ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
To those listening to the propaganda by the conspiracy theorists and those who are still sceptical about the efficacy of the vaccine, it has been a year since my wife and I got vaccinated; it has not disrupted our physical wellbeing, neither has it caused us to be sick.
We are, touch wood, hale and hearty, like the other 13.1 million Ghanaians who have been vaccinated.
With countries in the ECOWAS Community, especially in our neighbouring countries, presently, like us, recording very low levels of infections, and having significant numbers of our people vaccinated, and on the advice of the national COVID-19 Taskforce and the health experts, I have taken the decision to revise the COVID-19 Restrictions, enacted under E.I.
At this point, I want to express the great gratitude of the nation to the leadership and membership of the Ghana Health Service, to all other health workers, and to members of the COVID-19 taskforce for the outstanding work they have done in bringing us this far.
Ours was an all-inclusive national effort including the security services, public and private sector agencies, religious and chieftaincy institutions, charitable organisations, all of whom have helped in bringing us this far.
I hope I will be forgiven if I single out the Church of Pentecost, the Catholic Church, and the Ghana COVID-19 Private Sector Fund, for special praise.
They all demonstrated exceptional love of country.
So, from tomorrow, Monday, 28th March, the wearing of facemasks is no longer mandatory.
I encourage all of you, though, to continue to maintain enhanced hand hygiene practices, and avoid overcrowded gatherings.
All in-person activities, such as those that take place in churches, mosques, conferences, workshops, private parties and events, cinemas and theatres may resume at full capacity, as long as the audience and/or participants are fully vaccinated.
Hand washing and hand sanitising points should be made available at these venues.
Outdoor functions at sporting events, entertainment spots, political rallies and funerals may resume at full capacity, again, as long as all persons at these events are fully vaccinated.
Government will continue to engage all religious and traditional leaders, agencies and institutions to encourage their congregants, subjects and citizens, respectively, to be vaccinated, to help achieve the 20 million target by June 2022.
I will also urge the media to support this campaign.
Fellow Ghanaians, we had to impose measures to limit the importation of the virus into our country, especially as our first cases of the virus were imported through the Kotoka International Airport (KIA).
Currently, the Kotoka International Airport only allows fully vaccinated passengers, who are in possession of a 72-hour negative PCR test result prior to embarkation, and have a negative antigen test result on arrival, entry into the country.
Ghanaian citizens and foreign residents in Ghana, who are unvaccinated or not fully vaccinated currently, are given waivers by the Ghana Health Service (GHS) to allow them entry into the country through the Kotoka International Airport.
They must also have a 72-hour negative PCR test result prior to embarkation, take an antigen test on arrival, and are offered vaccination.
From tomorrow, Monday, 28th March, fully vaccinated travellers into Ghana will not take PCR tests from the country of embarkation to allow them entry into the country through the KIA, and will not be tested on arrival.
Citizens and foreign residents in Ghana, who are not fully vaccinated, would, however, need to provide a negative PCR test result of not more than 48-hours, will undergo an antigen test upon arrival at KIA, and will be offered vaccination there.
Ghana’s Foreign Missions have been instructed to make vaccination a requirement for visa acquisition.
It is worth noting that the establishment of the COVID-19 testing infrastructure at the Kotoka International Airport by Frontier Healthcare Services Ltd, at its own cost, has been key to our ability to limit successfully the importation of the virus into Ghana through the airport.
The efficacy of the testing regime at KIA has won global admiration, and has been applauded by all those who have undergone its testing.
It has been one of the reasons why Ghana was not at the receiving end of several of the travel bans imposed by the West at the height of the pandemic, for which many African countries were affected.
As from tomorrow, Monday, 28th March, all land and sea borders will be opened.
Fully vaccinated travellers will be allowed entry through the land and sea borders without a negative PCR test result from the country of origin.
Citizens and foreign residents in Ghana, who are not fully vaccinated, will have to produce a negative 48-hour PCR test result, and will be offered vaccination on arrival.
Fellow Ghanaians, it has been a difficult two (2) years for all of us, and we are seeing light at the end of a very long tunnel.
I appeal to all of us to live responsibly, protect ourselves at all times, and do everything we can to stay safe, as we lift these restrictions.
Now is the time for all of us to join hands, work hard, and help put our nation back onto the path of progress and prosperity, as we resume full production and increase productivity.
