{"id":433408,"date":"2017-11-02T10:10:55","date_gmt":"2017-11-02T10:10:55","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/11\/02\/2018-budget-likely-on-nov-15-as-govt-plans-to-unveil-marshall-plan\/"},"modified":"2017-11-02T10:10:55","modified_gmt":"2017-11-02T10:10:55","slug":"2018-budget-likely-on-nov-15-as-govt-plans-to-unveil-marshall-plan","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/11\/02\/2018-budget-likely-on-nov-15-as-govt-plans-to-unveil-marshall-plan\/","title":{"rendered":"2018 budget likely on Nov 15 as gov’t plans to unveil ‘Marshall Plan’"},"content":{"rendered":"

<\/p>\n

\n<\/p>\n

The Finance Minister Ken Ofori Atta has proposed\u00a0to present the 2018 budget to Parliament on November 15, subject to approval the House’s approval.<\/p>\n

JOYBUSINESS sources say the budget would focus on Industrialization; Agriculture and consolidation gains made after almost a year in office.<\/p>\n

This would this administration\u2019s second budget after the 2017 statement and economic policy, which was christened \u201csowing the seed for growth and jobs\u201d.\u00a0<\/p>\n

<\/p>\n

There are strong indications that government may push ahead with some fiscal reforms that could lead to further\u00a0cuts in tax rates.<\/p>\n

Speaking to JOYBUSINESS, Finance Minister Ken Ofori-Atta said\u00a0 all those critical social intervention programs such as free SHS, nurse training allowance would be maintained.\u00a0<\/p>\n

He\u00a0added that \u201con issues of health and education, we are not going compromise on that, we are going to continue with it because the human capital is the essential thing\u201d.\u00a0<\/p>\n

Policies expected<\/p>\n

Marshall Plan for Agriculture is being described as the one of the main focus of the 2018 budget. It\u2019s aimed at transforming the Agric sector and would be built on government\u2019s flagship Agric policy \u201cPlanting for Food and Jobs\u201d.\u00a0<\/p>\n

Speaking to JOYBUSINESS, the Agric Minister Dr. Owusu Afriyie Akoto says another key feature of the Marshall Plan for Agric would be the removal of duties on agro-processing manufacturing equipment and machinery, as well as the implementation of a grant funding facility for agribusiness start-ups.<\/p>\n

Another policy that would be an anchor in the budget is Industrialization of the economy. Sources say this would be guided by government\u2019s \u201cone district one factory\u201d policy<\/p>\n

Targets<\/p>\n

Many would be looking forward to the likely Macro-Economic targets that the finance minister would announce in the budget, especially when it comes to\u00a0budget deficit.<\/p>\n

Would it be in line with IMF programme\u00a0target of 3.8 percent? What about revenue?\u00a0Would the current challenge that it is facing influence its target for 2018? These are some questions some financial\u00a0analysts will be seeking answers to in the budget.<\/p>\n

2017 Budget<\/p>\n

Government in 2017 planned to spend some \u00a254 billion and mobilize \u00a245 billion\u00a0in revenue. However, this is how the picture is looking like as at the July this year.<\/p>\n

On revenue government has missed on its target, it was hoping to realize \u00a224 billion but has secured \u00a221.2 billion.<\/p>\n

However on the expenditure side, the numbers were within target, it was programmed to spend \u00a230 billion but has actually spent \u00a228 billion.\u00a0The budget deficit was also within target.<\/p>\n

Macro- Economic targets for 2017<\/p>\n

GDP growth of\u00a0 6.3 percent<\/p>\n

Inflation rate of 11.2 percnet\u00a0<\/p>\n

Fiscal deficit of 6.5 percent<\/p>\n

Foreign Reserves from 3.5 months to 3.6 months.<\/p>\n

Current Account\u00a0 Deficit\u00a0 from 6.6 to 5.9 percent.<\/p>\n<\/div>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Finance Minister Ken Ofori Atta has proposed\u00a0to present the 2018 budget to Parliament on November 15, subject to approval the House’s approval. JOYBUSINESS sources say the budget would focus on Industrialization; Agriculture and consolidation gains made after almost a year in office. This would this administration\u2019s second budget after the 2017 statement and economic […]<\/p>\n","protected":false},"author":0,"featured_media":433409,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-433408","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n2018 budget likely on Nov 15 as gov't plans to unveil 'Marshall Plan' - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/11\/02\/2018-budget-likely-on-nov-15-as-govt-plans-to-unveil-marshall-plan\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"2018 budget likely on Nov 15 as gov't plans to unveil 'Marshall Plan' - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"The Finance Minister Ken Ofori Atta has proposed\u00a0to present the 2018 budget to Parliament on November 15, subject to approval the House’s approval. 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