................. 23 Consumer Price Developments................................................................................... 25 External Sector Developments ................................................................................... 26 Balance of Payments Developments in 2002 ........................................................... 26 Overall Balance of Payments ...................................................................................... 28 Exchange Rate Developments.................................................................................... 28 Developments in External Debt.................................................................................. 29 SECTION FOUR: MACROECONOMIC FRAMEWORK - 2003 ............................. 31 Medium-Term Objectives and Policy Framework .................................................... 31 Macro Economic Outlook and Financial Programme............................................... 33 Outlook for Fiscal Policy ........................................................................................... 35 Fiscal Transparency.................................................................................................... 37 Resource Allocation ................................................................................................... 40 Monetary Outlook......................................................................................................... 43 Exchange Rate Outlook ............................................................................................... 44 Balance of Payments Outlook..................................................................................... 44 External Debt Outlook ................................................................................................. 46 SECTION FIVE: SECTORAL PERFORMANCE IN 2002 AND ............................. 47 OUTLOOK FOR 2003 ........................................................................................................ 47 Infrastructure Services Sector .................................................................................... 47 Economic Services Sector............................................................................................ 59 Social Services Sector .................................................................................................. 75 Public Safety Sector ..................................................................................................... 88 Administration Sector................................................................................................... 96 SECTION SIX: POVERTY REDUCTION AND UTILISATION OF...................... 106 HIPC FUNDS .................................................................................................................... 106 Poverty Reduction ...................................................................................................... 106 Programme for use of HIPC Funds in 2003............................................................ 109 SECTION SEVEN: POLICY INITIATIVES FOR 2003 ........................................ 112 National Health Insurance Scheme.......................................................................... 112 Operational Enhancement Measures....................................................................... 116 Department of National Lotteries (DNL)................................................................. 119 Non-Tax Revenue (NTR) ........................................................................................... 120 Support to Local Industries....................................................................................... 125 Private Equity Funds .................................................................................................. 126 Micro and Small Enterprise Development............................................................... 126 Tax Relief Measures................................................................................................... 128 SECTION EIGHT: INSTITUTIONAL AND STRUCTURAL REFORMS............ 130 Public Financial Management ................................................................................... 130 Public Enterprise Reform........................................................................................... 134 Financial Sector Reform............................................................................................. 137 Long Term Savings Plan............................................................................................ 138 Ghana Stock Exchange – Review of 2002............................................................. 138 National Insurance Commission (NIC) .................................................................... 139 Good Governance and Statistical Transparency .................................................... 140 National Identification System (NIS)....................................................................... 141 Cocoa Industry............................................................................................................ 142 The Multi Donor Budgetary Support........................................................................ 146 SECTION NINE: CONCLUSION.......................................................................... 148 LIST OF FIGURES AND TABLES Figure 1: Revenue Targets and Outturn, 2002 Figure 2: Programme and Outturn for External Loans and Grants in 2002 Figure 3: Programmed and Provisional Actual Statutory Payments, 2002 Figure 4: Distribution of MDAs Discretionary Expenditure (1-4), 2002 Figure 5: Programmed and Provisional Actual Discretionary Payments, 2002 Figure 6: Overall Fiscal Balance and Primary Domestic Balance, 2002-2003 Figure 7: Monthly Inflation (combined) 2002 Figure 8: Annual Average Inflation, 2002 Figure 9: Depreciation of the cedi against the US dollar, 2000-2002 Figure 10: Distribution of External Debt 2002 Figure 11: Tax and Non-tax Revenue Projections 2003 Figure 12: Distribution of Total Programmed Statutory Payments, 2003 Figure 13: Distribution of MDA’s Discretionary Expenditure (Item 1-4) 2002 Figure 14: Distribution of Total Programmed Discretionary Payments, 2003 Figure 15: Distribution of External Debt, 2003 1 SECTION ONE: INTRODUCTION - AN OVERVIEW OF ECONOMIC POLICY AND BUDGET- FISCAL YEAR 2003 1. Mr. Speaker, it is a great honour for me to deliver to this august House on behalf of His Excellency President John Agyekum Kufuor, the third Budget Statement and Economic Policy of the NPP Government. On Thursday February 13, 2003, His Excellency the President delivered his State of the Nation Address. The President set out the Government’s broad policy framework and shared his vision of how to ensure enduring success and prosperity for the nation. This broad policy framework and the President’s vision informed the 2003 budget. 2. The Government in 2001 instituted the Emergency Social Relief Programme with the goal to reduce poverty. 3. The year 2002 marked the beginning of the implementation of the Growth and Poverty Reduction Strategy (GPRS) in our drive to become a middle-income country. 4. The GPRS identifies a comprehensive set of policies to support our medium-term strategy. 5. There are three key vehicles in pursuit of this strategy: first, is the maintenance of a solid macroeconomic framework, second, the pursuit of the five priority areas chosen for development, and, third, the President’s Special Initiatives. 6. Mr. Speaker, in the two previous Budget Statements and Economic Policies, we began the process to better manage the economic affairs of this nation. We began to put in place the fundamentals that will enable us make progress in the five priority areas of the GPRS namely; • the vigorous development of the infrastructure of the country, with special emphasis on roads, ports, transportation, energy supplies and information and communications technology; • the development of a modernised agriculture based on rural development; 2 • the delivery of enhanced social services to ensure equity and quality, particularly in education and health; • the strengthening of the institutions for good governance; and • the strengthening of the private sector so that it can act effectively as the engine of growth. 7. The President’s Special Initiatives (PSIs) are intended to stimulate private enterprise, improve productivity and create jobs. 8. Mr. Speaker, the 2003 budget is carrying these initiatives forward with specific programmes and activities. We are confident that this is our sure path to achieving higher rates of economic growth, increasing employment and thereby improving the living standards
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