Overall Summary

2008 Budget Highlights*

*connectedthinking

The 2008 Budget

Overall Summary
Statement and
Economic Policy
2008 Budget: “A brighter future” but how robust
was delivered to will the economy be?
Parliament on
Thursday, 15
November 2007 The Economy The key projections are:
by Hon. Kwadwo
Baah-Wiredu, For the third time in succession, the
M.P. and Minister Budget was read before the beginning  GDP growth of at least 7.0%;
of Finance and of the new fiscal year.
Economic
Planning.  Single digit end of year inflation of
The primary policy direction of the
between 6.0% and 8.0%;
2008 budget is to sustain the stable
We outline in this economic environment created over
publication the the past seven years through  Average inflation of 7.0%;
principal matters
accelerated growth supported by
covered by the
Honourable infrastructural development.
 Accumulation of international
Minister in his
2007 Performance reserves to at least three months
address, the third
as a Finance of import cover;
Actual
Minister.
Revised (projected)  Domestic primary deficit of 1.7%
Target to end of
In this Issue: 2007
of GDP; and

 Overall
Real GDP
growth
6.5% 6.3%  An overall budget deficit of 4.0%
Summary of GDP.
12-month 10.1%
7%-9%
CPI inflation (October)
 The Economy
Gross At least 3
3 months Taxation
international months
 Direct imports
reserves imports
Taxation and
VAT Domestic
6.5% of 3.9% of
Overall there are not many significant
primary changes with respect to taxes.
GDP GDP
deficit
 Customs &
Excise Overall
5.7% of 4.0% of
budget
GDP GDP
Direct Taxation
 Sectoral deficit
Outlook
2008 Fiscal Year Projections To encourage lending to the
We would point agriculture sector, it is expected that
out that in prior the tax rate on income from lending to
years changes Inflation is expected to rise in the that sector would be further reduced.
have often been emerging markets, with 10% projected
made to the for Africa.
proposals made in Stamp duty on stated capital is to be
the Budget reviewed.
Statement before The government’s macro-economic
the relevant bills policies, strategies and targets for
have been 2008 are still in line with the macro-
published and economic framework outlined in the
enacted. Growth and Poverty Reduction
Strategy II (GPRS II).
Overall Summary
Value Added Tax (VAT)
Educational campaigns are
expected to be organised on the
VAT Flat Rate Scheme and VAT
Clearance Certificate, which is to be
introduced in 2008.
Customs & Excise
The government will shortly
announce new policies to address
some of the issues relating to the
valuation of imported of vehicles,
and over-age penalties with a view
to easing the financial burden of
vehicle acquisition.
Government intends to abolish
import duty and VAT on all mobile
phones and introduce a specific
excise duty per minute of airtime.
Sectoral Outlook
Information and Communications
Technology (ICT)
A national fibre optic
communications backbone
infrastructure is being built to
provide affordable and efficient
open access broadband
connectivity.
The Ghana Investment Fund for
Telecommunications has been set
up to facilitate extension of
communication services to the
underserved and unserved areas of
the country. Community
Information Centers will continue to
be constructed in the rural areas to
promote an all-inclusive information
and knowledge society.
On e-government, a government-
wide network will be established to
connect about 64 Ministries,
Departments, and Agencies (MDAs)
to enable better sharing of
information.
Government is facilitating the
establishment of a Science and
Technology Park at the Institute of
Industrial Research. Another
Technology Park will also be
PricewaterhouseCoopers
located within the Free Zone
enclave.
Human Resource Development
The government aims to make
available adequate skilled,
knowledgeable, well trained,
disciplined, and healthy labour force
to drive and sustain private sector
growth.
The strategy is to ensure that
people have access to crucial basic
social services such as quality
health care, safe drinking water,
good sanitation, and decent but
affordable housing, which the
government hopes will help Ghana
retain its citizens.
The minimum wage is to be
increased to the equivalent of
US$2.1.
Health
The government has introduced the
Regenerative Health and Nutrition
Programme to address the health
risks arising from the changing life-
style of Ghanaians.
The government has also initiated a
programme for modernising
healthcare designed to improve
access, quality, safety, treatment
outcomes and patient experiences.
Government has released
GH¢140.33 million to support the
National Health Insurance Scheme
(NHIS). Registration for the
scheme, which grew from 8.6
million to about 9.6 million people,
represents approximately 47% of
the population. A US$15 million
loan has been secured from the
World Bank to procure ICT
equipment for service providers
under the scheme.
The Government High Impact Rapid
Deliver programme (funded by a
US$25 million World Bank loan),
which was introduced for achieving
health-related Millennium
Ghana Budget Highlights: Overall Summary 2
Overall Summary
Development Goals, has been
piloted in the 3 northern regions and
the central region.
Tourism
To promote tourism and investment,
the Ministry of Tourism and
Diasporan Relations is seeking to
deepen the relations with African
and Ghanaian Diaspora, improve
the standard of tourism marketing
and services in both public and
private sectors, upgrade and
expand the stock of facilities.
The Ministry will participate in
international exhibitions and fairs,
and continue to market Ghana
through the celebration of the
Emancipation/Joseph Project/World
Tourism Organisation Days.
The Ministry will organise the fourth
Paragliding festival at Atibie, Kwahu
and promote and manage Ghana’s
coastal areas for investment
purposes.
In addition, the Ministry will
establish Tourism Information
Centres in 10 regional and 20
district capitals in the country and
organise training programmes to
ensure that the Economic
Community of West African States
(ECOWAS) standards for service
delivery are observed.
The Ministry will also continue to
facilitate the development of Old
Accra especially the development of
Ababio Square and the Old Fishing
Harbour, facilitate the setting up of
rest stops along major roads and
construct receptive facilities at
Akwamufie and Saltpond.
Energy
In anticipation of the increase in
production of petroleum products in
the near future, as well as the
management of ancillary
businesses that would emerge from
the exploration of the discovered
petroleum fields, the Government is
collaborating with the Norwegian
Government to build capacity and
develop policy framework to deal
with issues of petroleum revenue
PricewaterhouseCoopers
and resource management, as well
as environmental, security and
related issues.
Electricity Company of Ghana
(ECG) will invest in 2 broad areas –
improvements in distribution
network and commercial operations.
The main objectives are to increase
the existing capacity to meet the
growing demand for electric power,
remove constraints in the sub-
transmission and distribution
network, reduce losses, and
improve upon voltage quality as well
as the availability and reliability of
electricity supply.
The Ministry of Energy, in
collaboration with other relevant
Ministries and the Ghana Real
Estate Developers Association
(GREDA), will implement a solar
programme to integrate solar fittings
into new housing projects.
The Ministry of Energy in
collaboration with its sector
agencies and the Ministry of
Manpower Youth and Employment
will establish an Energy Efficiency
Enforcement Team to be known as
“Energy Police” or “E-3 Squad” to
check illegal connections, protect
energy sector physical assets and
ensure adherence to efficiency
standards.
The Ministry of Energy will
commence the implementation of
the next stage of the National
Electrification Scheme (NES) with
the objective of accelerating the
extension of electricity to the rural
areas.
The West African Gas Pipeline
Project (WAGPP) is expected to
deliver the first free flow natural gas
to Ghana by December 2007 and
full pipeline compressed gas by the
middle of 2008.
Agriculture
Diversification will be pursued by
the introduction of new commodities
and the creation of opportunities for
value addition to primary
commodities.
Ghana Budget Highlights: Overall Summary 3
Overall Summary

