2020 Budget Statement and Economic Policy.pdf -...

Unformatted text preview: “Consolidating the Gains for Growth, Jobs & Prosperity for all” Table of Contents Acronyms and Abbreviations .................................................................................... iv List of Figures .......................................................................................................... xii List of Tables ........................................................................................................... xii INTRODUCTION ............................................................................................................. 1 PART A ........................................................................................................................... 7 SECTION ONE: GLOBAL ECONOMIC DEVELOPMENTS AND OUTLOOK ............... 8 Global Growth........................................................................................................... 8 Global Inflation.......................................................................................................... 9 World Price Developments for Ghana’s Key Traded Commodities ........................ 10 African Continental Free Trade Area (AfCFTA) ...................................................... 10 Developments in the ECOWAS Sub-Region .......................................................... 11 Economic Partnership Agreement (EPA)................................................................ 15 Implications of Global Developments for Ghana’s Economy .................................. 15 SECTION TWO: MACROECONOMIC PERFORMANCE FOR JANUARYSEPTEMBER 2019 ....................................................................................................... 17 Overview of Macroeconomic Performance ............................................................. 17 Real Sector Performance ....................................................................................... 19 Monetary Sector Performance ................................................................................ 24 External Sector Developments ............................................................................... 25 Fiscal Performance for 2019................................................................................... 29 Petroleum Receipts And Utilisation In 2019............................................................ 36 Public Debt Developments For 2019 ...................................................................... 40 Financial Sector Developments .............................................................................. 47 SECTION THREE: PERFORMANCE OF GOVERNMENT FLAGSHIPS AND OTHER PRIORITY PROGRAMMES .......................................................................................... 54 Human Capital Development .................................................................................. 54 Agriculture Modernisation ....................................................................................... 56 Industrialisation ....................................................................................................... 60 Infrastructure Development .................................................................................... 61 “Consolidating the Gains for Growth, Jobs & Prosperity for all” Private Sector and Entrepreneurship Development ................................................ 70 Social Intervention Policies ..................................................................................... 71 Other Initiatives....................................................................................................... 73 SECTION FOUR: MEDIUM TERM OBJECTIVES AND TARGETS ............................. 77 Government’s Medium-Term Vision And Objectives .............................................. 77 2020 and Medium Term Macro-Fiscal Targets ....................................................... 79 Real Sector Outlook ............................................................................................... 79 Monetary and External Sector Outlook ................................................................... 82 Fiscal Outlook ......................................................................................................... 84 2020 Petroleum Receipts ....................................................................................... 89 Medium-Term Debt Management Strategy............................................................. 91 Transforming Ghana Beyond Aid ........................................................................... 94 PART B ....................................................................................................................... 102 SECTION FIVE: MDAs PERFORMANCE AND KEY PROGRAMMES FOR 2020 AND THE MEDIUM TERM .................................................................................................. 