2008 Budget Highlight

Overall Summary

Overall Summ2008 Budget: “A brighter futwill the economy be?

The Economy

For the third time in succession, theBudget was read before the beginninof the new fiscal year.

The primary policy direction of the2008 budget is to sustain the stableeconomic environment created overthe past seven years throughaccelerated growth supported byinfrastructural development.

2007 Performance

RevisedTarget

Actual(projected)to end of2007

Real GDPgrowth 6.5% 6.3%

12-monthCPI inflation 7%-9% 10.1%

(October)

Grossinternationalreserves

At least 3monthsimports

3 monthsimports

Domesticprimarydeficit

6.5% ofGDP

3.9% ofGDP

Overallbudgetdeficit

5.7% ofGDP

4.0% ofGDP

2008 Fiscal Year Projections

Inflation is expected to rise in theemerging markets, with 10% projectfor Africa.

The government’s macro-economicpolicies, strategies and targets for2008 are still in line with the macro-economic framework outlined in theGrowth and Poverty ReductionStrategy II (GPRS II).

2008 Budget Highlights*

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The key projections are:

GDP growth of at least 7.0%;

Single digit end of year inflation ofbetween 6.0% and 8.0%;

Average inflation of 7.0%;

Accumulation of internationalreserves to at least three monthsof import cover;

Domestic primary deficit of 1.7%of GDP; and

An overall budget deficit of 4.0%of GDP.

Taxation

Overall there are not many significantchanges with respect to taxes.

Direct Taxation

To encourage lending to theagriculture sector, it is expected thatthe tax rate on income from lending tothat sector would be further reduced.

Stamp duty on stated capital is to bereviewed.

The 2008 BudgetStatement andEconomic Policywas delivered toParliament onThursday, 15November 2007by Hon. KwadwoBaah-Wiredu,M.P. and Ministerof Finance andEconomicPlanning.

We outline in thispublication theprincipal matterscovered by theHonourableMinister in hisaddress, the thirdas a FinanceMinister.

In this Issue:

OverallSummary

The Economy

DirectTaxation andVAT

Customs &Excise

SectoralOutlook

We would pointout that in prioryears changeshave often beenmade to theproposals made inthe BudgetStatement beforethe relevant billshave beenpublished andenacted.

PricewaterhouseCoopers Ghana Budget Highlights: Overall Summary 2

Overall Summary

Value Added Tax (VAT)

Educational campaigns areexpected to be organised on theVAT Flat Rate Scheme and VATClearance Certificate, which is to beintroduced in 2008.

Customs & Excise

The government will shortlyannounce new policies to addresssome of the issues relating to thevaluation of imported of vehicles,and over-age penalties with a viewto easing the financial burden ofvehicle acquisition.

Government intends to abolishimport duty and VAT on all mobilephones and introduce a specificexcise duty per minute of airtime.

Sectoral Outlook

Information and CommunicationsTechnology (ICT)

A national fibre opticcommunications backboneinfrastructure is being built toprovide affordable and efficientopen access broadbandconnectivity.

The Ghana Investment Fund forTelecommunications has been setup to facilitate extension ofcommunication services to theunderserved and unserved areas ofthe country. CommunityInformation Centers will continue tobe constructed in the rural areas topromote an all-inclusive informationand knowledge society.

On e-government, a government-wide network will be established toconnect about 64 Ministries,Departments, and Agencies (MDAs)to enable better sharing ofinformation.

Government is facilitating theestablishment of a Science andTechnology Park at the Institute ofIndustrial Research. AnotherTechnology Park will also be

located within the Free Zoneenclave.

Human Resource Development

The government aims to makeavailable adequate skilled,knowledgeable, well trained,disciplined, and healthy labour forceto drive and sustain private sectorgrowth.

The strategy is to ensure thatpeople have access to crucial basicsocial services such as qualityhealth care, safe drinking water,good sanitation, and decent butaffordable housing, which thegovernment hopes will help Ghanaretain its citizens.

The minimum wage is to beincreased to the equivalent ofUS$2.1.

Health

The government has introduced theRegenerative Health and NutritionProgramme to address the healthrisks arising from the changing life-style of Ghanaians.

The government has also initiated aprogramme for modernisinghealthcare designed to improveaccess, quality, safety, treatmentoutcomes and patient experiences.

Government has releasedGH¢140.33 million to support theNational Health Insurance Scheme(NHIS). Registration for thescheme, which grew from 8.6million to about 9.6 million people,represents approximately 47% ofthe population. A US$15 millionloan has been secured from theWorld Bank to procure ICTequipment for service providersunder the scheme.

The Government High Impact RapidDeliver programme (funded by aUS$25 million World Bank loan),which was introduced for achievinghealth-related Millennium


Overall Summary

Development Goals, has beenpiloted in the 3 northern regions andthe central region.

Tourism

To promote tourism and investment,the Ministry of Tourism andDiasporan Relations is seeking todeepen the relations with Africanand Ghanaian Diaspora, improvethe standard of tourism marketingand services in both public andprivate sectors, upgrade andexpand the stock of facilities.

The Ministry will participate ininternational exhibitions and fairs,and continue to market Ghanathrough the celebration of theEmancipation/Joseph Project/WorldTourism Organisation Days.

The Ministry will organise the fourthParagliding festival at Atibie, Kwahuand promote and manage Ghana’scoastal areas for investmentpurposes.

In addition, the Ministry willestablish Tourism InformationCentres in 10 regional and 20district capitals in the country andorganise training programmes toensure that the Economic

Community of West African States(ECOWAS) standards for servicedelivery are observed.

The Ministry will also continue tofacilitate the development of OldAccra especially the development ofAbabio Square and the Old FishingHarbour, facilitate the setting up ofrest stops along major roads andconstruct receptive facilities atAkwamufie and Saltpond.

Energy

In anticipation of the increase inproduction of petroleum products inthe near future, as well as themanagement of ancillarybusinesses that would emerge fromthe exploration of the discoveredpetroleum fields, the Government iscollaborating with the NorwegianGovernment to build capacity anddevelop policy framework to dealwith issues of petroleum revenue

and resource management, as wellas environmental, security andrelated issues.

Electricity Company of Ghana(ECG) will invest in 2 broad areas –improvements in distributionnetwork and commercial operations.The main objectives are to increasethe existing capacity to meet thegrowing demand for electric power,remove constraints in the sub-transmission and distributionnetwork, reduce losses, andimprove upon voltage quality as wellas the availability and reliability ofelectricity supply.