The government will continue to components including teacher

support the cocoa sector. There will
be: increased producer prices;
sustained bonus payments;
effective diseases and pests control
programme; improved agronomic
practices; and promotion of new
and innovative methods of cocoa
farming.
upgrading and deployment,
attainment of gender parity, the
active promotion of science,
technology and research; and
mainstreaming of pre-schools into
the basic education system.
National Registration

Bonuses will be paid in July 2008 to The National Identification Authority

ensure that farmers will have money will undertake a Mass Registration
during the off-peak seasons. Exercise.

Road Infrastructure Ghana Investment Promotion

A number of town roads in district
capitals will be rehabilitated.
Ghana Highway Authority (GHA)
plans to complete the upgrading of
existing weigh bridges, and the
construction of 6 new permanent
weigh stations to monitor axle loads
on the country’s trunk road network.
Centre (GIPC)
During 2008 the GIPC will
implement its new business plan in
conjunction with other relevant
Government agencies. The main
focus of the plan will be to
“contribute pro-actively to attracting
and retaining investment as the
basis for Ghana’s Golden Age of
Business”.

The Driver Vehicle and Licensing The implementation of the new

Authority (DVLA) will continue to
equip some of its major stations
with modern vehicle testing
equipment. It will also expand its
computerisation to include other
regional centres to improve data
capturing.
Vehicle inspection activities will be
ceded to private garages to improve
vehicle inspection and testing.
business strategy is expected to
facilitate an increase in investments
from GH¢880 million in 2007 to
GH¢1.8 billion by the end of 2008.
Bank of Ghana
The Bank of Ghana is establishing a
national switch (the E-ZWICH) to
provide a common platform for
payment transactions in the country.

The DVLA in collaboration with the

Government Technical Training
Centre (GTTC) and National Road
Safety Commission (NRSC) will set
up a model National Driver Training
Academy in Accra for all categories
of vehicles. It will also improve
driver training and testing by
revising the syllabus for written
driving tests and publicise new
regulations for private garages.

Education

The main focus of the Ministry in

2008 will be the implementation of
the Education Reforms Programme,
which began in September 2007. A
comprehensive package of reforms
has been introduced with the main

