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Ken Ofori-Atta
Minister for Finance
The 2019
Budget Statement
and
Economic Policy
of Government
i | The Budget Statement and Economic Policy of the Government of Ghana for the 2019 Financial Year
Theme: “A Stronger Economy for Jobs and Prosperity”
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 2019 Budget Statement and Economic Policy of the Government of Ghana is also
available on the internet at:
www.mofep.gov.gh
ii | The Budget Statement and Economic Policy of the Government of Ghana for the 2019 Financial Year
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December, 2019.
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Economic Policy.
amended.
prosperity for the Ghanaian people over the next financial year.
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on our collective potential, our will and our hope that the
enviable empowerment.
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10. Yes, Mr. Speaker, we have, in the last two budget years,
taken some tough decisions to get the country out of some very
rough seas. We are not proud of the fact that there is still
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are being repaid for “the years the locusts have eaten”.
11. So, Mr. Speaker, what is, however, clear is that the nation
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its fiscal discipline and had very little choice but to seek the
in the future.
been to throw our hands in the air and offer excuses. The
that.”
order to appreciate the work that has been done to fix the mess:
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industry;
of Government arrears
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15. These are just some items on the long list of things that
fixed:
macroeconomic stability;
debt-to-GDP ratio;
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process;
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cleared;
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18. A major focus of the Government in the last 22 months has been
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measures:
tickets;
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percent in 2017;
percent in 2017;
percent in 2017;
percent in 2016;
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● The fiscal deficit was reduced from 9.3 percent of GDP in 2016
to 5.9 percent of GDP in 2017 (the first time since 2006 that a
December 2018;
(September);
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2008 to 73.1 percent in 2016 declined for the first time since
2018; and
● For the first time in almost a decade, Standard and Poor’s (S&P)
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of Ghanaians;
Ghanaians;
confidence;
creation;
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21. This will be the first budget in Africa and second in the world,
Ghanaians.
22. Mr. Speaker, our 2018 “Adwuma” Budget aimed to build on our
to work; to grow the economy, create jobs and improve the lives
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23. Mr. Speaker, the Ghana Statistical Service (GSS) completed the
indicators. The good news is that per capita GDP rose from
GDP base, the 2017 GDP growth rate of 8.5 percent was revised
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25. Mr. Speaker, during the first half of 2018, real GDP grew by 5.4
5.6 percent growth this year. Much of the higher growth in the
of 4.5 percent for the year (3.7 % in the rebased series). This
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27. Mr. Speaker not only are we growing the economy, the Bank of
Dollar.
banks, over the past few years, led to high levels of non-
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last year by the Bank of Ghana, five more were closed in August
budgeted for and could have surely been put in good use to fix
bridges, etc.
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and the remaining good assets of the failed banks. This singular
difficulty.
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and to serve as the go-to bank for financing Small and Medium
2018.
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country that out of the 99,858 claims, 79,708 (80 percent) have
has set aside funds at the Bank of Ghana to pay the remaining
claims have been fully provided for, but the customers have not
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37. Mr. Speaker let me say how pleased His Excellency the President
is now able to settle its bills, thereby ensuring that many more
39. For our Government, support for the private sector is a top
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30-year bond!
46. Government is also doing its part on job creation. Over the
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48. Mr. Speaker, in recent times, the NPP Government has had to
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49. Mr. Speaker, Ghana can look forward with renewed confidence.
with the IMF, our trusted advisors in the past three years. Under
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other arrangements even after its exit from the current ECF
Programme.
