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Policy Initiatives Driving Fiscal Reform Results Policies are focused on delivering the transformation agenda by addressing economic imbalances, financing development through sustainable debt management and consolidating the transition to middle income status Tax measures will further boost revenue 2016 Tax Policy to focus on measures that will ensure tax compliance rather than introduce new tax handles Rationalization of tax system VAT threshold / base-rate Excise objective ■ Temporary Measures Financial Services Levy and Import Duty Electronic Platforms Tax and Customs modernization, integration and segmentation Policy ☐ ☐ Expenditures Ongoing Implementation of Treasury Single Account (TSA) Ghana Integrated Financial Management Information System (GIFMIS) Wage negotiations conducted ahead of budget and net freeze on employment Payroll/HRMS ■ ☐ System upgrades / E-Systems Introduction of Electronic Payroll Input Forms Interface/Integration (IPPS) Pensions reforms Social intervention Revenue Legislation Review of all tax laws and drafting of new regulations and practice notes: Bills Income Tax Act ☐ PFM Bill (2016) VAT ☐ Excise Mum-B Bill (2017) ☐ Customs ☐ Sources: Ministry of Finance Regulation (2016/17) Bank of Ghana Deposit Insurance Legislation Expenditures ☐ Debt Management Medium Term Debt Management Strategy approved ☐ Strict handle on contingent Liabilities Refinancing Buyback ☐ ☐ Escrow On-Lending Moratorium on borrowing and contracts Lower deficit to finance Interest rate hedge Sinking fund to buffer roll-over /maturity risks Ghana Infrastructure Investment Fund 19

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