PricewaterhouseCoopers Ghana Budget Highlights: Overall Summary 4

 Overall Summary
2008 Budget Highlights*
*connectedthinking
The Economy
A Pointer to a Brighter Future
Focusing on growth
within an environment of
stability for economic Focusing on accelerated growth and reducing poverty through
renaissance. major infrastructural development
The Economy in 2007
Based on the significant
improvement in the socio-economic
landscape over the past seven
years, the government wants to
ensure that increases in oil prices
Real GDP growth is do not unduly burden the finances
expected to be 6.3%. of the country and derail its vision of
“Middle Income Status by 2015”.
This economic improvement is
confirmed by the country’s
international ratings. Ghana
became the first sub-Saharan
country after South Africa to access
Driving national the international capital market with
development through
a debut Eurobond which was
Private Sector
significantly over-subscribed.
Development,
Human Resource
Development, The growth in the domestic
Good Governance and economy in 2007 corresponds with
Civic Responsibility. growth in the world economy.
Low income countries such as
Ghana benefited from the buoyant
prices for commodities such as
gold, cocoa and palm oil to record
reasonable growth rates.
Expected overall budget Ghana, in spite of rapidly rising oil
deficit for 2007 of 4% of prices and the energy crisis, is likely
GDP. to achieve its key macroeconomic
targets for 2007.
Some key indicators reported in the
budget statement are:
PricewaterhouseCoopers Ghana Budget Highlights: The Economy
 Projected real GDP growth of
6.3% is slightly lower than the
target of 6.5%;
 Inflation, as measured by
changes in CPI, was reported at
10.1% as at end of October
2007;
 The average inflation rate for
2007 is projected to be 10.6%;
 Gross international reserves are
projected to increase from
US$2,266 million (2006) to
US$2,394 million (2007), giving
an import cover of 3.0 months;
 The domestic primary balance
is projected to be a deficit of
3.9% of GDP against a
budgeted estimate of 6.5%;
 The overall budget balance for
2007 is projected to be a deficit
of 4.0% of GDP compared to
the target of 5.7% of GDP;
 The average commercial
lending rates generally
remained unchanged,
underpinned by a stable Bank
of Ghana (BoG) prime rate,
which remained at 12.5% until
the end of September 2007
when it was increased to
13.5%; and
5
 The Economy
 As at September 2007, the
Ghana Cedi had remained
relatively stable against foreign
Projected total receipts
currencies; it depreciated by
5.7% lower than
budgeted estimate. 5.4% against the British Pound,
9.0% against the Euro and a
moderate 2.0% against the US
Dollar during the year to date.
Fiscal Performance
By the end of December 2007, total
receipts are projected to be
Increase in credit to GH¢5,901.2 million, 5.7% lower
public institutions of than the budgeted estimate of which
69.6%. domestic revenue is expected to be
GH¢3,195.8 million with the other
significant revenues from grants
(GH¢151.7 million) and loans
(GH¢446.3 million).
Total payments for the first nine
months to 30 September 2007
Increase in credit to totaled GH¢4,254.4 million
private sector of 44.4%. compared to GH¢3,236.8 million for
the same period in 2006, an
increase of about 31.4%.
This is made up of statutory
payments of GH¢1,232 million, an
increase of 46.4% compared to the
same period in 2006 and
Projected balance of discretionary payments of
payments surplus of GH¢3,022.4 million, an increase of
US$649.24 million. about 26.2% compared to the same
period in 2006.
Monetary Policy
The policy implemented by the BoG
was targeted at inflation
management in the face of rising
crude oil prices on the world market.
Broad money including This resulted in the inflation rate
foreign currency deposits declining to 10.1% at the end of
increased by 37.5%. October 2007.
Broad money, including foreign
currency deposits (M2+), grew by
37.5% to GH¢4,962.6 million during
the first eight months of the year
compared to the same period in
2006.
On 1 July 2007 the BoG re-
denominated the cedi by setting ten
thousand cedis (¢) to one Ghana
Cedi (GH¢), which itself is
equivalent to one hundred Ghana
pesewas (Gp) (i.e.
¢10,000=GH¢1=100Gp).
PricewaterhouseCoopers Ghana Budget Highlights: The Economy
Fluctuations in interest rates were
moderate. The BoG prime rate of
12.5% remained unchanged up to
the end of September 2007 when it
was revised to 13.5%. Most
Deposit Money Banks (DMBs) did
not change their lending rates
during the period.
Credit to public institutions (in real
terms) increased by 69.6%
compared with a 0.7 % increase in
2006. Outstanding credit to the
private sector (in real terms)
increased by 44.4% compared with
an increase of 17.9% in 2006.
The three top sectors in terms of
allocated credit remained as
follows: Services - 29.1%;
Electricity, Gas and Water - 16.4%;
and Miscellaneous (including
personal loans and mortgages) -
15.9%. Other sectors together
accounted for 28%. DMBs’ level of
non-performing loans dropped from
12.3% in 2006 to 6.1% at the end of
September 2007.
Depreciation of the Ghana Cedi
against the country’s major trading
partners was well managed.
Balance of Payments (BOP)
Outlook for 2007
The overall balance of payments is
projected to be a surplus of
US$649.24 million by the end of the
year as compared to a surplus of
US$178.8 million in 2006. This
healthy surplus expectation is
fuelled by anticipation of higher
export receipts resulting from strong
commodity prices, and an increase
in the volume of exports.
Developments in the West Africa
Monetary Zone (WAMZ)
The first phase of scheduled
negotiations under the Economic
Partnership Agreement (EPA) has
been completed, and it is expected
that the EPA will come into force by
1 January 2011, instead of January
2008 as provided under the
Cotonou Partnership Agreement.
The extension is deemed necessary
to allow for further negotiations of
the many outstanding issues,
including the following:
6
 The Economy
Duty and VAT on mobile
phones abolished and
substituted with specific
excise duty on airtime.
Golden Jubilee Bond to
raise Ghana cedi
equivalent of US$25
million for landmark
infrastructure projects.
Law to enable usage of
solar, wind and bio-fuel to
be passed.
PricewaterhouseCoopers
 Strengthening of the regional
integration process;
 Implementing a region-wide
Common External Tariff;
 Implementing fully the
ECOWAS Trade Liberalisation
Scheme;
 Harmonising tax and investment
regimes in the region; and
 Resolution of the issue of
market access.
Major Socio-economic
Developments in 2007
The Electricity Power Sub-Sector
Crisis
For the second consecutive year,
Ghana suffered a serious setback in
its electricity sub-sector. Low water
levels in the Akosombo Dam and
high petroleum product prices
forced an extensive country-wide
load management programme, as
the Volta River Authority (VRA) was
unable to generate adequate
electricity for industrial and
domestic use.
With the improvement in rainfall
patterns, particularly with the floods
in the Northern Sector of Ghana,
the official load shedding
programme came to an end on 30
September 2007.
To curtail such problems in the
future, the government has put in
place certain measures, the most
significant being the Bui project
projected to cost the nation about
US$622 million, and the reduction in
system losses.
The Energy Commission will
facilitate the passage of the
Renewable Energy Law in order to
facilitate the usage of solar, wind
and bio-fuel.
Overview of Macroeconomic
Framework for 2008
GPRS II will continue to provide the
guiding framework for 2008. Key
macro-economic targets set out in
the 2008 budget include:
Ghana Budget Highlights: The Economy
 Real GDP growth of at least
7.0%;
 End of year inflation of between
6% and 8%;
 Average inflation rate of 7.0%;
 Accumulation of international
reserves of at least 3 months of
import cover;
 Domestic primary deficit of
1.7% of GDP; and
 An overall budget deficit of
4.0% of GDP.
To achieve the above targets, the
following policies will be applied:
 Prudent fiscal policy
management;
 A monetary policy that is flexible
enough to respond to external
shocks, promote growth and
ensure price stability;
 Real interest rates that enhance
effective mobilisation of savings
and make credit affordable to
the private sector; and
 Relatively stable real exchange
rates that promote international
trade.
The government proposes to issue
the Golden Jubilee Bond. The Bond
is targeted to raise the Ghana Cedi
equivalent of US$25 million for
landmark infrastructure projects. A
committee formed to work out
modalities for the issuance of the
bond has submitted its report to the
government. It is expected that the
bond will be issued by the end of
2007.
Resource Mobilisation
Total revenue collection for 2008 is
projected at GH¢7,107.2 million,
equivalent to 43.6% of GDP of
which domestic revenue is
projected at GH¢4,763.2 million.
The tax revenue agencies are
expected to collect GH¢3,973.8
million, which is equivalent to 24.4%
of GDP. Of this, direct taxes are
7
 The Economy
Total investments to
exceed 2007 projected
outturn by 79.7%.
Government to insulate
economy from external
shocks by the creation of
a stabilisation fund and
the setting up of the
Ghana Investment
Corporation.
Direct taxes, import taxes,
VAT, duties and loans to
be main source of
government revenues.
BoG to maintain Inflation
Targeting Framework in
2008.
West African Gas Pipeline
Project is expected to
reduce the country’s oil
related imports.
PricewaterhouseCoopers
expected to amount to GH¢1,112.4
million, representing 28.2% of total
tax revenue. The 2008 direct tax
revenue projection represents a
growth of 24.1% over the projected
outturn for 2007.
The government plans to derive its
revenues mainly from direct taxes,
import taxes, VAT, duties and loans.
To achieve the revenue
performance, it will be necessary to
enhance the capacities of the
revenue agencies to collect the
taxes and develop systems to
prevent revenue leakages.
To curb the loss of taxes resulting
from the smuggling of mobile
phones, government has decided to
abolish import duty and import VAT
on all mobile phones and instead