The Ministry of Energy, incollaboration with other relevantMinistries and the Ghana RealEstate Developers Association(GREDA), will implement a solarprogramme to integrate solar fittingsinto new housing projects.

The Ministry of Energy incollaboration with its sectoragencies and the Ministry ofManpower Youth and Employmentwill establish an Energy EfficiencyEnforcement Team to be known as“Energy Police” or “E-3 Squad” tocheck illegal connections, protectenergy sector physical assets andensure adherence to efficiencystandards.

The Ministry of Energy willcommence the implementation ofthe next stage of the NationalElectrification Scheme (NES) withthe objective of accelerating theextension of electricity to the ruralareas.

The West African Gas PipelineProject (WAGPP) is expected todeliver the first free flow natural gasto Ghana by December 2007 andfull pipeline compressed gas by themiddle of 2008.

Agriculture

Diversification will be pursued bythe introduction of new commoditiesand the creation of opportunities forvalue addition to primarycommodities.


Overall Summary

The government will continue tosupport the cocoa sector. There willbe: increased producer prices;sustained bonus payments;effective diseases and pests controlprogramme; improved agronomicpractices; and promotion of newand innovative methods of cocoafarming.

Bonuses will be paid in July 2008 toensure that farmers will have moneyduring the off-peak seasons.

Road Infrastructure

A number of town roads in districtcapitals will be rehabilitated.

Ghana Highway Authority (GHA)plans to complete the upgrading ofexisting weigh bridges, and theconstruction of 6 new permanentweigh stations to monitor axle loadson the country’s trunk road network.

The Driver Vehicle and LicensingAuthority (DVLA) will continue toequip some of its major stationswith modern vehicle testingequipment. It will also expand itscomputerisation to include otherregional centres to improve datacapturing.

Vehicle inspection activities will beceded to private garages to improvevehicle inspection and testing.

The DVLA in collaboration with theGovernment Technical TrainingCentre (GTTC) and National RoadSafety Commission (NRSC) will setup a model National Driver TrainingAcademy in Accra for all categoriesof vehicles. It will also improvedriver training and testing byrevising the syllabus for writtendriving tests and publicise newregulations for private garages.

Education

The main focus of the Ministry in2008 will be the implementation ofthe Education Reforms Programme,which began in September 2007. Acomprehensive package of reformshas been introduced with the main

components including teacherupgrading and deployment,attainment of gender parity, theactive promotion of science,technology and research; andmainstreaming of pre-schools intothe basic education system.

National Registration

The National Identification Authoritywill undertake a Mass RegistrationExercise.

Ghana Investment PromotionCentre (GIPC)

During 2008 the GIPC willimplement its new business plan inconjunction with other relevantGovernment agencies. The mainfocus of the plan will be to“contribute pro-actively to attractingand retaining investment as thebasis for Ghana’s Golden Age ofBusiness”.

The implementation of the newbusiness strategy is expected tofacilitate an increase in investmentsfrom GH¢880 million in 2007 toGH¢1.8 billion by the end of 2008.

Bank of Ghana

The Bank of Ghana is establishing anational switch (the E-ZWICH) toprovide a common platform forpayment transactions in the country.

PricewaterhouseCoopers

Overall Summary

The Econom

A Pointer to a Brigh

Focusing on accelerated grmajor infrastructural develo

The Economy in 2007

Based on the significantimprovement in the socio-econolandscape over the past sevenyears, the government wants toensure that increases in oil pricedo not unduly burden the financeof the country and derail its visio“Middle Income Status by 2015”

This economic improvement isconfirmed by the country’sinternational ratings. Ghanabecame the first sub-Saharancountry after South Africa to accthe international capital market wa debut Eurobond which wassignificantly over-subscribed.

The growth in the domesticeconomy in 2007 corresponds wgrowth in the world economy.

Low income countries such asGhana benefited from the buoyaprices for commodities such asgold, cocoa and palm oil to recoreasonable growth rates.

Ghana, in spite of rapidly rising oprices and the energy crisis, is lito achieve its key macroeconomtargets for 2007.

Some key indicators reported inbudget statement are:


*connectedthinking

Focusing on growthwithin an environment ofstability for economicrenaissance.

Real GDP growth isexpected to be 6.3%.

Driving nationaldevelopment throughPrivate SectorDevelopment,Human ResourceDevelopment,Good Governance andCivic Responsibility.

Expected overall budgetdeficit for 2007 of 4% ofGDP.

Ghana Budget Highlights: The Economy 5

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Projected real GDP growth of6.3% is slightly lower than thetarget of 6.5%;

Inflation, as measured bychanges in CPI, was reported at10.1% as at end of October2007;

The average inflation rate for2007 is projected to be 10.6%;

Gross international reserves areprojected to increase fromUS$2,266 million (2006) toUS$2,394 million (2007), givingan import cover of 3.0 months;

The domestic primary balanceis projected to be a deficit of3.9% of GDP against abudgeted estimate of 6.5%;

The overall budget balance for2007 is projected to be a deficitof 4.0% of GDP compared tothe target of 5.7% of GDP;

The average commerciallending rates generallyremained unchanged,underpinned by a stable Bankof Ghana (BoG) prime rate,which remained at 12.5% untilthe end of September 2007when it was increased to13.5%; and

PricewaterhouseCoopers Ghana Budget Highlights: The Economy 6

The Economy

As at September 2007, theGhana Cedi had remainedrelatively stable against foreigncurrencies; it depreciated by5.4% against the British Pound,9.0% against the Euro and amoderate 2.0% against the USDollar during the year to date.

Fiscal Performance

By the end of December 2007, totalreceipts are projected to beGH¢5,901.2 million, 5.7% lowerthan the budgeted estimate of whichdomestic revenue is expected to beGH¢3,195.8 million with the othersignificant revenues from grants(GH¢151.7 million) and loans(GH¢446.3 million).

Total payments for the first ninemonths to 30 September 2007totaled GH¢4,254.4 millioncompared to GH¢3,236.8 million forthe same period in 2006, anincrease of about 31.4%.

This is made up of statutorypayments of GH¢1,232 million, anincrease of 46.4% compared to thesame period in 2006 anddiscretionary payments ofGH¢3,022.4 million, an increase ofabout 26.2% compared to the sameperiod in 2006.