among others:
to rein in on inflation;
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Middle-Income countries;
programmes;
money; and
52. God has demonstrated countless times that He can use ordinary
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53. Mr. Speaker, having set the tone for this budget, in accordance
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Growth
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Inflation
Commodity Prices
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about US$76 a barrel in the first half of 2018, the highest since
58. Mr. Speaker, the world market price of cocoa beans is estimated
Financial conditions
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FOR 2018
60. Mr. Speaker, the performance of the economy for the first nine
rebased series);
rebased series);
series);
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61. Mr. Speaker, data as at the end September 2018 shows that,
targets:
● Real GDP grew by 5.4 percent (using rebased series) in the first
oil real GDP grew by 4.6 percent compared to the 2018 target
of 5.8 percent;
● The fiscal deficit was 3.0 percent of rebased GDP at the end of
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the period;
● The public debt including the financial sector bailout costs at the
GDP;
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Growth
63. Mr. Speaker, the 2018 Budget envisaged a 6.8 percent GDP
growth rate. However, with the rebasing of the GDP, there has
been the need to revise the 2018 growth projection. Thus, the
taking account of the base effect of the GDP rebasing and half-
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percent.
Real GDP grew by 5.4 percent during the first half of 2018. The
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sectors.
Interest Rates
Exchange Rate
67. Mr. Speaker, the Ghanaian Cedi, came under pressure in the
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International Reserves
December 2017.
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Fiscal developments
69. Mr. Speaker, our overarching fiscal policy objective over the
2018 Budget set the overall fiscal balance as the primary anchor
rebased GDP (4.5 % of old GDP) in 2018. At the same time, the
debt accumulation.
70. Mr. Speaker, to safeguard our fiscal policy objectives for 2018,
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the 9 months.
73. Mr. Speaker, the fiscal deficit was financed from both domestic
billion, 0.5 percent of rebased GDP, albeit lower than the target
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Petroleum Receipts
75. Mr. Speaker, Government receipts from crude oil liftings for the
billion).
77. Mr. Speaker, the nominal public debt stock as at end September
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clean-up exercise.
of the rebased GDP, the public debt to GDP ratio is 57.2 percent
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GH¢5 billion in legacy debts and aged payables towards the goal
that were not considered under the ESLA bond. Once confirmed,
to pay off the valid debts. This measure will improve the liquidity
financial viability.
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81. Mr. Speaker, from January to August 2018, a re-tap on the 10-
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targets.
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87. Mr. Speaker, we have set the following medium term (2019-
percent of GDP;
of GDP; and
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months of imports.
the economy
Real Sector
grow by 7.3 percent, the Industry Sector (9.7 %), and the
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Fiscal Sector
92. Mr. Speaker, total revenue and grants for 2019 is estimated at
GDP in 2018.
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administration.
Fund.
2018.
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SHS policy.
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2.5 percent of GDP and a growth of 55.7 percent over the 2018
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103. Mr. Speaker, based on the estimates for Total Revenue & Grants
percent of GDP.
104. Financing of the fiscal deficit will be from both domestic and
105. Mr. Speaker, the Benchmark crude oil price for 2019 has been
893). The gas price for 2019 is also projected at US$3.99 per
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107. Mr. Speaker, if this House grants us this request, the projected
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108. Of this amount, US$404.90 million will be ceded to the NOC for
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highlight the key pillars of our 2019 budget, which takes bold
110. Mr. Speaker, The Budget Statement and Economic Policy for the
● Infrastructure;
● Agricultural Modernisation;
● Industrialisation;
● Entrepreneurship;
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● Social Intervention
INFRASTRUCTURE
111. Mr. Speaker, infrastructure, both hard and soft, is the backbone
prosperity.
the country that will move goods, food items and people from
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one location to another that will create jobs and prosperity and
2019.
commence in 2019:
Region Project
Ashanti
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Ahiankwanta-Obuasi
Ashanti Datano-Ahokwaa-Suhenso
Manhyia Sub-Metro
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Asokwa Sub-Metro
Kwadaso Sub-Metro
Oforikrom Sub-Metro
Subin Sub-Metro
Nhyiaeso Sub-Metro
Bantama Sub-Metro
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Akyem Fremponso
Mampong - Kofiase
Anwiankwanta - Obuasi
Eastern Kessekrom-Adiembra
Central Awakrom-Amisano(Ekumfi)
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Central Offin
Akotokyir Road
Central Roads
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Taifa-Burkina-Nkatia Burger-Dome-
Kwabenya Mosque
Greater Accra
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Kwabenya
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Ankraman (Trobu-Amasaman)
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Partial Construction of
(Trobu-Amasaman)
Amasaman)
(Ledzokuku)
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(Ledzokuku)
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9 Ho Bypass
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passenger rail and freight services for the first time since 2007.
