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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| Format: | Policy Note |
| Language: | English |
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Washington, DC
2012
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| 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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okr-10986-11870 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
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 |
| spellingShingle |
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 World Bank The Republic of Ghana : Selected Policy Issues |
| geographic_facet |
Africa Ghana |
| description |
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. |
| format |
Economic & Sector Work :: Policy Note |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
The Republic of Ghana : Selected Policy Issues |
| title_short |
The Republic of Ghana : Selected Policy Issues |
| title_full |
The Republic of Ghana : Selected Policy Issues |
| title_fullStr |
The Republic of Ghana : Selected Policy Issues |
| title_full_unstemmed |
The Republic of Ghana : Selected Policy Issues |
| title_sort |
republic of ghana : selected policy issues |
| publisher |
Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2012/06/16955017/ghana-selected-policy-issues http://hdl.handle.net/10986/11870 |
| _version_ |
1764418499526000640 |
| spelling |
okr-10986-118702021-04-23T14:02:58Z The Republic of Ghana : Selected Policy Issues World Bank 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 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. 2012-12-03T21:07:58Z 2012-12-03T21:07:58Z 2012-06-30 http://documents.worldbank.org/curated/en/2012/06/16955017/ghana-selected-policy-issues http://hdl.handle.net/10986/11870 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Policy Note Economic & Sector Work Africa Ghana |