103 Administration Sector............................................................................................ 103 Economic Sector .................................................................................................. 126 Infrastructure Sector ............................................................................................. 156 Social Sector ........................................................................................................ 171 Public Safety Sector ............................................................................................. 188 CONCLUSION ............................................................................................................ 201 PART C ....................................................................................................................... 205 APPENDICES ............................................................................................................. 206 i “Consolidating the Gains for Growth, Jobs & Prosperity for all” APPENDICES Appendix 1A: Real GDP Growth Appendix 1B: Real GDP at Levels Appendix 1C: Nominal GDP at Levels Appendix 2A: Summary of Central Government Fiscal Operations - 2019 Appendix 2B: Economic Classification of Central Gov't Revenue - 2019 Appendix 2C: Economic Classification of Central Gov't Expenditure - 2019 Appendix 3A: Summary of Central Government Fiscal Operations - 2020-2023 Appendix 3B: Economic Classification of Central Gov't Revenue - 2020-2023 Appendix 3C: Economic Classification of Central Gov't Expenditure - 2020-2023 Appendix 4A: MDA Expenditure Allocation (GH¢) – 2020 Appendix 4A: MDA Expenditure Allocation (GH¢) – 2020 Appendix 4A: MDA Expenditure Allocation – 2020 Appendix 4B: Summary of MDA Exp. Allocation (GH¢) – 2020 Appendix 4C: Summary of MDA Exp. Allocation (GH¢) – 2021 Appendix 4D: Summary of MDA Exp. Allocation (GH¢) – 2022 Appendix 4E: Summary of MDA Exp. Allocation (GH¢) – 2023 Appendix 5: Breakdown of Projected ABFA Spending (GH¢) – 2020 Appendix 6: Cost of Government Flagship Programmes (GH¢) – 2020 Appendix 7: MDA Staff Establishments and Cost (GH¢) – 2020 Appendix 8A: IGF Actual Performance (GH¢) – 2016-2018 Appendix 8B: 2019 IGF Performance and Projections (GH¢) - 2020-2023 Appendix 8C: 2020 Indicative Ceilings (GH¢) - OHLGS & RCCS Appendix 8D: 2020 Budget Indicative Ceilings (GH¢) - MMDAS Appendix 9: Government Measures to Implement Recommendations of Parliament In Respect of the Report of the Auditor-General Appendix 10A: Debt to GDP Appendix 10B: New Loan Commitments Appendix 10C: Approved Project List to be funded from External Non-Concessional Loans for 2020 Appendix 10D: External Debt Service Payments by Sector Appendix 11A: Monetary Indicators (GH¢ Million) Appendix 11B: Sectorial Distribution of Bank Outstanding Credit Appendix 11C: Ghana’s Balance of Payments – 2018-2019 Appendix 12A: Provisional 2019 Non-Tax Revenue Actuals and 2020 Projections (GH¢ 000) Appendix 12B: 2019 Non-Tax Revenue Actuals & 2020 Projections by Major Categories (GH¢'000) Appendix 12C: Non-Tax Revenue/ Internally Generated Funds, 2020 - 2023 Projections (GH¢'000) Appendix 12D: Expenditure Breakdown of 2020 Internally Generated Funds Retention (GH¢) by MDAs Appendix 12E: Expenditure Breakdown of 2023 Internally Generated Funds Retention (GH¢) by MDAs ii “Consolidating the Gains for Growth, Jobs & Prosperity for all” 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 2020 Budget Statement and Economic Policy of the Government of Ghana is also available on the internet at: iii “Consolidating the Gains for Growth, Jobs & Prosperity for all” Acronyms and Abbreviations 1D1F AAFORD ABFA ACI ADB ADR AfCFTA AfDB AIIB AMA AMIS AMS ANS ARAP AU AUC BECE BoG BOPs CAPS CBG CCADR CDD CDVTIs CECs CEDECOM CET CHAN CHRAJ CI CLASS CLFZs CMMP CNS CoDEO COICOP COMESA COTVET One-District One-Factory Affordable Agricultural Financing for Resilient Rural Development Project Annual Budget Funding Amount Airport Council International Agricultural Development Bank Alternative Dispute Resolution African Continental Free Trade Area African Development Bank Asian Infrastructure Investment Bank Accra Metropolitan Assembly Audit Management Information System Accompanying Measures Strategy Air Navigation Services Anti-Corruption Rule of Law and Accountability Programme African Union African Union Commission Basic Education Certificate Examination Bank of Ghana Business Operating Permits Common Admissions Platform Consolidated Bank Ghana Limited Court Connected-Alternative Dispute Resolution Center for Democratic Development Community Development Vocational and Technical Institutes Civic Education Club activities in schools Central Region Development Commission Common External Tariff African Championship of Nations Commission on Human Rights and Administrative Justice Constitutional Instruments Complimentary Livelihood Asset Support Scheme Child Labour Free Zones Capital Market Master Plan