Monetary Policy

The policy implemented by the BoGwas targeted at inflationmanagement in the face of risingcrude oil prices on the world market.This resulted in the inflation ratedeclining to 10.1% at the end ofOctober 2007.

Broad money, including foreigncurrency deposits (M2+), grew by37.5% to GH¢4,962.6 million duringthe first eight months of the yearcompared to the same period in2006.

On 1 July 2007 the BoG re-denominated the cedi by setting tenthousand cedis (¢) to one GhanaCedi (GH¢), which itself isequivalent to one hundred Ghanapesewas (Gp) (i.e.¢10,000=GH¢1=100Gp).

Fluctuations in interest rates weremoderate. The BoG prime rate of12.5% remained unchanged up tothe end of September 2007 when itwas revised to 13.5%. MostDeposit Money Banks (DMBs) didnot change their lending ratesduring the period.

Credit to public institutions (in realterms) increased by 69.6%compared with a 0.7 % increase in2006. Outstanding credit to theprivate sector (in real terms)increased by 44.4% compared withan increase of 17.9% in 2006.

The three top sectors in terms ofallocated credit remained asfollows: Services - 29.1%;Electricity, Gas and Water - 16.4%;and Miscellaneous (includingpersonal loans and mortgages) -15.9%. Other sectors togetheraccounted for 28%. DMBs’ level ofnon-performing loans dropped from12.3% in 2006 to 6.1% at the end ofSeptember 2007.

Depreciation of the Ghana Cediagainst the country’s major tradingpartners was well managed.

Balance of Payments (BOP)Outlook for 2007

The overall balance of payments isprojected to be a surplus ofUS$649.24 million by the end of theyear as compared to a surplus ofUS$178.8 million in 2006. Thishealthy surplus expectation isfuelled by anticipation of higherexport receipts resulting from strongcommodity prices, and an increasein the volume of exports.

Developments in the West AfricaMonetary Zone (WAMZ)

The first phase of schedulednegotiations under the EconomicPartnership Agreement (EPA) hasbeen completed, and it is expectedthat the EPA will come into force by1 January 2011, instead of January2008 as provided under theCotonou Partnership Agreement.The extension is deemed necessaryto allow for further negotiations ofthe many outstanding issues,including the following:

Projected total receipts5.7% lower thanbudgeted estimate.

Increase in credit topublic institutions of69.6%.

Increase in credit toprivate sector of 44.4%.

Projected balance ofpayments surplus ofUS$649.24 million.

Broad money includingforeign currency depositsincreased by 37.5%.


The Economy

Strengthening of the regionalintegration process;

Implementing a region-wideCommon External Tariff;

Implementing fully theECOWAS Trade LiberalisationScheme;

Harmonising tax and investmentregimes in the region; and

Resolution of the issue ofmarket access.

Major Socio-economicDevelopments in 2007

The Electricity Power Sub-SectorCrisis

For the second consecutive year,Ghana suffered a serious setback inits electricity sub-sector. Low waterlevels in the Akosombo Dam andhigh petroleum product pricesforced an extensive country-wideload management programme, asthe Volta River Authority (VRA) wasunable to generate adequateelectricity for industrial anddomestic use.

With the improvement in rainfallpatterns, particularly with the floodsin the Northern Sector of Ghana,the official load sheddingprogramme came to an end on 30September 2007.

To curtail such problems in thefuture, the government has put inplace certain measures, the mostsignificant being the Bui projectprojected to cost the nation aboutUS$622 million, and the reduction insystem losses.

The Energy Commission willfacilitate the passage of theRenewable Energy Law in order tofacilitate the usage of solar, windand bio-fuel.

Overview of MacroeconomicFramework for 2008

GPRS II will continue to provide theguiding framework for 2008. Keymacro-economic targets set out inthe 2008 budget include:

Real GDP growth of at least7.0%;

End of year inflation of between6% and 8%;

Average inflation rate of 7.0%;

Accumulation of internationalreserves of at least 3 months ofimport cover;

Domestic primary deficit of1.7% of GDP; and

An overall budget deficit of4.0% of GDP.

To achieve the above targets, thefollowing policies will be applied:

Prudent fiscal policymanagement;

A monetary policy that is flexibleenough to respond to externalshocks, promote growth andensure price stability;

Real interest rates that enhanceeffective mobilisation of savingsand make credit affordable tothe private sector; and

Relatively stable real exchangerates that promote internationaltrade.

The government proposes to issuethe Golden Jubilee Bond. The Bondis targeted to raise the Ghana Cediequivalent of US$25 million forlandmark infrastructure projects. Acommittee formed to work outmodalities for the issuance of thebond has submitted its report to thegovernment. It is expected that thebond will be issued by the end of2007.

Resource Mobilisation

Total revenue collection for 2008 isprojected at GH¢7,107.2 million,equivalent to 43.6% of GDP ofwhich domestic revenue isprojected at GH¢4,763.2 million.The tax revenue agencies areexpected to collect GH¢3,973.8million, which is equivalent to 24.4%of GDP. Of this, direct taxes are

Duty and VAT on mobilephones abolished andsubstituted with specificexcise duty on airtime.

Golden Jubilee Bond toraise Ghana cediequivalent of US$25million for landmarkinfrastructure projects.

Law to enable usage ofsolar, wind and bio-fuel tobe passed.


The Economy

expected to amount to GH¢1,112.4million, representing 28.2% of totaltax revenue. The 2008 direct taxrevenue projection represents agrowth of 24.1% over the projectedoutturn for 2007.

The government plans to derive itsrevenues mainly from direct taxes,import taxes, VAT, duties and loans.

To achieve the revenueperformance, it will be necessary toenhance the capacities of therevenue agencies to collect thetaxes and develop systems toprevent revenue leakages.To curb the loss of taxes resultingfrom the smuggling of mobilephones, government has decided toabolish import duty and import VATon all mobile phones and insteadimpose a specific excise duty basedon airtime usage.

Resource Allocation

Total payments are estimated atGH¢7,107.2 million, made up ofstatutory payments of GH¢1,728.9million and discretionary paymentsof GH¢5,378.3 million.

Out of the discretionary paymentspersonnel emoluments areestimated at GH¢1,559.9 million,indicating a 13.3% increase overthe projected outturn for 2007 andrepresenting 29% of totaldiscretionary payments for 2008.The level of personnel emolumentsalso constitutes 32.7% of totaldomestic revenue, and 9.6% ofnominal GDP.