As your President, I assure you that, sooner rather than later, our economy will rebound from the ravages of COVID-19.
The policies we are implementing will, with your active support, help grow the economy at a much faster rate, help create jobs for the youth, and help us overcome the difficulties we are faced with.
This too shall pass!!
For the Battle is still the Lord’s!!
May God bless us all, and our homeland Ghana, and make her great and strong.
I thank you for your attention, and wish the Black Stars, who gave a good account of themselves in Kumasi, the best of luck in Abuja on Tuesday.
Minister of State; Hon.
Deputy Ministers; Chief Director, Directors, Special Advisors and Staff of the Ministry; Distinguish ladies and gentlemen of the Media; Good Morning, and welcome to the 4th Press Briefing on the Economy this year.
This is a buildup of our engagements on 20th January, 24th March and 12th May.
These bi-monthly engagements have complemented the statutory update we provided on the Economy when we presented the 2022 Mid-Year Budget Review to Parliament on 25th July 2022.
Since 2020, our economy has seen considerable economic uncertainty.
The priority for Government since the COVID-19 episode and the Russia-Ukraine war has been to address macro stability and welfare challenges that confronted the economy.
Yet we have seen inflation spiral and significant depreciation of our domestic currency that has affected many families and businesses.
Globally, this development is now being described as the worst global cost of living crisis in 50 years.
Specifically, inflation remains high at 33.9% (August 2022), and the cedi has depreciated by 37.1% against the US Dollar as at 27th September 2022.
Indeed, during the 2022 Mid-Year Budget Review, I highlighted that our present situation was a painful one to report on.
We haven’t seen anything like this since August 2001 when the inflation rate hit 33.9%.
Ladies & Gentlemen, we are at an important moment in our economic history; and in the context of today’s briefing, it is important to focus on the progress being made to put us firmly on a path of macroeconomic stability.
We have since Q1-2022 cut discretionary expenditures in our budget by 30%.
In addition, we announced a number of expenditure measures to keep public spending in line with our tightening economic conditions including restraints on purchase of new vehicles and a moratorium on non-statutory travel.
As part of measures to shore up our reserves, improve exchange rate stability and address some of the funding needs, the Ministry successfully worked on a US$750 million Afreximbank loan facility which was received in August 2022.
The traditional Cocoa Syndication Loan, expected in the last quarter of 2022 which will promote the cocoa sector, will further help us build our FX reserves and provide a strong buffer for the cedi in the last quarter of the year.
Additionally, the Bank of Ghana has introduced enhanced measures such as a Special Foreign exchange auction for bulk distribution companies and a Gold Purchase Programme to contain the depreciation of the cedi, which is now slowing down.
So far, provisional fiscal developments for Jan-July 2022, presented within the context of the 2022 Budget revised deficit target of 6.6% of GDP and a primary balance of 0.4% of GDP show that: The overall fiscal deficit amounted to GH ¢31.1 billion (5.3% of GDP), against a target of GH¢31.2 billion ( 5.3% of GDP); and The corresponding primary balance for the period was a deficit of GH¢7.6 billion ( 1.3% of GDP), against a deficit target of GH¢7.8 billion ( 1.3% of GDP); Current year expenditure has also largely been contained owing to the operationalization of expenditure cuts announced since March.
We are on course with expenditure rationalization efforts, and will continue to enforce strict adherence to these measures across all MDAs, while ensuring efficient delivery of public services.
The Ghana Revenue Authority has intensified its efforts to shore up domestic revenue mobilization, particularly in relation to the enforcement of compliance measures.
The increased visibility of GRA officials at shopping malls and various commercial establishments and at our borders across the country is in pursuit of meeting our revenue objectives.
Such exercises form part of an ongoing drive to ensure we take significant steps forward in remedying long-standing challenges with domestic revenue mobilization, indiscipline, corruption and leakages.
Of course, heightened tax compliance and increased taxaudit exercises will continue to be complemented by policy initiatives that allow us to tap into a wider pool of taxpayers in the years ahead.
Overall, our growth outturn of 3.4% and 4.8% in Q1 and Q2 of 2022 respectively, coupled with modest improvements in our fiscal position, suggests our economy is gradually on the upswing despite the numerous shocks we have faced over the past two years.