Communication Navigation and Surveillance Coalition of Domestic Election Observers Classification of Individual Consumption by Purpose Common Market for Eastern and Southern Africa Council for Technical and Vocational Education and Training iv “Consolidating the Gains for Growth, Jobs & Prosperity for all” CP CPESDP CPI CRIG CSAIP CSIR CSOs CST CTD CTP CTS CWSA DCIM DFEC DFI DFID DFQF DFR DLE DoA DSA DTT ECCD ECE ECF ECG ECOWAS EEZ EFT EOCO EPA EPC EPCC ESLA ESRP ETLS EU EWI FAO Coordinated Programme Coordinated Programme of Economic and Social Development Policies Consumer Price Index Cocoa Research Institute of Ghana Climate-Smart Agriculture Investment Plan Council for Scientific and Industrial Research Civil Society Organisations Communication Service Tax Convention Travel Documents Cape Three Points Case Tracking System Community Water and Sanitation Agency District Committees on Illegal Mining Document Fraud Expertise Centre Department of Factories Inspectorate Department for International Development Duty-Free Quota-Free Department of Feeder Roads District Level Elections Department of Agriculture Debt Sustainability Analysis Digital Terrestrial Television Early Childhood Care and Development Early Childhood Education Extended Credit Facility Electricity Company of Ghana Economic Community of West African States Exclusive Economic Zone Electronic Funds Transfer Economic and Organised Crime Office Environmental Protection Agency Engineering Procurement and Construction Economic Policy Coordinating Committee Energy Sector Levies and Accounts Energy Sector Recovery Programme ECOWAS Trade Liberalisation Scheme European Union Education Workforce Initiative Food and Agriculture Organisation v “Consolidating the Gains for Growth, Jobs & Prosperity for all” FAW FBOs FDA FDI FLEGT FOB FOCAC FSD FWSC FZEs GADP GAEC GAF GAFCSC GALOP GAMCORP GARID GASSLIP GAT GBV GCLMS GCX GDP GES GETFund GFZA GHANEPS GIADEC GIFEC GIIF GIISDEC GIPC GIRSAL GMet GMO GMRA GNPC GPF GPSNP Fall Army Worm Faith Based Organisations Food and Drug Authority Foreign Direct Investment Forest Law Enforcement Governance and Trade Forward Operating Base Forum on China-Africa Cooperation Fiscal Strategy Document Fair Wages and Salaries Commission Free Zones Enterprises Ghana Automotive Development Policy Ghana Atomic Energy Commission Ghana Armed Forces Ghana Armed Forces Command and Staff College Ghana Accountability for Learning Outcomes Project Ghana Asset Management Corporation Greater Accra Resilient and Integrated Development Greater Accra Sustainable Sanitation and Livelihood Improvement Project Ghana Amalgamated Trust Gender-Based Violence Ghana Child Labour Monitoring System Ghana Commodities Exchange Gross Domestic Product Ghana Education Service Ghana Education Trust Fund Ghana Free Zones Authority Ghana Electronic Procurement System Ghana Integrated Aluminium Development Corporation Ghana Investment Fund for Electronic Communications Ghana Infrastructure Investment Fund Ghana Integrated Iron and Steel Development Corporation Ghana Investment Promotion Centre Ghana Incentive-Based Risk Sharing System for Agricultural Lending Ghana Meteorological Agency Genetically Modified Organism Global Master Repurchase Agreement Ghana National Petroleum Corporation Ghana Petroleum Funds Ghana Productive Safety Net Project vi “Consolidating the Gains for Growth, Jobs & Prosperity for all” GRA GRATIS GSCSP GSE GSE-CI GSFP GSS GTA HOTCATT HPC HPS HRMIS HSSE ICAO ICCO ICM IDEG IEPA IFAD IGF IP & SEZ IPEP IPAC IPPD IPPs ISD Ghana Revenue Authority Ghana Regional Appropriate Technology Industrial Services Ghana Secondary Cities Support Programme Ghana Stock Exchange Ghana Stock Exchange Composite Index Ghana School Feeding Programme Ghana Statistical Service Ghana Tourism Authority Hotel, Catering and Tourism Training Institute High-Performance Computing High Pressure Sodium Human Resource Management Information System Health Safety Security and Environment International Civil Aviation Organisation International Cocoa Organization International Capital Market Institute for Democratic Governance Institute of Educational Planning and Administration International Fund For Agricultural Development Internally Generated Funds Industrial Parks and Special Economic Zones Infrastructure for Poverty Eradication Programme Inter-Party Advisory Committee Integrated Personnel and Payroll Database Independent Power Producers Information Service Department ISO IEC International Organisation for Standardization International Electrotechnical Commission ITAPS ITU IUU KACE KAIPTC KCML KOAFEC KSAs LEAP LGS LIPW Integrated Tax Application and Preparation System International Telecommunication Union Illegal Unreported and Unregulated Kofi Annan Centre of Excellence Kofi Annan International Peace Keeping Training Centre Kumasi City Markets Limited Korea-Africa Economic Cooperation Key Stakeholder Agencies Livelihood Empowerment Against Poverty Local Government