impose a specific excise duty based
on airtime usage.
Resource Allocation
Total payments are estimated at
GH¢7,107.2 million, made up of
statutory payments of GH¢1,728.9
million and discretionary payments
of GH¢5,378.3 million.
Out of the discretionary payments
personnel emoluments are
estimated at GH¢1,559.9 million,
indicating a 13.3% increase over
the projected outturn for 2007 and
representing 29% of total
discretionary payments for 2008.
The level of personnel emoluments
also constitutes 32.7% of total
domestic revenue, and 9.6% of
nominal GDP.
Total investments (excluding those
financed by statutory funds) are
expected to be about 32.5% of total
discretionary payments, 79.7%
higher than the 2007 projected
outturn.
The overall budget deficit is
expected to be 4.0% of GDP at the
end of 2008. The domestic primary
deficit balance is targeted at 1.7%
of GDP and the gross and net
domestic debt-to-GDP ratios are
projected to be 16.0% and 8.0%,
respectively.
Ghana Budget Highlights: The Economy
The key driver for these
expectations is the inflation rate,
which is likely to be influenced by
the escalating world crude oil prices
and the consequent impact on
domestic costs and dynamics in the
labour market.
The government will set up a
Stabilisation Fund to serve as a
measure to insulate the economy
from external shocks, specifically
the unpredictability of export
earnings from major exports, i.e.
cocoa, gold, timber and oil in the
near future.
An Independent Investment
Authority to be known as the Ghana
Investment Corporation (GIC) is to
encourage the private sector to
participate in the financing of
infrastructure in energy, roads and
railways and water. In addition, GIC
will also to be tasked to explore the
possibility of investing and acquiring
shares in international and
multinational companies that
purchase and process raw materials
such as cocoa and gold to enable
Ghana to hedge against falling
commodity prices through receipts
of dividends and capital
appreciation of these multinational
companies.
Monetary Policy Outlook
The BoG is expected to continue to
implement a monetary policy aimed
at containing inflationary pressure
and reducing inflation to a single
digit by the end of the year. The
Inflation Targeting Framework and
the flexible exchange rate regime
will be maintained.
The External Sector and Balance
of Payments Outlook
The government envisages that
external financing requirements will
continue to be high through the
international finance markets.
The projections of the balance of
payments (BOP) for 2008 indicate a
growth rate of 15.9% in exports to a
level of US$4,973.66 million, while
at the same time imports are
projected to grow marginally by
about 4% to US$8,633.63 million
resulting in a projected narrowing of
8
 The Economy
the trade deficit to US$3,659.97
million in 2008. This is partially due
to the impact of the West African
Gas Pipeline Project which will
cause oil-related imports to slow
down.
Fair wages and salaries Fair Wages and Salaries for
for public sector workers Public Sector Workers
legislative instrument
(Act 737) passed.
The government has constituted the
Fair Wages and Salaries
Commission to administer a new
comprehensive pay structure and
ensure equity in the government
payroll through a Legislative
Measures such as the Instrument (Act 737) passed by
execution of the Bui Parliament in 2007. The reform
Project and the process is ongoing with the
operationalisation of
Osagyefo Barge to
objective of facilitating, coordinating,
correct power deficit. and monitoring the reform activities
in the Public Service, including the
Civil Service, selected Subvented
Agencies and Central and Strategic
Management Agencies.
Total Personnel Emoluments of
approximately GH¢1.56 billion,
representing 29% of total
discretionary expenditure and 9.6%
of GDP is projected.
Multilateral Debt Relief Initiative
A Task Force to be set
up to ensure oil Commitment of the three
revenues are used for multilateral creditors, the World
economic diversification. Bank, IMF and the AfDF to the
Multilateral Debt Relief Initiative
(MDRI) to accelerate meeting the
country’s targets under the
Millennium Development Goals and
GPRS II continue to yield good
dividends.
Expected debt relief for 2008 is
GH¢ 215 million, consisting of GH¢
159 million HIPC debt relief and
The targeted growth is
expected to be driven by
GH¢ 56 million inflows from MDRI.
a strong growth in An allocation of GH¢1,681.77
agriculture. million has been made for poverty
reduction expenditures in 2008,
representing almost 31% of total
government expenditure. Poverty
reduction programmes will cover
basic education, primary health
care, poverty-focused agriculture,
provision of rural water, feeder
roads and rural electrification.
PricewaterhouseCoopers Ghana Budget Highlights: The Economy
Energy for Growth and Brighter
Future
The recent crisis in the energy
sector has strengthened
government resolve to increase
energy generation capacity.
The following projects are to be
vigorously implemented as a
medium to long term measure to
correct the power deficit:
 Operationalisation of the
Osagyefo Power Barge;
 Execution of Bui Hydro Electric
Power Project; and
 The execution of five additional
Hydro Electricity Power Projects
on the Pra, Ankobra, Tano, and
Oti rivers.
An amount of US$460 million out of
the sovereign bond proceeds has
been set aside to improve the
energy sector with focus on the
transmission and distribution
network. Five communities in each
of the 166 districts will be connected
to the national grid. A total budget
of GH¢ 613 million is earmarked for
the National Electrification Project.
Oil Discovery
Massive infusion of capital is
required to undertake the necessary
infrastructure to facilitate growth
and keep the country’s GDP above
world average. The discovery of oil
in commercial quantities is therefore
very timely. However, this blessing
must be managed circumspectly. In
line with this, government is to set
up a task force to examine the
socio-economic implications; ensure
oil revenues are used for economic
diversification; and identify the
requisite legal and regulatory
framework, as well as the
infrastructure and human resource
needs, among others.
9
 The Economy
Summary of Projected Sectoral
Growth
The real GDP target of 7% is
expected to be propelled by a 5%
growth in Agriculture, 9.2% growth
in Industry, and 7.3% growth in
Services. The targeted growth will
be driven by a strong growth in:
Ghana’s economic
crops and livestock production;
growth rate is above the
electricity and water; and finance,
world average figure by
about 1%. insurance, real estate and business
services.
Below are the sectoral growth
projections against those of 2007:
2007 2007
Target Outturn
Agriculture 6.1% 4.3%
Industry 7.7% 7.4%
Services 6.7% 8.2%
General Comments
A nominal difference in targeted and
actual GDP of -0.2% is an indication
that the energy crisis and oil price
increases have had some impact on the
national economy. Expenditure on
power generation in the face of rising oil
prices and an increase in the wage bill
have affected the overall budget deficit.
PricewaterhouseCoopers
The significant budgetary allocation to
the energy sector is therefore a sign of
the government’s commitment to keep
the economy on track.
The Bui Dam Project worth over
US$600 million is particularly significant
of the government’s resolve to tackle
the energy crisis. It is also expected
that the Fair Wages Commission will
help address labour unrest in the public
sector.
Although Ghana’s economic growth rate
is above the world average figure by
about 1%, it is important to ensure that
the economy is shielded from external
shocks. Another challenge is to drive
inflation to single digit. With oil prices
likely to remain high, unless alternative
2008 sources of energy are found, it is will be
Target
difficult for Ghana to achieve a single
digit inflation in 2008.
5%
9.2%
7.3%
Ghana Budget Highlights: The Economy 10
2008 Budget Highlights*
*connectedthinking
Direct Taxation and VAT
Direct Taxation
Overview
There were no major changes to
either Corporate Income Tax or
Personal Income Tax in the 2008
Budget.
No significant
Corporate Income Tax
changes in direct
taxes or VAT.
The Minister announced that the tax
rate on income from providing credit
to agriculture is to be reduced, to
encourage lending to that industry.
Corporate taxpayers may be
disappointed as there were no changes
Stamp duties on proposed in the domestic withholding
stated capital to tax regime, which is one of the major
be revised. concerns of many taxpayers.
Further, no changes were made to
permit losses to be carried forward for
all companies in Ghana.
Personal Income Tax (PIT)
Like the previous year, no changes
were proposed on the PIT rates,
neither was the tax band widened.
The expectation was that the government
would revise these rates / bands in line
with the decreases in corporate income
tax and withholding tax rates over the last
two years.
Perhaps with the increase in the
minimum wage, the bands could have
been widened to provide more
disposable income to employees.
PricewaterhouseCoopers Ghana Budget Highlights: Direct Taxation and VAT
Stamp Duties on Stated Capital
The government announced that
the current 0.5% stamp duty on
Stated Capital is to be revised.
According to the Minister, the
review seeks to eliminate the
negative impact of the duty on the
capitalisation of companies and
investment into Ghana.
This is a welcome change if the
revision results in the elimination of
the stamp duty on stated capital.
However, if the Minister’s desire for
an increased the flow of direct
investments into the economy is to
be realised, there is the need for
proper coordination and co-
operation of the various regulatory
and implementation agencies to
ensure that there are no
administrative or other bottlenecks
that discourage investors.
VAT
Overview
The Minister announced that the
underperformance in the collection
of tax revenue is mainly due to the
under collection of import VAT. To
improve domestic revenue, the VAT
Service will continue to facilitate
trader/public education on the VAT
Flat Rate Scheme, upgrade the
11
 Direct Taxation and VAT

