The Republic of Ghana : Selected Policy Issues
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Washington, DC
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Following the December 2010 start-up of
the Jubilee Field, Ghana has begun receiving royalty and tax
revenues from oil production. At peak production, Jubilee
could generate over US$1 billion in annual revenues for
Ghana, a figure that will constitute 3 percent of 2011
non-oil Gross Domestic Product, or GDP and 18 percent of
total government revenue. Recognizing the critical role oil
revenues will play in Ghana's economic development;
government is increasingly focused on generating short-term
and long-term forecasts of oil revenues as inputs to its
planning and policy-making. Oil revenue forecasts are needed
for budgeting, long-term and medium-term fiscal planning,
tax policy, and a broad set of petroleum and energy sector
policy decisions. The immediate focus is on predicting the
revenues that will flow from Jubilee itself; however, the
announcements of significant additional discoveries at
Mahogany Deep, Enyenra, Tweneboa, Teak, Sankofa, Dzata, and
Paradise suggest that long-term oil revenues could be
derived from multiple sources. Oil revenue forecasting is
not intrinsically difficult but attention to details is
important. For Ghana, the most challenging implementation
details will be the ones related to the start-up of oil
production at Jubilee. Price volatility is an ever-present
challenge to forecasters but there are accepted approaches
for taking this into account. However, the key to a
successful on-going revenue forecasting process is to
develop defined responsibilities and routines for
information sharing, consistent and realistic methods for
forecast calculation, and clear communication and
dissemination of assumptions and results.
Palabras clave
ACCESS TO FINANCE, ACCOUNTING, AGRICULTURAL PRACTICES, AGRICULTURE, AGRICULTURE ORGANIZATION, AMORTIZATION, BALANCE OF PAYMENTS, BANKS, BENCHMARK, BENCHMARKING, BUDGETING, BUSINESS ADVISORY, BUSINESS ASSOCIATIONS, BUSINESS DEVELOPMENT, BUSINESS DEVELOPMENT SERVICES, BUSINESS ENVIRONMENT, BUSINESS PLAN, BUSINESS PLANNING, CAPITAL ASSETS, CAPITAL COSTS, CAPITAL GAINS, CAPITAL STRUCTURE, CASH FLOW, CASH FLOW MODEL, CASH FLOWS, CASH PAYMENTS, CENTRAL BANK, CHILD LABOR, COMMODITIES, COMMODITY, COMMUNITY DEVELOPMENT, COMPETITIVENESS, COOPERATIVES, CORPORATE INCOME TAX, CORPORATE SOCIAL RESPONSIBILITY, COST OF CAPITAL, CREDIBILITY, CURRENCY, DECISION MAKING, DEDUCTIBLE, DEPOSIT, DEVELOPMENT ASSISTANCE, DEVELOPMENT BANK, DEVELOPMENT POLICIES, DEVELOPMENT STRATEGY, DIVIDEND, DIVIDENDS, DOMESTIC MARKETS, ECONOMIC ACTIVITY, ECONOMIC DEVELOPMENT, ECONOMIC RECOVERY, ELECTRICITY, ENDOWMENTS, EQUIPMENT, EQUITY HOLDING, EXCHANGE RATE, EXPENDITURE, EXPENDITURES, EXPORTS, FAIR TRADE, FARMER, FARMERS, FINANCIAL ADMINISTRATION, FINANCIAL ANALYSIS, FINANCIAL HISTORY, FINANCIAL MANAGEMENT, FINANCIAL NEEDS, FISCAL ADMINISTRATION, FISCAL MODELS, FISCAL POLICY, FORECASTING MODELS, FORECASTING TECHNIQUES, FORECASTS, FREE TRADE, FUTURE CASH FLOW, FUTURES, GDP, GOOD FAITH, GOOD GOVERNANCE, GOVERNMENT REVENUE, GOVERNMENT REVENUES, GROSS DOMESTIC PRODUCT, HOLDING, INCOME, INCOME TAX, INCOME TAXES, INDIVIDUAL INVESTOR, INFORMAL ECONOMY, INFORMATION FLOWS, INFORMATION SHARING, INFORMATION SYSTEM, INFRASTRUCTURE DEVELOPMENTS, INSURANCE, INSURANCE AGENCY, INTEREST EXPENSE, INTEREST EXPENSES, INTERNAL RATE OF RETURN, INTERNATIONAL DEVELOPMENT, INTERNATIONAL FINANCIAL INSTITUTION, INTERNATIONAL STANDARDS, INVESTMENT MANAGEMENT, INVESTMENT PLAN, INVESTMENT PLANS, INVESTMENT PROJECTS, JOINT VENTURE, JOINT VENTURES, JURISDICTIONS, LACK OF TRANSPARENCY, LEGAL FRAMEWORK, LEVEL OF RISK, LICENSES, LIQUIDITY, LOAN, LOCAL GOVERNMENT, MACROECONOMIC PLANNING, MARKET ACCESS, MARKET INTEREST, MARKET INTEREST RATES, MARKET PRICING, MATURITY, MEDIUM TERM EXPENDITURE FRAMEWORK, MFIS, MICROFINANCE, MICROFINANCE INSTITUTIONS, MIDDLE INCOME COUNTRIES, MIDDLE INCOME COUNTRY, MIDDLE-INCOME COUNTRIES, MONETARY FUND, MULTIPLIER EFFECT, MUNICIPALITIES, NATIONAL INCOME, NATURAL RESOURCE, NATURAL RESOURCES, OIL PRICE, OIL PRICES, OPERATING COST, OPERATING COSTS, OPTIMIZATION, OUTPUT, OUTSOURCING, PERSONAL INCOME, PRICE TRANSPARENCY, PRICE VOLATILITY, PRIVATE INVESTORS, PRIVATE SECTOR, PROFITABILITY, PROVISIONS, PUBLIC, PUBLIC GOODS, PUBLIC INVESTMENT, PUBLIC POLICY, PUBLIC SECTOR, RATE OF RETURN, REAL EXCHANGE RATE, RECEIPTS, REGIONAL TRADE, REGULATOR, RESERVE, RESERVES, RESOURCE ALLOCATION, RETURN, RETURNS, REVENUE COLLECTION, REVENUE MANAGEMENT, REVENUE VOLATILITY, SALES REVENUE, SALES REVENUES, SHAREHOLDER, SLIDING SCALE, SMALL ENTERPRISES, SOCIAL PROTECTION, SOCIAL WELFARE, START-UP, STOCK EXCHANGE, SUSTAINABLE DEVELOPMENT, TAX ASSESSMENT, TAX BREAK, TAX COLLECTION, TAX COLLECTIONS, TAX DEDUCTION, TAX DEDUCTIONS, TAX LAW, TAX POLICY, TAX RATE, TAX RATES, TAX REGIME, TAX REVENUE, TAX REVENUES, TAXATION, TRACK RECORDS, TRADE ASSOCIATIONS, TRADE LIBERALIZATION, TRADE POLICIES, TRADE SECTOR, TRADES, TRADING, TRANSACTION, TRANSPARENCY, TRANSPARENCY INITIATIVE, UNION, URBANIZATION, VALUATION, WITHHOLDING TAX, WORKING CAPITAL