Services Labour Intensive Public Works vii “Consolidating the Gains for Growth, Jobs & Prosperity for all” LMD LMIS LPGMC LUSPA M2+ MASLOC MIC MIIF MDAs MMDAs MMscf MMDCDs MOH MPs MSMEs MTDS MTNDPF NABCO NABTEX NACAP NaCCA NaCORD NADMO NBA NBSSI NCA NCCE NDA NDMW NDPAS NECC NEIP NFA NFB NFSL NHIS NHMF NHMS NIA Last Mile Distribution Logistic Management Information System Liquefied Petroleum Gas Marketing Companies Land Use and Spatial Planning Authority Broad Money Supply Micro Finance and Small Loans Centre Migration Information Centre Minerals Income Investment Fund Ministries Departments and Agencies Metropolitan Municipal and District Assemblies Million Standard Cubic Feet Metropolitan Municipal and District Coordinating Directors Ministry of Health Members of Parliament Micro Small and Medium Enterprises Medium Term Debt Management Strategy Medium-Term National Development Policy Framework Nation Builders Corps National Accreditation Board and Technical Examination National Anti-Corruption Action Plan National Council for Curriculum and Assessment National Anti-Corruption Reporting Dashboard National Disaster Management Organization National Biosafety Authority National Board for Small Scale Industries National Communications Authority National Commission for Civic Education Net Domestic Assets National Daily Minimum Wage National Digital Property Addressing System National Early Childhood Care National Entrepreneurship and Innovation Plan Net Foreign Assets National Folklore Board National Fiscal Stabilisation Levy National Health Insurance Scheme National Housing and Mortgage Fund National Housing and Mortgage Scheme National Identification Authority viii “Consolidating the Gains for Growth, Jobs & Prosperity for all” NIB NITA NMC NPA NPAP NPP NPRA NPSRS NRA NTC ODF OEMs OHCS OHLGS OICG OSP PCOA PDS PEAs PECs PEPs PERD PFM PFMRP PJCC PPA PPAs PPPs PRAAD PRMA PSJSNC PSRRP PURC PWDs RAMSR RCCs RCDs RCSTWSP REITs National Investment Bank National Information Technology Agency National Media Commission National Petroleum Authority National Plastics Action Partnership New Patriotic Party National Pensions Regulatory Authority National Public Sector Reform Strategy Nuclear Regulatory Authority National Teaching Council Open Defecation Free Original Equipment manufacturers Office of the Head of the Civil Service Office of the Head of Local Government Service Opportunities Industrialisation Centre Ghana Office of Special Prosecutor Put Call Option Agreement Power Distribution Services Private Employment Agencies Public Employment Centres Productivity Enhancement Programmes Planting For Export and Rural Development Public Financial Management Public Financial Management Reform Project Permanent Joint Commission for Cooperation Public Procurement Authority Power Purchase Agreements Public–Private Partnership Public Records and Archives Administration Department Petroleum Revenue Management Act Public Service Joint Salaries Negotiation Committee Public Sector Reform for Results Project Public Utilities Regulatory Commission Persons With Disabilities Radiological and Medical Sciences Research Institute Regional Coordinating Councils Regional Coordinating Directors Rural Communities and Small Towns Water Supply Project Real Estate Investment Trusts ix “Consolidating the Gains for Growth, Jobs & Prosperity for all” REP RFJ RGD RLPGPP ROPAA RRT RTI SAPIP SDF SDGs SDIs SEC SEZs SGN SHS SIGA SIYB SLWMP SMEs SOEs SPV STEM STEP TEN TEU NABPTEX TICAD TIN TLMs TMA TSCs TTIP TVET UMaT UMB UN UNCAC UNICEF UNODC Rural Enterprise Programme Rearing for Food and Jobs Registrar General’s Department Rural LPG Promotion Programme Representation of Peoples’ Amendment Act Rapid Response Teams Right to Information Savannah Zone Agricultural Productivity Improvement Project Spatial Development Framework Sustainable Development Goals Special Deposit taking Institutions Securities and Exchange Commission Special Economic Zones Sankofa Gye Nyame Senior High School State Interests and Governance Authority Start and Improve Your Business Sustainable Land and Water Management Project Small and Medium-sized Enterprises State Owned Enterprises Special Purpose Vehicle Science Technology Engineering and Mathematics Skills Towards Employment and Productivity Tweneboa Enyenra Ntomme Technical Examinations Unit National Board for Professional and Technical Examinations Tokyo International Conference of African Development Tax Identification Number Teaching and Learning Materials Tema Metropolitan Assembly Technology Solution Centres Takoradi–Tema Interconnection Pipeline Technical and Vocational Education and Training University of Mines and Technology Universal Merchant Bank Limited United Nations United Nations Convention Against Corruption United Nations Children's Fund United Nation Office on Drugs and Crime x “Consolidating the Gains for Growth, Jobs & Prosperity for all” UNOHCHR UNWTO VALCO VAT VBA W...
View Full Document