VAT Information Processing System

(VIPS) and implement the VAT
Clearance Certificate (VCC).

Public education to VAT Flat Rate Scheme

be intensified on
VAT Flat Rate
Scheme. The Scheme was implemented in
2007. However to improve revenue
collection, public education will be
intensified.

VAT Information Processing

System

The VAT Service intends to

upgrade its existing VIPS and also
improve its general ICT
environment.

VAT Clearance Certificate

The VCC, which was announced in

the 2007 budget, is to be
implemented in the coming year.
Implementation of
VCC expected in The VCC could increase the
2008. administrative burden on taxpayers
if not properly implemented.
Taxpayers may be apprehensive
given the many issues of the current
TCC regime.

It would be fair to taxpayers if an

efficient system is put in place to
ensure smooth implementation of
this policy.

Overall, the main changes to VAT

appear to be the actual
implementation of changes
announced in the 2007 budget.

PricewaterhouseCoopers Ghana Budget Highlights: Direct Taxation and VAT 12

 Direct Taxation

2008 Budget Highlights*

*connectedthinking

Customs & Excise

More changes seeking to further enhance efficiency and
effectiveness

Introduction of Excise Duty on Electronic Transactions Price

Mobile Phone Airtime Database

A specific excise duty per minute is to The government is setting-up an

be introduced on mobile phone
Introduction of specific airtime based on usage.
excise duty on mobile
phone airtime based on
Accordingly, the current customs duty
usage.
on the importation of mobile phone
handsets is to be eliminated.
Where the network operators decide
to pass on the duty to subscribers, it
will make mobile phone usage more
expensive.
Reduction in Duties on Vehicle
Importation
The government has established a
committee to review the valuation,
Duties on vehicles to be depreciation and over-age penalties
reduced. on the importation of vehicles.
From this committee, new policies will
soon be announced with the objective
of reducing duties on vehicle
importation and hence the overall
cost of vehicles.
Electronic Transactions Price
Database to ensure that correct
prices are assigned to imported
commodities.
Also, the various Revenue Agencies,
as well as the Ghana Investment
Promotion Centre (GIPC), Foods and
Drugs Board, Ghana Free Zones
Board, Ghana Standards Board,
Environmental Protection Agency,
Tema Oil Refinery and the Ministry of
Finance have all been connected to
GCNet as part of a programme to
deepen automation of the clearing
procedures at the ports.
This is a step in the right direction to
making Ghana the preferred investor
destination as the government seeks
to further simplify and hasten the
clearing procedures at the ports.

With the expected reduction in the

cost of vehicles, more and more
vehicles would be expected on our
roads. Commuters will have to
grapple with the increasingly heavy
traffic congestion.

PricewaterhouseCoopers Ghana Budget Highlights: Customs & Excise 13

Customs & Excise

New Measures on Exemption from

Duties

Customs Excise and The Minister proposed the following

Preventive Service measures to curb the current abuse
(CEPS) to announce of exemption from import duties:
measures to curb
abuse of import duty
 Review the exemption regime
exemptions.
applicable to certain categories of
beneficiaries;

 Introduce a Treasury Voucher

system under which duties and
taxes would be paid on
importation with vouchers issued
by the government; and

 Configure the GCNet/Ghana

Customs Management System to
monitor and regularise online
imports that are in excess of
authorised quantities or values
and control the deadlines for the
execution of projects.