These figures demonstrate that in spite of recent challenges, there has been economic growth, modest as the gains so far may be.
This progress gives us a solid foundation to confront the challenges ahead.
Undoubtedly, global risks remain on the horizon, including a strengthening US dollar.
and higher interest rates which negatively affect external borrowing.
This development is exerting enormous pressure on our Balance of Payment position, and thus the need for us to expedite our engagement with the IMF.
Within this context, Government is finalizing its Post-COVID-19 economic programme as the domestic blueprint to engage the IMF.
This document has already benefitted from input from key stakeholders including Civil Society Organizations (CSOs), social partners (Labour unions, employers, and FBOs), academia, industry professionals, and the leadership of Parliament.
Additional stakeholder engagements will be held to solicit further inputs for the programme Our economic programme contains a set of time-bound structural reforms and fiscal consolidation measures to place our debt levels and fiscal accounts on a sustainable path over the medium-term.
The programme is hinged on seven (7) pillar, namely: Debt Sustainability; Fiscal Consolidation; Strengthening Monetary and Exchange Rate Policies Building Strong Financial Institutions; Macro-Critical Structural Reforms; Maintaining Peace and Security; and vii.
Economic Growth and Transformation.
IMF NEGOTIATIONS The formal negotiations for a Fund-supported programme began on Monday September 26th, 2022 and discussions are advancing smoothly.
The IMF Mission will cover a period of 10 days; and in line with H.E.
the President’s dialogue with the IMF Managing Director, Kristalina Georgieva, negotiations will be fast-tracked to ensure that key aspects of the programme are reflected in the 2023 Annual Budget Statement in November 2022 .
Government is committed to ensuring that a comprehensive package is negotiated with the aim of restoring and sustaining macroeconomic stability, ensuring durable and inclusive growth and promoting social protection.
As stated in our press release dated 26th September, 2022 on the commencement of the IMF negotiations, having a sustainable debt path is a pre-requisite for the IMF programme.
Therefore, the IMF/World Bank and the Ghana Team are currently undertaking a debt sustainability analysis (DSA) to inform the programme negotiations.
In addition, the IMF and Government Team are working to update the medium-term macro-fiscal framework to inform IMF programme design.
Also, the Government Team and the IMF Team are discussing policy measures and structural reforms proposed in our economic programme aimed at addressing the economic challenges facing the country towards restoring and sustaining macroeconomic stability, fiscal and debt sustainability, as well as promoting durable and inclusive growth and social protection.
Ladies & Gentlemen, we simply have not reached any agreement with the Fund on the parameters of any debt operations as we are in the process of completing the debt sustainability analysis.
Government shall continue to actively engage all stakeholders in a clear and transparent manner as we seek to fast-tract the IMF negotiation process.
Ghana needs a viable domestic financial system to support its development programme, especially in these three years with limited access to the International Capital Market.
Therefore, everything must, and will be done, to protect our financial sector; and there must be room for a win-win conversation through extensive stakeholder engagement with both our domestic and external investors.
Ghana has always had a collaborative approach with its partners and we shall, I am confident, come out with an ‘historic arrangement’.
This is a Government that protected the savings of 4.6million Ghanaian depositors with the reform of the Banking and financial sector even in our early days.
We owe it to the economy and Ghanaians to keep protecting it.
The sanctity and the well-functioning of the financial system is sacrosanct and we need the support and trust of all Ghanaians to deliver this.
Let us join hands to get this done.
The great Celtic Miracle in Ireland in the 1980s was the result of such collaborations especially with Labour and we shall also be blessed with the Ghana Miracle.
A 5-Member Committee consisting of prominent financial services professionals will lead extensive stakeholder engagements across all the key segments of the financial sector – i.e.
banking, asset, management, pensions, and insurance.
The announcement of the Committee Members will be made in the coming days and they will immediately get to work to engage key stakeholders in the financial services sector, additional to ongoing engagements with Civil Society Organizations (CSOs), social partners (labour unions, employers, and FBOs), academia, industry professionals, and the leadership of Parliament.
We welcome all contribution to this great public debate, but we must be careful to build and not to tear down our nation.
Ladies & Gentlemen , we will leverage on our strengths to rebuild the economy focusing on our productive sectors.