Total investments (excluding thosefinanced by statutory funds) areexpected to be about 32.5% of totaldiscretionary payments, 79.7%higher than the 2007 projectedoutturn.

The overall budget deficit isexpected to be 4.0% of GDP at theend of 2008. The domestic primarydeficit balance is targeted at 1.7%of GDP and the gross and netdomestic debt-to-GDP ratios areprojected to be 16.0% and 8.0%,respectively.

The key driver for theseexpectations is the inflation rate,which is likely to be influenced bythe escalating world crude oil pricesand the consequent impact ondomestic costs and dynamics in thelabour market.

The government will set up aStabilisation Fund to serve as ameasure to insulate the economyfrom external shocks, specificallythe unpredictability of exportearnings from major exports, i.e.cocoa, gold, timber and oil in thenear future.

An Independent InvestmentAuthority to be known as the GhanaInvestment Corporation (GIC) is toencourage the private sector toparticipate in the financing ofinfrastructure in energy, roads andrailways and water. In addition, GICwill also to be tasked to explore thepossibility of investing and acquiringshares in international andmultinational companies thatpurchase and process raw materialssuch as cocoa and gold to enableGhana to hedge against fallingcommodity prices through receiptsof dividends and capitalappreciation of these multinationalcompanies.

Monetary Policy Outlook

The BoG is expected to continue toimplement a monetary policy aimedat containing inflationary pressureand reducing inflation to a singledigit by the end of the year. TheInflation Targeting Framework andthe flexible exchange rate regimewill be maintained.

The External Sector and Balanceof Payments Outlook

The government envisages thatexternal financing requirements willcontinue to be high through theinternational finance markets.The projections of the balance ofpayments (BOP) for 2008 indicate agrowth rate of 15.9% in exports to alevel of US$4,973.66 million, whileat the same time imports areprojected to grow marginally byabout 4% to US$8,633.63 millionresulting in a projected narrowing of

Total investments toexceed 2007 projectedoutturn by 79.7%.

Government to insulateeconomy from externalshocks by the creation ofa stabilisation fund andthe setting up of theGhana InvestmentCorporation.

Direct taxes, import taxes,VAT, duties and loans tobe main source ofgovernment revenues.

BoG to maintain InflationTargeting Framework in2008.

West African Gas PipelineProject is expected toreduce the country’s oilrelated imports.


The Economy

the trade deficit to US$3,659.97million in 2008. This is partially dueto the impact of the West AfricanGas Pipeline Project which willcause oil-related imports to slowdown.

Fair Wages and Salaries forPublic Sector Workers

The government has constituted theFair Wages and SalariesCommission to administer a newcomprehensive pay structure andensure equity in the governmentpayroll through a LegislativeInstrument (Act 737) passed byParliament in 2007. The reformprocess is ongoing with theobjective of facilitating, coordinating,and monitoring the reform activitiesin the Public Service, including theCivil Service, selected SubventedAgencies and Central and StrategicManagement Agencies.

Total Personnel Emoluments ofapproximately GH¢1.56 billion,representing 29% of totaldiscretionary expenditure and 9.6%of GDP is projected.

Multilateral Debt Relief Initiative

Commitment of the threemultilateral creditors, the WorldBank, IMF and the AfDF to theMultilateral Debt Relief Initiative(MDRI) to accelerate meeting thecountry’s targets under theMillennium Development Goals andGPRS II continue to yield gooddividends.

Expected debt relief for 2008 isGH¢ 215 million, consisting of GH¢159 million HIPC debt relief andGH¢ 56 million inflows from MDRI.An allocation of GH¢1,681.77million has been made for povertyreduction expenditures in 2008,representing almost 31% of totalgovernment expenditure. Povertyreduction programmes will coverbasic education, primary healthcare, poverty-focused agriculture,provision of rural water, feederroads and rural electrification.

Energy for Growth and BrighterFuture

The recent crisis in the energysector has strengthenedgovernment resolve to increaseenergy generation capacity.

The following projects are to bevigorously implemented as amedium to long term measure tocorrect the power deficit:

Operationalisation of theOsagyefo Power Barge;

Execution of Bui Hydro ElectricPower Project; and

The execution of five additionalHydro Electricity Power Projectson the Pra, Ankobra, Tano, andOti rivers.

An amount of US$460 million out ofthe sovereign bond proceeds hasbeen set aside to improve theenergy sector with focus on thetransmission and distributionnetwork. Five communities in eachof the 166 districts will be connectedto the national grid. A total budgetof GH¢ 613 million is earmarked forthe National Electrification Project.

Oil Discovery

Massive infusion of capital isrequired to undertake the necessaryinfrastructure to facilitate growthand keep the country’s GDP aboveworld average. The discovery of oilin commercial quantities is thereforevery timely. However, this blessingmust be managed circumspectly. Inline with this, government is to setup a task force to examine thesocio-economic implications; ensureoil revenues are used for economicdiversification; and identify therequisite legal and regulatoryframework, as well as theinfrastructure and human resourceneeds, among others.

Fair wages and salariesfor public sector workerslegislative instrument(Act 737) passed.

Measures such as theexecution of the BuiProject and theoperationalisation ofOsagyefo Barge tocorrect power deficit.

A Task Force to be setup to ensure oilrevenues are used foreconomic diversification.

The targeted growth isexpected to be driven bya strong growth inagriculture.


The Economy

Summary of Projected SectoralGrowth

The real GDP target of 7% isexpected to be propelled by a 5%growth in Agriculture, 9.2% growthin Industry, and 7.3% growth inServices. The targeted growth willbe driven by a strong growth in:crops and livestock production;electricity and water; and finance,insurance, real estate and businessservices.

Below are the sectoral growthprojections against those of 2007:

2007Target

2007Outturn

2008Target

Agriculture 6.1% 4.3% 5%

Industry 7.7% 7.4% 9.2%

Services 6.7% 8.2% 7.3%

General Comments

A nominal difference in targeted andactual GDP of -0.2% is an indicationthat the energy crisis and oil priceincreases have had some impact on thenational economy. Expenditure onpower generation in the face of rising oilprices and an increase in the wage billhave affected the overall budget deficit.

The significant budgetary allocation tothe energy sector is therefore a sign ofthe government’s commitment to keepthe economy on track.