PricewaterhouseCoopers Ghana Budget Highlights: Customs & Excise 14

 Customs &Excise

2008 Budget Highlights*

*connectedthinking

Sectoral Outlook
Sectoral performance and outlook for 2008
Introduction
To achieve the key objectives of the
GPRS II, government’s policy
direction will be focused on improving
Customary Land
Secretariats to be access to global and regional
established. markets, enhancing efficiency and
accessibility to national markets,
improving the business and
investment environment, developing
support services and additional
sectors to enhance employment
creation and income generation
potential.
Ministry of Food and Agriculture
The Ministry enters into 2008 with the
following medium term targets:
 Maintain self sufficiency in staple
food production;
 Secure 5% of maize demand for
human consumption, animal feed
Youth Farmers to
be provided with and seed as national strategic
entrepreneurial stocks;
skills.
 Increase population of small
ruminants and rural poultry by
50% by 2010;
 Increase production of tree crops
by 5,000 hectares by 2010;
 Provide 66,400 youth farmers
with entrepreneurial skills and
farm plots by 2010;
 Train farmers, processors and
exporters in the export sector in
export production, processing
and marketing by 2010; and
 Empower 30% of Ghanaian
farmers to receive extension
information through audio-visual
aids by 2010.
Cocoa Industry
650,000 metric tonnes (mt) of cocoa
to be produced in 2007/08 crop
season.
Government to ensure cocoa farmers
are paid net FOB of not less than
70%. This means the new price for a
bag of 64kg is GH¢59.38 and for
30kg is GH¢28.50 naked ex-scale.
Ministry of Lands, Forestry and
Mines
Lands Sub-Sector
Activities of the Land Administration
Project will be increased. The
following activities will be
implemented or continued:
 8 new Customary Land
Secretariats will be established in
2008;
 Ministry to complete inventory of
state acquired and occupied land
in 4 regions; and
 Geodetic Reference Network
system to be re-computed for the
northern sector of the country.

