space to plan and invest, thereby sowing the seeds for economic growth and jobs creation. The broad agenda for next year is to translate the stability achieved into shared growth with aggressive policies aimed at creating more opportunities for jobs. The President is determined to reverse the trend of the last few years where businesses operated merely and mainly to service loans, pay taxes and electricity bills. In line with this, for 2018, we will continue to stabilize the economy, offer reliefs, including reducing electricity tariffs to make the private sector truly competitive and create more employment. Our job creation agenda will be driven by investments in (i) Human Capital, (ii) Strategic Infrastructure, (iii) Agriculture and (iv) Agribusiness, (v) Entrepreneurship and (vi) Innovation Programmes. Specifically, we will vigourously continue with and heavily invest in our key policy initiatives and flagship projects, such as: Planting for Food and Jobs Stimulus Package for distressed industries One District One Factory Zongo Development Fund National Entrepreneurship and Innovation Programme Free SHS National Identification Scheme, and National School Feeding Programme Mr Speaker, we have prioritized investments in these areas to ensure that we establish a fair and inclusive society, which creates life-transforming, productive opportunities for every able Ghanaian. We are confident that these priorities will not only deliver jobs, but will improve the security and wellbeing of Ghanaians and communities across the country by increasing agricultural growth and development, providing decent work through skill and entrepreneurship development and industrialization, as well as increasing opportunities for all through the provision of quality education and health delivery.
easing inflation and exchange rate stability. The Monetary Policy Rate (MPR) was reduced from 25.5 percent in January 2017 to 21.0 percent in July 2017. Similarly, money market interest rates broadly declined. The average lending rates of banks, responded to the downward revision in the BoG’s policy rates, and eased to 28.9 percent in September 2017 from 31.7 pecent in December 2016. Exchange Rate Mr. Speaker, the cedi remained relatively stable against the major currencies on account of improved liquidity in the foreign exchange market. As at October 2017, the Ghana cedi had cumulatively depreciated by 4.0 percent against the US dollar, compared to 4.3 percent in the same period last year. External Developments Mr. Speaker, the Balance of Payments (BOP) recorded a surplus of US$379.3 million for the first three quarters of 2017, compared with a deficit of US$1.3 billion in 2016. This improvement was mainly driven by higher export earnings and private transfers. The Gross International Reserves as at end September 2017 stood at US$7.2 billion, equivalent of 4.1 months of import cover. This compares favourably with an outturn of US$4.8 billion, equivalent of 2.5 months of import cover for the same period last year. Fiscal Developments Mr. Speaker, the thrust of fiscal policy for the 2017 Budget was to restore confidence in the economy, ensure fiscal and debt sustainability, and promote overall macroeconomic stability through a number of bold initiatives. Preliminary data for September 2017 indicate that fiscal outturn was broadly in line with expectations despite revenue shortfalls. Total Revenue and Grants for the period fell short of target by 9.3 percent (an actual of GH¢28.4 billion, against a target of GH¢31.3 billion), while Total Expenditure (including arrears clearance) fell short of target by 8.1 percent (an actual of GH¢37.7 billion, against a target of GH¢41 billion). This resulted in an overall fiscal deficit on cash basis of 4.6 percent of GDP against a target of 4.8 percent of GDP.
committees will be formed in all mining Districts to fight illegal mining and address issues relating to small-scale miners TOURISM, CULTURE AND CREATIVE ARTS Tourism Research and Marketing Programme Mr. Speaker, to boost the local economy and to enable Ghanaians appreciate their heritage, the ‘See Ghana, Eat Ghana, Wear Ghana and Feel Ghana’ programme was launched this year and will continue in 2018. A gastronomic festival will be organised to showcase Ghanaian foods and recipes through cooking competitions throughout the country as part of efforts to promote the local Ghanaian cuisine. Governement will continue its initiatives to improve the Creative Arts sector with the establishment of a fully functional Creative Arts Secretariat and the commencement of feasibility studies to set up a Creative Arts Fund. The Ministry will also use international Tourism, Arts and Culture Fairs and fora and a Single Window portal to promote tourism and investment in Ghana. ENERGY Generation Capacity Mr. Speaker, the country’s installed generation capacity was increased from 4,132 MW in 2016 to 4,577MW in 2017. In 2018, Government will continue to increase the installed generation capacity by about 487MW (Cenpower; 340MW, Early Power Phase 1; 147MW) to meet the growing demand of electricity. Under the Transmission System Improvement Projects, GRIDCo continued with the Transmission System Reinforcement Project to improve operational reliability, security and control among others. Key among these are: Kpando-Kadjebi 161kV Transmission Line was completed; The Aboadze-Prestea and Prestea-Kumasi 330kV Transmission Lines are about 70% complete and will be completed in 2018; The Kumasi-Bolgatanga 330kV Transmission Line is about 50% complete and will be continued in 2018.