The Bui Dam Project worth overUS$600 million is particularly significantof the government’s resolve to tacklethe energy crisis. It is also expectedthat the Fair Wages Commission willhelp address labour unrest in the publicsector.

Although Ghana’s economic growth rateis above the world average figure byabout 1%, it is important to ensure thatthe economy is shielded from externalshocks. Another challenge is to driveinflation to single digit. With oil priceslikely to remain high, unless alternativesources of energy are found, it is will bedifficult for Ghana to achieve a singledigit inflation in 2008.

Ghana’s economicgrowth rate is above theworld average figure byabout 1%.

PricewaterhouseCoopers Ghana Budget Hig

Direct Taxatio

Direct Taxation

Overview

There were no major changes toeither Corporate Income Tax orPersonal Income Tax in the 2008Budget.

Corporate Income Tax

The Minister announced that the taxrate on income from providing creditto agriculture is to be reduced, toencourage lending to that industry.

Corporate taxpayers may bedisappointed as there were no changesproposed in the domestic withholdingtax regime, which is one of the majorconcerns of many taxpayers.

Further, no changes were made topermit losses to be carried forward forall companies in Ghana.

Personal Income Tax (PIT)

Like the previous year, no changeswere proposed on the PIT rates,neither was the tax band widened.

The expectation was that the governmentwould revise these rates / bands in linewith the decreases in corporate incometax and withholding tax rates over the lasttwo years.

Perhaps with the increase in theminimum wage, the bands could havebeen widened to provide moredisposable income to employees.

No significantchanges in directtaxes or VAT.

Stamp duties onstated capital tobe revised.


*connectedthinking

hlights: Direct Taxation and VAT 11

n and VAT

Stamp Duties on Stated Capital

The government announced thatthe current 0.5% stamp duty onStated Capital is to be revised.

According to the Minister, thereview seeks to eliminate thenegative impact of the duty on thecapitalisation of companies andinvestment into Ghana.

This is a welcome change if therevision results in the elimination ofthe stamp duty on stated capital.

However, if the Minister’s desire foran increased the flow of directinvestments into the economy is tobe realised, there is the need forproper coordination and co-operation of the various regulatoryand implementation agencies toensure that there are noadministrative or other bottlenecksthat discourage investors.

VAT

Overview

The Minister announced that theunderperformance in the collectionof tax revenue is mainly due to theunder collection of import VAT. Toimprove domestic revenue, the VATService will continue to facilitatetrader/public education on the VATFlat Rate Scheme, upgrade the

PricewaterhouseCoopers Ghana Budget Highlights: Direct Taxation and VAT 12

Direct Taxation and VAT

VAT Information Processing System(VIPS) and implement the VATClearance Certificate (VCC).

VAT Flat Rate Scheme

The Scheme was implemented in2007. However to improve revenuecollection, public education will beintensified.

VAT Information ProcessingSystem

The VAT Service intends toupgrade its existing VIPS and alsoimprove its general ICTenvironment.

VAT Clearance Certificate

The VCC, which was announced inthe 2007 budget, is to beimplemented in the coming year.

The VCC could increase theadministrative burden on taxpayersif not properly implemented.Taxpayers may be apprehensivegiven the many issues of the currentTCC regime.

It would be fair to taxpayers if anefficient system is put in place toensure smooth implementation ofthis policy.

Overall, the main changes to VATappear to be the actualimplementation of changesannounced in the 2007 budget.

Public education tobe intensified onVAT Flat RateScheme.

Implementation ofVCC expected in2008.

PricewaterhouseCoopers Ghan

Direct Taxation

Customs &

More changes seeking toeffectiveness

Introduction of Excise Duty onMobile Phone Airtime

A specific excise duty per minutebe introduced on mobile phoneairtime based on usage.

Accordingly, the current customson the importation of mobile phohandsets is to be eliminated.

Where the network operators deto pass on the duty to subscribewill make mobile phone usage mexpensive.

Reduction in Duties on VehiclImportation

The government has establishedcommittee to review the valuatiodepreciation and over-age penaon the importation of vehicles.

From this committee, new policiesoon be announced with the objof reducing duties on vehicleimportation and hence the overacost of vehicles.

With the expected reduction in thcost of vehicles, more and morevehicles would be expected on oroads. Commuters will have tograpple with the increasingly heatraffic congestion.


*connectedthinking

Introduction of specificexcise duty on mobilephone airtime based onusage.

Duties on vehicles to bereduced.

a Budget Highlights: Customs & Excise 13

Excise

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Electronic Transactions PriceDatabase

The government is setting-up anElectronic Transactions PriceDatabase to ensure that correctprices are assigned to importedcommodities.

Also, the various Revenue Agencies,as well as the Ghana InvestmentPromotion Centre (GIPC), Foods andDrugs Board, Ghana Free ZonesBoard, Ghana Standards Board,Environmental Protection Agency,Tema Oil Refinery and the Ministry ofFinance have all been connected toGCNet as part of a programme todeepen automation of the clearingprocedures at the ports.

This is a step in the right direction tomaking Ghana the preferred investordestination as the government seeksto further simplify and hasten theclearing procedures at the ports.

PricewaterhouseCoopers Ghana Budget Highlights: Customs & Excise 14

Customs & Excise

New Measures on Exemption fromDuties

The Minister proposed the followingmeasures to curb the current abuseof exemption from import duties:

Review the exemption regimeapplicable to certain categories ofbeneficiaries;

Introduce a Treasury Vouchersystem under which duties andtaxes would be paid onimportation with vouchers issuedby the government; and

Configure the GCNet/GhanaCustoms Management System tomonitor and regularise onlineimports that are in excess ofauthorised quantities or valuesand control the deadlines for theexecution of projects.

Customs Excise andPreventive Service(CEPS) to announcemeasures to curbabuse of import dutyexemptions.

PricewaterhouseCoopers

Customs &Excise

2008 Budget

*connectedthinking

Customary LandSecretariats to beestablished.

Youth Farmers tobe provided withentrepreneurialskills.

Ghana Budget Highlights: Sectoral Outlook 15

Sectoral Outlook

Sectoral performance and outlook for 2008

Introduction

To achieve the key objectives of theGPRS II, government’s policydirection will be focused on improvingaccess to global and regionalmarkets, enhancing efficiency andaccessibility to national markets,improving the business andinvestment environment, developingsupport services and additionalsectors to enhance employmentcreation and income generationpotential.