PricewaterhouseCoopers Ghana Budget Highlights: Sectoral Outlook 15

Sectoral Outlook
MDA to support Survey Department
in land surveying and mediation of
land disputes.
Forestry Sub-Sector
Forestry Commission to continue
implementing the Protected Areas
Management Plans in order to
maintain the integrity of Protected
Areas.
Phase 1 of the construction of a new
zoo at Achimota Forest to commence
in 2008.
Mines Sub-Sector
Diamond miners
and buyers to be All diamond miners and buyers will
registered. be registered and given identity cards
to facilitate monitoring, reduce
smuggling and also to satisfy the
principles of the Kimberly Process
Certification Scheme.
Digital earthquake monitoring
equipment to be procured and
installed to provide more reliable data
for effective monitoring.
Under the Minerals Commission, the
Inspectorate Division will undertake
monitoring and analytical services to
promote health and safety within the
labour force.
Ministry of Energy
VRA to provide
power generation Government aims to continue to
backups for pursue measures that will ensure
Aboadze and adequate and reliable generation of
Kpong generation power throughout 2008 and beyond.
stations.
Some key interventions include:
 Transmission line to be extended
from Aboadze to Tema under the
West African Power Pool
Transmission Project;
 VRA to provide power generation
backups for each of the
generation stations at Aboadze
and Kpong to reduce failure of
transformers;
 ECG will construct new Primary
Substations under the Network
Improvement Project; and
PricewaterhouseCoopers Ghana Budget Highlights: Sectoral Outlook
 Energy Commission will develop
and facilitate the passage of
wholesale electricity market
regulations, national electricity
grid code, standard of
performance rules as part of its
regulatory activities in 2008.
Petroleum Sector
Bulk Oil Storage and Transportation
Limited will complete the Phase II of
Kumasi Depot expansion works in
2008.
Ministry of Trade, Industry, PSD
and PSI
The Ministry will continue to pursue
programmes that will facilitate the
development of commercially viable
domestic and export market
enterprises, especially in the rural
areas.
Ghana Free Zones Board will
implement and monitor a Wide Area
Network (WAN) in collaboration with
CEPS in order to enhance the
auditing of free zones companies.
Ministry of Tourism and Diasporan
Relations
The Ministry will continue to market
Ghana through the celebration of the
Emancipation/Joseph Project/World
Tourism Organisation Days.
The Ministry is to establish Tourism
Information Centres in 10 regional
and 20 district capitals.
Ministry of Fisheries
In 2008, the Ministry will prepare a
strategic implementation plan for the
Fisheries Policy. The Fisheries
Management Plan will also be
completed and gazetted to ensure
responsible fishing in Ghana.
The Ministry will strengthen inter-
Ministerial linkages with the Ministries
of Defence, Interior and Harbours &
Railways to ensure the effective
monitoring and protection of marine
and inland waters.
16
Sectoral Outlook
Ministry of Water Resources,
Works and Housing
Rural Water
MOC to continue
community The Ministry aims to achieve a target
information centre of 58.5% access to safe and potable
project in 2008. water in 2008.
Housing
Government to complete the
guidelines for the operation of the zero
down payment, low interest rate pubic
servants mortgage scheme.
Ministry of Transportation
Ministry to finalise draft Transport
Government wide
Sector Development Programme for
network to be
installed in 64 implementation in 2008.
MDAs.
Revised Road Traffic Regulations to
operationalise the Road Traffic Act
683 of 2004 to be approved.
Metro Mass Transit Limited will
increase its passenger lift by 40 million
in 2008.
Ministry of Communications (MOC)
Passage of
The MOC is expected to facilitate the
National
Information operationalisation and the setting up
Technology Bill. of National Fibre Backbone Company
Limited. The company is to manage
the national fibre backbone facility,
which commenced in 2007, as a
commercially viable business. The
second phase of the project will go
beyond Tamale to other parts of
northern Ghana.
Other initiatives to be undertaken to
transform Ghana into a country with
sufficient, efficient, cost effective and
accessible communications
Technology park infrastructure include:
to be established
within the Free  3G mobile licenses to be issued
Zone enclave. by National Communications
Authority;
 Construction of common masts
facilities in 29 towns by the Ghana
Investment Fund for
Telecommunications;
 Continuation of the community
information centre project in 2008;
PricewaterhouseCoopers Ghana Budget Highlights: Sectoral Outlook
 Establishment of the Technology
Park within the Free Zone
enclave to house ICT/IT enabled
companies;
 Installation of a government wide
network to connect 64 MDAs to
enhance information sharing and
coordination across the agencies;
and
 Passage of National Information
Technology Agency Bill to
provide legal backing to
implement revenue generation
initiatives contained in the
Electronic Transactions Bills
Ministry of Harbours and Railways
Marine Sector
Key activities to be undertaken in the
sector include:
 A feasibility study to be
undertaken by the Ghana Ports
and Harbours Authority on the
construction of a second
Container Terminal at the Tema
Port and also the development
terminals at Takoradi Port;
 Construction of container
Handling Terminals at Akosombo
and Buipe by the Volta Lake
Transport Company Limited to
improve upon trade with Burkina
Faso and other landlocked
countries; and
 Construction of freight terminal at
the Takoradi Port by the Ghana
Shippers’ Council in partnership
with Shama Ahanta East
Metropolitan Assembly and
Ecobank Ghana Limited, to ease
congestion at the port and
enhance the movement of trucks.
Rail Sector
The Ministry of Harbours and
Railways will ensure that the Ghana
Railway Development Authority is
operational as a regulatory body for
rail transport and also rehabilitate
some railway lines and refurbish
some coaches in line with the
government’s objective of improving
mass transportation decongesting
road networks.
17
Sectoral Outlook
Ministry of Aviation
 In line with the Yamoussoukro
Science and decision for air liberalisation in
Technology Africa, the Ministry of Aviation is
Endowment Fund expected to hold and review
to be operational bilateral negotiations with African
in 2008. and non African member states
with the objective of attracting
more airlines to Kotoka
International Airport (KIA) and
increasing frequencies.
 The Ghana Airports Company
Limited (GACL) will continue with
the infrastructural development of
KIA and the regional airports and
airstrips to reach acceptable
International Civil Aviation
The construction
Organisation (ICAO) standards
of modern stadia
in all the ten and support the economy. Phase
regions under the III of the rehabilitation works at
sport development KIA has been signed.
plan.
Ministry of Education, Science and
Sports
Educational sector
The main focus in the educational
sector in 2008 will be the
implementation of Educational
Reform Programme which took off in
GACL to develop September 2007. Key changes in the
infrastructure for educational sector introduced under
regional airports
the reform include:
and airstrips.
 Increased duration of senior high
school education from 3 years to
4 years with 4 main specialised
programmes namely Grammar,
Agriculture, Technical and
Vocational. Additional classrooms
are expected to be provided for
the fourth year of senior high
school education;
 Introduction of ICT as a core
Introduction of ICT
subject of the educational
as a core subject
of the educational curriculum at the pre-tertiary
curriculum at pre- level. It is expected that ICT
tertiary level. equipment and furniture such as
desktop computers, laptops,
printers, etc will be supplied to
250 senior high schools; and
 Radical transformation of
technical, vocation and
agricultural education in terms of
quality, quantity and financing.
PricewaterhouseCoopers Ghana Budget Highlights: Sectoral Outlook
Science
The Ministry will continue to support
science, technology and research in
the country. Under a Memorandum
of Understanding (MOU) between the
Council for Scientific and Industrial
Research (CSIR) and other partners,
a new seed company is expected to
be established to develop high
yielding and disease resistant
planting materials for both local
market and export.
The Science and Technology
Endowment Fund, which was
established in 2007, is expected to be
operational in 2008. Activities to be
financed by the Fund include:
 Advanced research into local
materials as substitute for
Portland cement;
 Bio-fuel research;
 Development of energy efficiency
standards for households
appliances;
 Bio-fortification of maize, cowpea
and sweet potato with micro-
nutrients and vitamin A using
molecular biology tool;
 Production of activated carbon
from agricultural waste for
pharmaceutical and water
companies; and
 Development of sorghum as an
industrial crop.
Sports
The government plans to acquire a
10 square mile plot of land for the
construction of regional sports stadia
in each of the remaining regions
without a modern stadium. Work on
the stadium to be constructed in
Cape Coast is expected to begin in
2008 whilst work on stadia to be
constructed in the remaining regional
capitals are expected to commence
in 2009. All the stadia are expected
to be run as commercial viable
ventures.
18
Sectoral Outlook
Ministry of Manpower, Youth and
