Government is likely to present the 2018 budget alongside the famous “Marshall Plan for Agriculture†later this month.
This is based on a statement by the Minister for Finance, Ken Ofori Atta - proposing the date November 15th for the reading of the 2018 budget to Parliament.
In an encounter with the media, the Finance Minister noted that while the 2018 budget will be focused on industrialization – particularly, the development of the Agricultural sector and entrepreneurship in general, government will still maintain the critical social intervention programs such as free SHS, nurses training allowance, among others which were captured in the 2017 budget.
He emphasized that “on 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 thingâ€.Â
The proposed Marshall Plan for Agriculture which is expected to be the prominent aspect of the presentation is aimed at transforming the Agricultural sector of Ghana’s economy – as an extension of the government’s flagship programme on Agriculture: “Planting for Food and Jobsâ€.
There is also the expectation of general adjustments in the nation’s macroeconomic targets especially, in defiance or compliance of the recommendations of the IMF in revenue, GDP, inflation, fiscal deficit, etc.
Below are highlights of the 2017 Budget’s Macroeconomic targets:
GDP growth of 6.3%
Inflation rate of 11.2%
Fiscal deficit of 6.5 %
Foreign Reserves from 3.5 months to 3.6 months.
Current Account Deficit from 6.6 to 5.9 %.