Ministry of Food and Agriculture

The Ministry enters into 2008 with thefollowing medium term targets:

Maintain self sufficiency in staplefood production;

Secure 5% of maize demand forhuman consumption, animal feedand seed as national strategicstocks;

Increase population of smallruminants and rural poultry by50% by 2010;

Increase production of tree cropsby 5,000 hectares by 2010;

Provide 66,400 youth farmerswith entrepreneurial skills andfarm plots by 2010;

Train farmers, processors andexporters in the export sector in

export production, processingand marketing by 2010; and

Empower 30% of Ghanaianfarmers to receive extensioninformation through audio-visualaids by 2010.

Cocoa Industry

650,000 metric tonnes (mt) of cocoato be produced in 2007/08 cropseason.

Government to ensure cocoa farmersare paid net FOB of not less than70%. This means the new price for abag of 64kg is GH¢59.38 and for30kg is GH¢28.50 naked ex-scale.

Ministry of Lands, Forestry andMines

Lands Sub-Sector

Activities of the Land AdministrationProject will be increased. Thefollowing activities will beimplemented or continued:

8 new Customary LandSecretariats will be established in2008;

Ministry to complete inventory ofstate acquired and occupied landin 4 regions; and

Geodetic Reference Networksystem to be re-computed for thenorthern sector of the country.

Highlights*

PricewaterhouseCoopers Ghana Budget Highlights: Sectoral Outlook 16

Sectoral Outlook

MDA to support Survey Departmentin land surveying and mediation ofland disputes.

Forestry Sub-Sector

Forestry Commission to continueimplementing the Protected AreasManagement Plans in order tomaintain the integrity of ProtectedAreas.

Phase 1 of the construction of a newzoo at Achimota Forest to commencein 2008.

Mines Sub-Sector

All diamond miners and buyers willbe registered and given identity cardsto facilitate monitoring, reducesmuggling and also to satisfy theprinciples of the Kimberly ProcessCertification Scheme.

Digital earthquake monitoringequipment to be procured andinstalled to provide more reliable datafor effective monitoring.

Under the Minerals Commission, theInspectorate Division will undertakemonitoring and analytical services topromote health and safety within thelabour force.

Ministry of Energy

Government aims to continue topursue measures that will ensureadequate and reliable generation ofpower throughout 2008 and beyond.Some key interventions include:

Transmission line to be extendedfrom Aboadze to Tema under theWest African Power PoolTransmission Project;

VRA to provide power generationbackups for each of thegeneration stations at Aboadzeand Kpong to reduce failure oftransformers;

ECG will construct new PrimarySubstations under the NetworkImprovement Project; and

Energy Commission will developand facilitate the passage ofwholesale electricity marketregulations, national electricitygrid code, standard ofperformance rules as part of itsregulatory activities in 2008.

Petroleum Sector

Bulk Oil Storage and TransportationLimited will complete the Phase II ofKumasi Depot expansion works in2008.

Ministry of Trade, Industry, PSDand PSI

The Ministry will continue to pursueprogrammes that will facilitate thedevelopment of commercially viabledomestic and export marketenterprises, especially in the ruralareas.

Ghana Free Zones Board willimplement and monitor a Wide AreaNetwork (WAN) in collaboration withCEPS in order to enhance theauditing of free zones companies.

Ministry of Tourism and DiasporanRelations

The Ministry will continue to marketGhana through the celebration of theEmancipation/Joseph Project/WorldTourism Organisation Days.

The Ministry is to establish TourismInformation Centres in 10 regionaland 20 district capitals.

Ministry of Fisheries

In 2008, the Ministry will prepare astrategic implementation plan for theFisheries Policy. The FisheriesManagement Plan will also becompleted and gazetted to ensureresponsible fishing in Ghana.

The Ministry will strengthen inter-Ministerial linkages with the Ministriesof Defence, Interior and Harbours &Railways to ensure the effectivemonitoring and protection of marineand inland waters.

Diamond minersand buyers to beregistered.

VRA to providepower generationbackups forAboadze andKpong generationstations.


Sectoral Outlook

Ministry of Water Resources,Works and Housing

Rural Water

The Ministry aims to achieve a targetof 58.5% access to safe and potablewater in 2008.

Housing

Government to complete theguidelines for the operation of the zerodown payment, low interest rate pubicservants mortgage scheme.

Ministry of Transportation

Ministry to finalise draft TransportSector Development Programme forimplementation in 2008.

Revised Road Traffic Regulations tooperationalise the Road Traffic Act683 of 2004 to be approved.

Metro Mass Transit Limited willincrease its passenger lift by 40 millionin 2008.

Ministry of Communications (MOC)

The MOC is expected to facilitate theoperationalisation and the setting upof National Fibre Backbone CompanyLimited. The company is to managethe national fibre backbone facility,which commenced in 2007, as acommercially viable business. Thesecond phase of the project will gobeyond Tamale to other parts ofnorthern Ghana.

Other initiatives to be undertaken totransform Ghana into a country withsufficient, efficient, cost effective andaccessible communicationsinfrastructure include:

3G mobile licenses to be issuedby National CommunicationsAuthority;

Construction of common mastsfacilities in 29 towns by the GhanaInvestment Fund forTelecommunications;

Continuation of the communityinformation centre project in 2008;

Establishment of the TechnologyPark within the Free Zoneenclave to house ICT/IT enabledcompanies;

Installation of a government widenetwork to connect 64 MDAs toenhance information sharing andcoordination across the agencies;and

Passage of National InformationTechnology Agency Bill toprovide legal backing toimplement revenue generationinitiatives contained in theElectronic Transactions Bills

Ministry of Harbours and Railways

Marine Sector

Key activities to be undertaken in thesector include:

A feasibility study to beundertaken by the Ghana Portsand Harbours Authority on theconstruction of a secondContainer Terminal at the TemaPort and also the developmentterminals at Takoradi Port;

Construction of containerHandling Terminals at Akosomboand Buipe by the Volta LakeTransport Company Limited toimprove upon trade with BurkinaFaso and other landlockedcountries; and

Construction of freight terminal atthe Takoradi Port by the GhanaShippers’ Council in partnershipwith Shama Ahanta EastMetropolitan Assembly andEcobank Ghana Limited, to easecongestion at the port andenhance the movement of trucks.