Employment
Government to
Government intends to streamline the
streamline migration of skilled and unskilled
migration of workers by initiating a programme to
workers. sign MOU with countries such as
South Korea, Spain, USA, Canada
and Qatar to protect migrant workers.
Ministry of Health
Key targets for the health sector in
2008 include:
 Advocating regenerative health
and nutrition programme by
developing and implementing a
National Behaviour Change
Communication Strategy and
promoting healthy habits in
schools with emphasis on
hygiene, physical exercise and
school feeding;
 Review of food and safety laws
Database on so as to strengthen and enforce
convicted child better licensing and inspection of
abuse offenders to restaurants and other food
be developed. sellers;
 Re-design guinea worm
eradication programme to
achieve the maximum impact in
endemic communities;
 Ensuring the passage and
implementation of the bill on
mental health; and
 Traditional and alternative health
services to be supported by
building capacity of research
institutions, developing essential
drug list for traditional
practitioners and establishing
desks in all districts to regularise
traditional medicine practice.
Guinea worm
Ghana Ambulance Service
eradication
programme to be
re-designed. The Health Ministry will advocate the
passage and implementation of the
National Ambulance Service Bill into
law and increase the ambulance
services to all regional and district
capitals.
PricewaterhouseCoopers Ghana Budget Highlights: Sectoral Outlook
National Health Insurance
The NHIS is to be streamlined.
Measures to include:
 Introduction of a new universal
health insurance card;
 Revision of tariff medicine list;
and
 A coverage target of 65% to be
achieved.
Ministry of Women’s and
Children’s Affairs (MOWAC)
Key highlights of activities to be
undertaken by MOWAC include:
 Development of a database on
convicted child abuse offenders
and domestic violence
perpetrators;
 Increasing the number of rural
poor and venerable women target
for access to micro finance, skills
training and agro processing
equipment from 860 to 1,000
women; and
 Capacity building programmes for
potential women aspirants in
local and national elections (2008
Parliamentary and Presidential
elections and future District
Assemblies elections).
Ministry of Local Government,
Rural Development and
Environment
Municipal Finance and Revenue
Initiative
To enhance revenue mobilisation for
the Metropolitan and Municipal
infrastructure services, a number of
activities have been earmarked for
2008. They include:
 Establishing and operationalising
the proposed Municipal Finance
Authority;
19
Sectoral Outlook
Providing sustainable financing
mechanism model for the
development and management of
Demarcation of 15 urban infrastructural projects;
new entry points
by the GIS.  Facilitating the availability of
Improved Accounting Standards
and the financial coordination of
Local Authorities;
 Putting in place improved
governance at the local level; and
 Reviewing and developing a
Comprehensive Information
Technology Management
System.
Department of Town and Country
Planning
The Department will undertake legal
and institutional reforms and
commercialise Town and Country
Planning services.
Biometric
passports to be Registration of births and deaths
introduced.
Registration of births and deaths will
be enhanced so as to achieve 70%
registration coverage for births and
35% for deaths at the end of 2008.
Department of Community
Development
Growth-led and poverty reduction
related activities to be undertaken by
the Department include:
 Entrepreneurial development and
income generating skills training
for 900 existing Women’s Group
and enhancement of technical
skills of 800 rural artisans; and
 Training of 4,000 youth as part of
the Youth Vocational/Technical
and Employable Skills Transfer
programme.
Issuing of visas to
be provided on- Department of Parks and Gardens
line.
The Department is expected to assist
all Metropolitan, Municipal and
District Assembles (MMDAs) to
develop and landscape tourist sites
and also establish eco-tourism parks
to generate revenue and create
employment for the youth.
PricewaterhouseCoopers Ghana Budget Highlights: Sectoral Outlook
Urban Poverty Reduction Project
In addition to the various measures
being undertaken to reduce poverty,
the project will:
 Engage the services of a
valuation firm to revalue for rating
purposes all rateable properties
of MMDAs under the supervision
of the Land Valuation Board as
well as a consultant to design
and implement a simple
computerised valuation roll-based
revenue management system;
and
 Provide logistics support to
revenue collection units of
MMDAs to enhance revenue
mobilisation.
Ghana School Feeding Programme
The Programme will be expanded to
cover more pupils and schools
nationwide.
Ghana Immigration Service (GIS)
In 2008 the GIS plans to undertake
the following activities to enhance its
operations:
 Strengthening the country’s
border management system and
modernise infrastructural and
technological capacities at the
country’s borders;
 Demarcating 15 new entry
points; and
 Strengthening and modernising
infrastructural and technological
capacities at regional and district
commands.
Ministry of Foreign Affairs,
Regional Corporation and NEPAD
The Ministry will continue to take
appropriate steps to introduce
biometric passports, in line with the
ICAO advice to all states to promote
international security. Visas will also
be provided on-line.
20
Sectoral Outlook
Registrar General’s Department
(RGD)
The RGD will undertake the following
The Registrar activities:
General’s
Department to  Complete the review and
provide redesign of its Registration,
registration forms Renewal and Amendment forms
for Micro and to make them computer friendly;
Small Scale
Enterprises.  Continue to work on reducing
the time of registration of
business to 24 hours;
 Upgrade its ICT Infrastructure
and in line with its ICT strategy,
decentralise the Department’s
processes and produce
registration forms for Micro and
Small Enterprises on-line; and
 Improve the quality of its
Business Registration Data
Base and also collaborate with
all the Revenue Agencies to
improve the business
environment and business legal
regime.
Promulgation of
the proposed Customs Excise and Preventive
financial sector Service
bills into law.
CEPS will set up transit monitoring
units to prevent diversion of goods
while providing adequate resources
to the Preventive Department to
become more effective in combating
smuggling activities. CEPS will also
Establishment of re-equip the Communications
regional offices of Department and the various
the GIPC is laboratory offices at KIA and other
expected to stations.
improve
monitoring role in
Financial Sector
the regions.
In a bid to strengthen the Financial
Sector the following measures will be
implemented in 2008:
Trading on the
Ghana Stock  Trading on the Ghana Stock
Exchange to be Exchange will be fully
fully automated. automated as part of measures
to deepen the capital market;
 An appropriate regulatory
framework for the facilitation and
regulation of over the counter or
unlisted securities market be
developed to make the capital
market accessible to Small
Medium Scale Enterprises; and
PricewaterhouseCoopers Ghana Budget Highlights: Sectoral Outlook
 Feasibility studies for the
establishment of a Commodities
Exchange.
Also the following financial sector bills
have been slated for promulgation
into law in 2008:
 Lenders and Borrowers Bill;
 Non–Banking Financial
Institutions Bill;
 Municipal Finance Authority Bill;
and
 Bills and Cheques Bill.
Ghana Investment Promotion
Centre
The GIPC will during 2008 implement
its new business plan in conjunction
with other relevant government
agencies. The main focus of the plan
will be to “contribute pro-actively to
attracting and retaining investment as
the basis for Ghana’s Golden Age of
Business”. The broad areas of
implementation will be the
consolidation of the reorganisation of
the GIPC, improving the marketing
strategies, sector specific promotion,
lead/investment generation,
investment servicing, monitoring and
improved advocacy.
Projects to be undertaken among
others are as follows:
 Establishment of regional offices
in Kumasi and Tamale to
improve outreach programmes
aimed at addressing the
concerns of investors;
 Open at least one international
office to help facilitate
investment into Ghana;
 Facilitate the passage of the
revised GIPC law; and
 Conduct perception surveys and
stakeholders meetings towards
improved advocacy and image
building.
21
Sectoral Outlook

Divestiture Implementation
Committee

It is planned that government’s

shares in the following
companies will be divested in
2008:

 PSC Tema Shipyard;

 Tex Styles Ghana Limited;

 Ghana Agro Foods Co.;

 Twifo Oil Palm Plantations;

and

 Ghana Oil Palm

Development Co.

PricewaterhouseCoopers Ghana Budget Highlights: Sectoral Outlook 22

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Michael Klobodu Manager – michael.y.klobodu@gh.pwc.com

FINANCE & ADMINISTRATION

Nelson Opoku Senior Finance Manager – nelson.b.opoku@gh.pwc.com
Naa Norkor Nelson Finance Manager – norkor.c.nelson@gh.pwc.com
Barbara Coleman Office Services & Marketing Manager – barbara.coleman@gh.pwc.com
Walter Kaba GTS Executive – walter.kaba@gh.pwc.com
Theodora Nti-Appiah Human Capital Manager – theodora.nti-appiah@gh.pwc.com

RISK MANAGEMENT & COMPLIANCE

Elnora Abu Senior Manager – elnora.abu@gh.pwc.com

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