Graphic Business News

2018 Budget targets 6.8% growth in GDP

By: Maxwell Akelaare Adombila
Mr Ken Ofori-Atta — Minister of Finance
Mr Ken Ofori-Atta — Minister of Finance

THE government expects the economy to grow by 6.8 per cent of next year, slightly higher than the 6.3 per cent growth target set for this year.

Next year’s growth target is due to be announced in the 2018 budget, which the Minister of Finance, Mr Ken Ofori-Atta, will present to Parliament tomorrow.

Of the 6.8 per cent growth rate, the GRAPHIC BUSINESS understands that the government expects non-oil GDP to end next year at 5.4 per cent, higher than the 2017 target of 4.6 percent.

The growth target for next year is expected to be anchored by strong growth in oil and gas, following the coming onboard of oil and gas production from the Sankofa Gye-Nyame Fields.

The fields are configured to produce 45,000 barrels of oil per day and 170MMSCFD of gas.

That should augment produce from the Jubilee Fields, Ghana maiden commercial fields, and the Tweneboa-Enyera-Ntoume (TEN) project.

The paper understands that the fiscal deficit target will also be set at 4.5.

The government will also aim to end the year with a surplus primary balance in excess of 1.7 per cent of goods and services produced, measured by GDP.