Rail Sector

The Ministry of Harbours andRailways will ensure that the GhanaRailway Development Authority isoperational as a regulatory body forrail transport and also rehabilitatesome railway lines and refurbishsome coaches in line with thegovernment’s objective of improvingmass transportation decongestingroad networks.

MOC to continuecommunityinformation centreproject in 2008.

Government widenetwork to beinstalled in 64MDAs.

Passage ofNationalInformationTechnology Bill.

Technology parkto be establishedwithin the FreeZone enclave.


Sectoral Outlook

Ministry of Aviation

In line with the Yamoussoukrodecision for air liberalisation inAfrica, the Ministry of Aviation isexpected to hold and reviewbilateral negotiations with Africanand non African member stateswith the objective of attractingmore airlines to KotokaInternational Airport (KIA) andincreasing frequencies.

The Ghana Airports CompanyLimited (GACL) will continue withthe infrastructural development ofKIA and the regional airports andairstrips to reach acceptableInternational Civil AviationOrganisation (ICAO) standardsand support the economy. PhaseIII of the rehabilitation works atKIA has been signed.

Ministry of Education, Science andSports

Educational sector

The main focus in the educationalsector in 2008 will be theimplementation of EducationalReform Programme which took off inSeptember 2007. Key changes in theeducational sector introduced underthe reform include:

Increased duration of senior highschool education from 3 years to4 years with 4 main specialisedprogrammes namely Grammar,Agriculture, Technical andVocational. Additional classroomsare expected to be provided forthe fourth year of senior highschool education;

Introduction of ICT as a coresubject of the educationalcurriculum at the pre-tertiarylevel. It is expected that ICTequipment and furniture such asdesktop computers, laptops,printers, etc will be supplied to250 senior high schools; and

Radical transformation oftechnical, vocation andagricultural education in terms ofquality, quantity and financing.

Science

The Ministry will continue to supportscience, technology and research inthe country. Under a Memorandumof Understanding (MOU) between theCouncil for Scientific and IndustrialResearch (CSIR) and other partners,a new seed company is expected tobe established to develop highyielding and disease resistantplanting materials for both localmarket and export.

The Science and TechnologyEndowment Fund, which wasestablished in 2007, is expected to beoperational in 2008. Activities to befinanced by the Fund include:

Advanced research into localmaterials as substitute forPortland cement;

Bio-fuel research;

Development of energy efficiencystandards for householdsappliances;

Bio-fortification of maize, cowpeaand sweet potato with micro-nutrients and vitamin A usingmolecular biology tool;

Production of activated carbonfrom agricultural waste forpharmaceutical and watercompanies; and

Development of sorghum as anindustrial crop.

Sports

The government plans to acquire a10 square mile plot of land for theconstruction of regional sports stadiain each of the remaining regionswithout a modern stadium. Work onthe stadium to be constructed inCape Coast is expected to begin in2008 whilst work on stadia to beconstructed in the remaining regionalcapitals are expected to commencein 2009. All the stadia are expectedto be run as commercial viableventures.

Science andTechnologyEndowment Fundto be operationalin 2008.

The constructionof modern stadiain all the tenregions under thesport developmentplan.

GACL to developinfrastructure forregional airportsand airstrips.

Introduction of ICTas a core subjectof the educationalcurriculum at pre-tertiary level.


Sectoral Outlook

Ministry of Manpower, Youth andEmployment

Government intends to streamline themigration of skilled and unskilledworkers by initiating a programme tosign MOU with countries such asSouth Korea, Spain, USA, Canadaand Qatar to protect migrant workers.

Ministry of Health

Key targets for the health sector in2008 include:

Advocating regenerative healthand nutrition programme bydeveloping and implementing aNational Behaviour ChangeCommunication Strategy andpromoting healthy habits inschools with emphasis onhygiene, physical exercise andschool feeding;

Review of food and safety lawsso as to strengthen and enforcebetter licensing and inspection ofrestaurants and other foodsellers;

Re-design guinea wormeradication programme toachieve the maximum impact inendemic communities;

Ensuring the passage andimplementation of the bill onmental health; and

Traditional and alternative healthservices to be supported bybuilding capacity of researchinstitutions, developing essentialdrug list for traditionalpractitioners and establishingdesks in all districts to regularisetraditional medicine practice.

Ghana Ambulance Service

The Health Ministry will advocate thepassage and implementation of theNational Ambulance Service Bill intolaw and increase the ambulanceservices to all regional and districtcapitals.

National Health Insurance

The NHIS is to be streamlined.Measures to include:

Introduction of a new universalhealth insurance card;

Revision of tariff medicine list;and

A coverage target of 65% to beachieved.

Ministry of Women’s andChildren’s Affairs (MOWAC)

Key highlights of activities to beundertaken by MOWAC include:

Development of a database onconvicted child abuse offendersand domestic violenceperpetrators;

Increasing the number of ruralpoor and venerable women targetfor access to micro finance, skillstraining and agro processingequipment from 860 to 1,000women; and

Capacity building programmes forpotential women aspirants inlocal and national elections (2008Parliamentary and Presidentialelections and future DistrictAssemblies elections).

Ministry of Local Government,Rural Development andEnvironment

Municipal Finance and RevenueInitiative

To enhance revenue mobilisation forthe Metropolitan and Municipalinfrastructure services, a number ofactivities have been earmarked for2008. They include:

Establishing and operationalisingthe proposed Municipal FinanceAuthority;

Government tostreamlinemigration ofworkers.

Database onconvicted childabuse offenders tobe developed.

Guinea wormeradicationprogramme to bere-designed.


Sectoral Outlook

Providing sustainable financingmechanism model for thedevelopment and management ofurban infrastructural projects;

Facilitating the availability ofImproved Accounting Standardsand the financial coordination ofLocal Authorities;

Putting in place improvedgovernance at the local level; and

Reviewing and developing aComprehensive InformationTechnology ManagementSystem.

Department of Town and CountryPlanning

The Department will undertake legaland institutional reforms andcommercialise Town and CountryPlanning services.

Registration of births and deaths

Registration of births and deaths willbe enhanced so as to achieve 70%registration coverage for births and35% for deaths at the end of 2008.

Department of CommunityDevelopment

Growth-led and poverty reductionrelated activities to be undertaken bythe Department include:

Entrepreneurial development andincome generating skills trainingfor 900 existing Women’s Groupand enhancement of technicalskills of 800 rural artisans; and

Training of 4,000 youth as part ofthe Youth Vocational/Technicaland Employable Skills Transferprogramme.

