2018 Budget: Electricity tariff down by 13%

Residential and non-residential electricity consumers in the country will enjoy a 13% reduction in tariff beginning January next year, Finance minister Ken Ofori Atta announced in Parliament during the 2018 budget presentation Wednesday.

Additionally, other composite charges in the tariff build-up of electricity have been reduced by the government.

The reductions in electricity tariff as contained in the 2018 budget are; Residential – Up to 13%, Non Residential – 13%, Special Load Tariff- Low Voltage – 13% ,Special Load Tariff -Medium Voltage – 11%, Special Load Tariff -High Voltage – 14%, High Voltage Mines – 21%.

The government will also aggressively pursue the national LPG promotion policy in order to streamline the sector.

The development comes on the back of assurances by President Akufo-Addo last week that Ghanaians will see a massive relief in electricity charges come next year.

Below are Other microeconomic achievements announced by the finance minister

MACROECONOMIC PERFORMANCE FOR 2017

-Overall real GDP (as of June) 7.8%

-Non-Oil real GDP (as of June) 4.0%

-End-period inflation (as of October) 11.6%

-Overall budget deficit on cash basis as percentage of GDP(Sept) 4.5%

-Primary balance (Sept) 0.3%

-Current account balance (August) (0.2%)

-Gross International Reserves (import cover)-Sept 3.9%

-End year expected deficit 6.3%