119. Mr. Speaker, the feasibility studies for the proposed 596km
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project;
Elubo; and
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day and age, many of our people do not have access to potable
water. As such, under the “Water for All” agenda, we will ensure
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time and ensure quick access to the Port. The first berth with a
125. Mr. Speaker, to develop the Takoradi Port as an Oil and Gas
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in 2019.
127. Government has completed the first phase of the Elmina Fishing
of a new port with a basin area and a quay wall for vessels to
moor and offload. The second phase of the project which will
as shed for the fish market, fishing net mending and the
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refurbishment area.
building and will serve the Sahelian region. In 2019, the contract
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130. Finally, Mr. Speaker, Cabinet has given approval for the
Money audit;
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Accra.
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completed for the start of the pilot phase of the Mortgage and
of GH¢40m has been released for the pilot phase which will
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housing deficit.
before the end of this year, and the second phase will
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housing units for the Ghana Police Service has commenced and
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employment.
145. Mr. Speaker, in line with our belief in investing in human capital,
the sector for any single year in the last 50 years. Government
increase.
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constructed.
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across all levels, Government will in 2019 roll out the BSTEM
151. Mr. Speaker, Under the Zongo Development Fund, five Astro
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year of our independence - the President cut the sod for the
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providing the land, the Secretariat, and seed money for the
preparatory phase.
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155. Mr. Speaker, the Creative Arts Industry Bill is now in Parliament
for deliberation and passage into Law. The Creative Arts Fund
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from the United States of America, the Caribbean and the United
tourism in 2019.
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the bid to host the 2023 All African Games. Mr. Speaker, the
Agricultural Modernisation
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drive, create modern jobs, expand our exports, and reduce the
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for Food and Jobs called “Rearing for Food and Jobs” (RFJ) with
especially poultry.
163. Mr. Speaker, we believe we can leverage the PFJ and RFJ
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So, in order to bring down the cost of feed and make poultry
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metric tons.
167. Mr. Speaker, world cocoa prices remain low after declining by
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168. We need to add value to our cocoa output. Ghana and our
processing factories.
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regulate the cashew, shea nut butter, oil palm and rubber crop
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is the first in West Africa and one of three in Africa and will
Food and Jobs & One District one factory”. The associated
initiative.
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Industrialisation
by the PFJ and RFJ programmes. By the end of the year, a total
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175. On adding value to our natural resources, our main focus will
but imports the alumina - the middle step between bauxite and
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177. Mr. Speaker, in line with this vision, VALCO will next year fully
run two out of its five pot lines to increase output from 40,000
178. We exported over $2.8 billion worth of crude oil in 2017, but
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products.
which will cover 5,000 acres, and incorporate the inland port at
Boankra.
180. Over the past 2 years, Government has laid strong foundations
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industrial businesses.
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plants in Ghana.
industrialization.
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RFJ efforts in poultry by ensuring that there are feed mills and
185. Ghana used to have a textile industry that employed around 30,
000 people, but in recent years the industry has fallen on hard
of three years.
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industry. The local textile industry is further faced with high cost
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190. Among other green initiatives, we will, in 2019, work with the
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resources.
business opportunities.
193. The program will lead to the creation of over 20,000 direct jobs
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have the private sector at its core and we have in the past 22
more job opportunities for our youth, more tax for Government
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growth in 2019.
West-African nation.
197. In 2019, the Ministry of Trade will prioritize and fast-track the
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US$2.3 billion.
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the country.
200. This membership will also lessen the request for sovereign
they now have the option to access risk cover through the ATI.
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203. Mr. Speaker, the National Board for Small Scale Industries
upgraded.
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209. For both 2017 and 2018, the Akufo-Addo government tasked
before 2017. The centre also had a very bad recovery rate
210. We are happy to say that the measures put in place since
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Purse
Responsible Citizenship
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ways to widen our tax net and to bring in the huge informal
sector.
