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2018 budget: Government introduces 6 policy initiatives for 2018

By Maame Aba Afful
Finance Minister, Ken Ofori-Atta

Government is expected to carry out at least six policy initiatives for the year 2018 outlined in its annual budget.

The policy initiatives were revealed in the presentation of the 2018 budget to parliament by the Finance Minister, Ken Ofori Atta, Wednesday, November 15, 2017.

The Akufo-Addo Programme for Economic Transformation(AAPET), Financial Sector initiatives, Energy Sector policy initiatives, revenue measures, expenditure measures, Voluntary education fund are among the major areas of focus highlighted in the 2018 budget.

Government under the AAPET plans to increase investments under the Planting for Food and jobs, abolish duties on some agricultural produce, Support agri-business start-ups through a grant funding facility, and establish a GHc 400 million to de-risk the agricultural sector.

The budget also reveals government's plans to launch a national development bank, restructure the Ghana Infrastructure Investment Fund( GIIF), as well as enhance the capacity of the Ghana Exim Bank to improve the financial sector.

The NPP government has proposed to reduce electricity tarriffs in 2018 by an average of 13% under its energy sector policy initiative.

Tax incentives for young entrepreneurs, a review of the current income tax threshold, Tax breaks to help position Ghana as a Higher- Education Hub,the introduction of Voluntary Disclosure Procedures(VDP) in the Revenue Administration Act, 2016, and an extension of National Fiscal Stabilisation Levy(NFSL) and Special Import Levy(SIL) will be seen in the implementation of revenue measures for 2018.

Government also plans to undertake a review of pay systems and as such roll out the Human Resource Management Information system(HRMIS) to cover institutions by the end of 2018.

A Voluntary Education Fund will also be set up to enable Ghanaians, capable individuals make voluntary contributions to support education.

Finance Minister, Ken Ofori- Atta in his presentation, assured the public that government will continue to implement its flagship policies stated in both the 2017 and 2018 budgets to ensure economic growth.

Read also:  WATCH LIVE: 2018 Budget Presentation

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