2018 Budget Highlights | KPMG | GH

2018 Budget Highlights

From Stability to Job Growth

The Honorable Minister of Finance, Mr. Ken Ofori-Atta set the tone for the 2018 Budget Statement reading by commending the government’s effort to remain fiscally disciplined and adhering to the limits set in its maiden Budget Statement read on 5 March 2017. He reiterated that, this was achieved through the competent leadership of the government and judicious management of the public funds.

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2018 Budget Highlights

WHY THIS MATTERS

A snapshot of the economy’s performance over the ten (10) month period the government assumed office was outlined as follows:

  • A stable economy
  • Return to robust growth, with a real Gross Domestic Product (GDP) growth of 7.9% in 2017against 3.7% in 2016
  • Renewed confidence in the economy
  • Decline in inflation; end-September inflation of 12.2% from 15.4% December 2016.
  • Increase in credit to the private sector
  • Relative stability in the exchange rate market (cumulative depreciation of 4.42%)
  • Cut in policy rate to 21% from a peak of 26% in 2016
  • Normalisation of the domestic yield curve; and issuance of the country’s maiden 15-year bond inApril 2017
  • Improved external balances, driven by higher export earnings and lower imports
  • Improvement in the gross international reserves, with about 4 months of imports cover
  • Surplus primary balance of 0.3% in September 2017 against a deficit of 1.6% in September2016

 

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