Budget Statement and Economic Policy

1 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 JANUARY-SEPTEMBER 2019 .. 17 Overview of Macroeconomic Performance .. 17 Real Sector Performance .. 19 Monetary Sector Performance .. 24 External Sector Developments.

2 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 i 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.

3 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 103 Economic Sector .. 126 Infrastructure Sector .. 156 Social Sector .. 171 Public Safety Sector .. 188 CONCLUSION .. 201 PART C .. 205 APPENDICES .. 206 Consolidating the Gains for Growth, Jobs & Prosperity for all ii APPENDICE 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.

4 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 Ceilings (GH ) - OHLGS & RCCS Appendix 8D: 2020 Budget 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.

5 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 2021 Internally Generated Funds Retention (GH ) by MDAs Appendix 12F: Expenditure Breakdown of 2022 Internally Generated Funds Retention (GH ) by MDAs Appendix 12G: Expenditure Breakdown of 2022 Internally Generated Funds Retention (GH ) by MDAs Appendix 13: External Sector Developments Consolidating the Gains for Growth, Jobs & Prosperity for all iii 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.

6 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: Consolidating the Gains for Growth, Jobs & Prosperity for all iv Acronyms and Abbreviations 1D1F One-District One-Factory AAFORD Affordable Agricultural Financing for Resilient Rural Development Project ABFA Annual Budget Funding Amount ACI Airport Council International ADB Agricultural Development Bank ADR Alternative Dispute Resolution AfCFTA African Continental Free Trade Area AfDB African Development Bank AIIB Asian Infrastructure Investment Bank AMA Accra Metropolitan Assembly AMIS Audit Management Information System AMS Accompanying Measures Strategy ANS Air Navigation Services ARAP Anti-Corruption Rule of Law and Accountability Programme AU African Union AUC African Union Commission BECE Basic Education Certificate Examination BoG Bank of Ghana BOPs

7 Business Operating Permits CAPS Common Admissions Platform CBG Consolidated Bank Ghana Limited CCADR Court Connected-Alternative Dispute Resolution CDD Center for Democratic Development CDVTIs Community Development Vocational and Technical Institutes CECs Civic Education Club activities in schools CEDECOM Central Region Development Commission CET Common External Tariff CHAN African Championship of Nations CHRAJ Commission on Human Rights and Administrative Justice CI Constitutional Instruments CLASS Complimentary Livelihood Asset Support Scheme CLFZs Child Labour Free Zones CMMP Capital Market Master Plan CNS Communication Navigation and Surveillance CoDEO Coalition of Domestic Election Observers COICOP Classification of Individual Consumption by Purpose COMESA Common Market for Eastern and Southern Africa COTVET Council for Technical and Vocational Education and Training Consolidating the Gains for Growth.

8 Jobs & Prosperity for all v CP Coordinated Programme CPESDP Coordinated Programme of Economic and Social Development Policies CPI Consumer Price Index CRIG Cocoa Research Institute of Ghana CSAIP Climate-Smart Agriculture Investment Plan CSIR Council for Scientific and Industrial Research CSOs Civil Society Organisations CST Communication Service Tax CTD Convention Travel Documents CTP Cape Three Points CTS Case Tracking System CWSA Community Water and Sanitation Agency DCIM District Committees on Illegal Mining DFEC Document Fraud Expertise Centre DFI Department of Factories Inspectorate DFID Department for International Development DFQF Duty-Free Quota-Free DFR Department of Feeder Roads DLE District Level Elections DoA Department of Agriculture DSA Debt Sustainability Analysis DTT Digital Terrestrial Television ECCD Early Childhood Care and Development ECE Early Childhood Education ECF Extended Credit Facility ECG Electricity Company of Ghana ECOWAS Economic Community of West African States EEZ Exclusive Economic Zone EFT Electronic Funds Transfer EOCO Economic and Organised Crime Office EPA Environmental Protection Agency EPC Engineering Procurement and Construction EPCC Economic Policy Coordinating Committee ESLA Energy Sector Levies and Accounts ESRP Energy Sector Recovery Programme ETLS ECOWAS Trade Liberalisation Scheme EU European Union EWI Education Workforce Initiative FAO Food and Agriculture Organisation Consolidating the Gains

9 For Growth, Jobs & Prosperity for all vi FAW Fall Army Worm FBOs Faith Based Organisations FDA Food and Drug Authority FDI Foreign Direct Investment FLEGT Forest Law Enforcement Governance and Trade FOB Forward Operating Base FOCAC Forum on China-Africa Cooperation FSD Fiscal Strategy Document FWSC Fair Wages and Salaries Commission FZEs Free Zones Enterprises GADP Ghana Automotive Development Policy GAEC Ghana Atomic Energy Commission GAF Ghana Armed Forces GAFCSC Ghana Armed Forces Command and Staff College GALOP Ghana Accountability for Learning Outcomes Project GAMCORP Ghana Asset Management Corporation GARID Greater Accra Resilient and Integrated Development GASSLIP Greater Accra Sustainable Sanitation and Livelihood Improvement

10 Project GAT Ghana Amalgamated Trust GBV Gender-Based Violence GCLMS Ghana Child Labour Monitoring System GCX Ghana Commodities Exchange GDP Gross Domestic Product GES Ghana Education Service GETFund Ghana Education Trust Fund GFZA Ghana Free Zones Authority GHANEPS Ghana Electronic Procurement System GIADEC Ghana Integrated Aluminium Development Corporation GIFEC Ghana Investment Fund for Electronic Communications GIIF Ghana Infrastructure Investment Fund GIISDEC Ghana Integrated Iron and Steel Development Corporation GIPC Ghana Investment Promotion Centre GIRSAL Ghana Incentive-Based Risk Sharing System for Agricultural Lending GMet Ghana Meteorological Agency GMO Genetically Modified Organism GMRA Global Master Repurchase Agreement GNPC Ghana National Petroleum Corporation GPF Ghana Petroleum Funds GPSNP Ghana Productive Safety Net Project Consolidating the Gains for Growth, Jobs & Prosperity for all vii GRA Ghana Revenue Authority GRATIS Ghana Regional Appropriate Technology Industrial Services GSCSP Ghana Secondary Cities Support Programme GSE Ghana Stock Exchange GSE-CI Ghana Stock Exchange Composite Index GSFP Ghana School Feeding Programme GSS Ghana Statistical Service GTA Ghana Tourism Authority HOTCATT Hotel.