The Republic of Ghana : Selected Policy Issues

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 constit...

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Bibliographic Details
Main Author:	World Bank
Format:	Policy Note
Language:	English
Published:	Washington, DC 2012
Subjects:	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
Online Access:	http://documents.worldbank.org/curated/en/2012/06/16955017/ghana-selected-policy-issues http://hdl.handle.net/10986/11870

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Summary:	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.

The Republic of Ghana : Selected Policy Issues

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