Department of Parks and Gardens

The Department is expected to assistall Metropolitan, Municipal andDistrict Assembles (MMDAs) todevelop and landscape tourist sitesand also establish eco-tourism parksto generate revenue and createemployment for the youth.

Urban Poverty Reduction Project

In addition to the various measuresbeing undertaken to reduce poverty,the project will:

Engage the services of avaluation firm to revalue for ratingpurposes all rateable propertiesof MMDAs under the supervisionof the Land Valuation Board aswell as a consultant to designand implement a simplecomputerised valuation roll-basedrevenue management system;and

Provide logistics support torevenue collection units ofMMDAs to enhance revenuemobilisation.

Ghana School Feeding Programme

The Programme will be expanded tocover more pupils and schoolsnationwide.

Ghana Immigration Service (GIS)

In 2008 the GIS plans to undertakethe following activities to enhance itsoperations:

Strengthening the country’sborder management system andmodernise infrastructural andtechnological capacities at thecountry’s borders;

Demarcating 15 new entrypoints; and

Strengthening and modernisinginfrastructural and technologicalcapacities at regional and districtcommands.

Ministry of Foreign Affairs,Regional Corporation and NEPAD

The Ministry will continue to takeappropriate steps to introducebiometric passports, in line with theICAO advice to all states to promoteinternational security. Visas will alsobe provided on-line.

Demarcation of 15new entry pointsby the GIS.

Biometricpassports to beintroduced.

Issuing of visas tobe provided on-line.


Sectoral Outlook

Registrar General’s Department(RGD)

The RGD will undertake the followingactivities:

Complete the review andredesign of its Registration,Renewal and Amendment formsto make them computer friendly;

Continue to work on reducingthe time of registration ofbusiness to 24 hours;

Upgrade its ICT Infrastructureand in line with its ICT strategy,decentralise the Department’sprocesses and produceregistration forms for Micro andSmall Enterprises on-line; and

Improve the quality of itsBusiness Registration DataBase and also collaborate withall the Revenue Agencies toimprove the businessenvironment and business legalregime.

Customs Excise and PreventiveService

CEPS will set up transit monitoringunits to prevent diversion of goodswhile providing adequate resourcesto the Preventive Department tobecome more effective in combatingsmuggling activities. CEPS will alsore-equip the CommunicationsDepartment and the variouslaboratory offices at KIA and otherstations.

Financial Sector

In a bid to strengthen the FinancialSector the following measures will beimplemented in 2008:

Trading on the Ghana StockExchange will be fullyautomated as part of measuresto deepen the capital market;

An appropriate regulatoryframework for the facilitation andregulation of over the counter orunlisted securities market bedeveloped to make the capitalmarket accessible to SmallMedium Scale Enterprises; and

Feasibility studies for theestablishment of a CommoditiesExchange.

Also the following financial sector billshave been slated for promulgationinto law in 2008:

Lenders and Borrowers Bill;

Non–Banking FinancialInstitutions Bill;

Municipal Finance Authority Bill;and

Bills and Cheques Bill.

Ghana Investment PromotionCentre

The GIPC will during 2008 implementits new business plan in conjunctionwith other relevant governmentagencies. The main focus of the planwill be to “contribute pro-actively toattracting and retaining investment asthe basis for Ghana’s Golden Age ofBusiness”. The broad areas ofimplementation will be theconsolidation of the reorganisation ofthe GIPC, improving the marketingstrategies, sector specific promotion,lead/investment generation,investment servicing, monitoring andimproved advocacy.

Projects to be undertaken amongothers are as follows:

Establishment of regional officesin Kumasi and Tamale toimprove outreach programmesaimed at addressing theconcerns of investors;

Open at least one internationaloffice to help facilitateinvestment into Ghana;

Facilitate the passage of therevised GIPC law; and

Conduct perception surveys andstakeholders meetings towardsimproved advocacy and imagebuilding.

The RegistrarGeneral’sDepartment toprovideregistration formsfor Micro andSmall ScaleEnterprises.

Promulgation ofthe proposedfinancial sectorbills into law.

Establishment ofregional offices ofthe GIPC isexpected toimprovemonitoring role inthe regions.

Trading on theGhana StockExchange to befully automated.


Sectoral Outlook

Divestiture ImplementationCommittee

It is planned that government’sshares in the followingcompanies will be divested in2008:

PSC Tema Shipyard;

Tex Styles Ghana Limited;

Ghana Agro Foods Co.;

Twifo Oil Palm Plantations;and

Ghana Oil PalmDevelopment Co.

Contact usCOUNTRY LEADER

Charles Egan Partner (Direct Line: 761611) – [email protected]

ASSURANCEMark Appleby Partner (Direct Line: 761623) – [email protected] Asiedu-Antwi Partner (Direct Line: 761533) – [email protected] Okundi Partner (Direct Line: 761629) – [email protected] Frimpong Senior Manager – [email protected] Karanja Senior Manager – [email protected] Brocke Senior Manager – [email protected] Olalekan-Amusa Manager – [email protected] Gomado Manager – [email protected] Hodasi Manager – [email protected] Atta-Kesson Manager – [email protected] Turkson Manager – [email protected] Darkwa Manager – [email protected] Konate Manager – [email protected]

ADVISORYFelix Addo Partner (Direct Line: 761614) – [email protected] (Vish) Ashiagbor Partner (Direct Line: 761465) – [email protected] Tamattey Director (Direct Line: 761578) – [email protected] Nipah Associate Director – [email protected] Anyane-Yeboa Associate Director – [email protected] Sanusi Senior Advisor – [email protected] Ansa Akufo Manager – [email protected] Aikens Manager – [email protected] Ayivor Manager – [email protected]

TAX SERVICESDarcy White Partner (Direct Line: 761576) – [email protected] Kwatia Director – [email protected] Adiasani Senior Manager – [email protected] Nyame Manager – [email protected] Klobodu Manager – [email protected]

FINANCE & ADMINISTRATIONNelson Opoku Senior Finance Manager – [email protected] Norkor Nelson Finance Manager – [email protected] Coleman Office Services & Marketing Manager – [email protected] Kaba GTS Executive – [email protected] Nti-Appiah Human Capital Manager – [email protected]

RISK MANAGEMENT & COMPLIANCEElnora Abu Senior Manager – [email protected]

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Documents

2008 Budget Highlight