216. Mr. Speaker, Government will then broaden the tax net by
their TIN before accessing social services like free health care
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money services.
Tax Reliefs
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have listened to the feedback from the public and come to the
220. Relief from Tax for Minimum Wage Earners: In view of the
income tax.
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effect this, the exact details of the new arrangement and the
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that started more than a decade ago have not yielded the
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will be resolute.
we treat these offences for what they really are: crimes that
must prosecuted.
will use various distress actions to retrieve tax liabilities from tax
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following areas:
Mining
231. Broadening the Tax Net: Mr. Speaker, the need to broaden
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net. This challenge calls for more creative strategies and new
the following:
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databases to rope more persons into the tax net and tax
them accordingly.
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bills; and
finances of MMDAs.
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provided for in the new Fees and Charges Bill that will be placed
before Parliament before close of the year, the fees and charges
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Government Entities.
mobilisation.
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GDP) in 2017.
239. Over the same period, about six different studies have been
Development (OECD), GIZ and the World Bank. All these studies
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Finance will review all our earmarked funds and update them to
priorities.
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MDA in 2019.
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246. Mr. Speaker, a key priority of H.E. the President is to protect the
sitting allowances.
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249. Mr. Speaker, our nation has invested huge amounts of money
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Fighting Corruption
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mandate.
sector.
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been laid before Parliament. The amount will be used for critical
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151
Century Bond
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investor partners.
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153
261. Mr. Speaker, the Ghana Century bond program will help provide
262. Mr. Speaker, our focus in Government over the last 22 months
Ghanaians.
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154
program. For the first time in our history, the whole of Ghana is
enjoying Free SHS. Under free SHS, students are entitled to;
● Free textbooks
264. Mr. Speaker, the Free SHS in 2017 provided over 90,000
future.
education.
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155
266. Mr. Speaker, the introduction of free SHS has also provided
GH¢2,015.22
2,115.22
would have saved nearly GH¢ 6,045. (or about 60 million old
Cedis). The savings is about 120 million old Cedis if you have 2
268. Mr. Speaker, in the area of LEAP, we have added more than
livelihoods.
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156
GH¢4.5 to GH¢10.0)
percent subsidy) fertiliser under the planting for food and jobs
prices.
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157
Sector
271. Mr. Speaker, I would like to ask one question. Can anyone recall
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158
hardships of Ghanaians?"
272. Mr. Speaker, the evidence shows that when it comes to social
remarkable record.
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273. Mr. Speaker, with December, 2018 as the last test date, we are
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budget we are:
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161
Speaker:
o the Aker oil Field will start producing in 2021 and will
board soon to explore and produce crude oil in the Deep Water
aluminium industry;
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162
debate.
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163
in:
• The millions of Ghanaians who went to the polls and voted him
into power;
turned around;
eased;
for work;
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the streets but for free SHS are now seated in classrooms
future;
• And as the Bible says, for those who sat in darkness, they have
seen a great light. This is in spite of the deep challenge and the
pay contracts, for which we will have to pay some $600 million
resolved to do so;
come to their aid, we have met their aspirations and hope; and
• Over 1.5 million depositors who but for the timely intervention
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280. Ghana’s international profile is now on the rise; in the last year,
attention to Ghana.
282. Mr. Speaker, this story of hope continues. This budget meets
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relatives;
networks;
their incomes;
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285. In this 2019 budget we have chosen to sacrifice and build for
billion facility next year. We have chosen to make our rich oil
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the fastest growing economy in the world last year and still
growing strong.
working again and will work for the benefit of the people and to
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leadership.
288. The 2019 National Budget addresses the past. Exiting the IMF
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a better tomorrow.
Ghana Beyond Aid then every single one of us must own it; be
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immovable.
290. I believe, that with faith as our shield and God-loving Ghanaians
ours: “I will make you a great nation; I will bless you and make
your name [Ghana] great... And in you all the families of the
291. Mr. Speaker, in the Spirit of the season, I declare that by this
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