Initiatives such as the YouStart programme that will provide a Million jobs will support entrepreneurs with loans to build their capacity to create more jobs and realise the President’s vision of a Ghana Beyond Aid and an entrepreneurial nation.
The Development Bank Ghana (DBG), which we capitalized at US$750million is also supporting the private sector to invest in areas that will stabilize the economy over the medium to long-term, with positive knock on effects on job creation and economic growth.
Taken together, we cannot lose sight of the remarkable progress we have made since the pandemic.
And I believe that in the months to come, our robust policy approach response will help to considerably ease the challenges with inflation and the exchange rate pressures.
I am extremely confident about where we will land on this journey.
We as a country have survived a 142 percent inflation, yellow-corn hysteria, mass exodus from our country and more recently a successful exit from the 2015 Extended Credit Facility.
So let us go for the spirit of courage for the LORD is with this Nation.
Let us not fear, for He who is with us is greater than all (2 Kings 6:16).
Conclusion Ladies and Gentlemen , I remind each and everyone that Ghana is the only place we have.
Its progress and prosperity is our collective duty.
We have overcome many challenges and risen to the occasion many times.
This is another challenge which we must overcome.
This too shall pass, if we remain united and purposeful.
Let us not forget that the battle is indeed the Lord’s.
As the Good Book said in Genesis 11:5 “if as one people speaking the same language they have begun to do this, then nothing they plan to do will be impossible for them” Thank you for your attention.
God bless you, and God bless our country and make it great and strong .
Good Afternoon.
I am once again delighted to update you on progress we are making to address the economic challenges facing the country.
Ladies and Gentlemen, after presenting the 2023 Budget to Parliament on 24th November 2022, Parliament worked tirelessly to provide “policy” approval of the Budget on Tuesday, 6th December 2022.
On behalf of H.E.
President Nana Addo Dankwa Akufo-Addo, I wish to use this occasion to express our sincere gratitude to Right Hon.
Speaker, the leadership of Parliament and all members of Parliament for working hard beyond official hours and over weekends to approve the policies underpinning the 2023 Budget.
This approval is the first step in the approval process.
The next stage, which is currently ongoing, is for Parliament to consider and approve the budget estimates of individual MMDAs.
In addition, Parliament is also considering for approval, the fiscal measures, both revenues and expenditures, and their related legal instruments underpinning the 2023 Budget.
This second stage will culminate in approval of the Appropriation Bill which will enable the implementation of the 2023 Budget.
We are, therefore, calling on the Parliament to favourably consider the fiscal measures in the 2023 Budget as they are an integral part of the package for addressing the economic challenges facing the country and will facilitate the approval of an IMF Programme by the Board.
As you know, the Fund Programme consists of three important components - Attaining a stable macroeconomic environment - Obtaining debt sustainability and - Seeking financing assurances.
Ghana’s domestic debt exchange programme was launched on Monday 5th December 2022.
The objective of the Programme is to reduce Ghana’s current debt burden and its servicing implications on our economy.
The programme is designed to achieve this in the most orderly, transparent, efficient, and expedited manner.
It is critical to restoring macroeconomic stability and debt sustainability.
The Government has continued to dialogue extensively with various stakeholders including regulators and representatives across the Pensions, Banking, Asset Management, and Insurance Sectors.
We have discussed with them the rationale behind the domestic debt exchange programme, understood their perspectives and taken their feedback.
Ultimately, confidence and the active participation of all stakeholders are the essential elements for the success of this debt exchange programme.
As such, Government is committed to laying out a path toward attaining debt sustainability informed by sound technical analysis and broad stakeholder engagement.
Following the launch and as part of the broader macroeconomic and structural reforms, the IMF and Government signed off a Staff-Level Agreement on 13th December, 2022 for a US3 billion Extended Credit Facility.
Government’s engagement with the IMF is anchored on the Post Covid Programme for Economic Growth (PC-PEG) which aims to restore macroeconomic stability and debt sustainability, for a stronger and inclusive recovery.
So far, we have all witnessed the gains of the Cedi over the past week, as well as the attainment of this Staff Level Agreement in near record time.
These are results of our collective efforts.
As 1 Samuel 30:19 says, “Nothing was missing, great or small.”
We must and we will, collectively recover all.
Ladies and Gentlemen, in order to recover all, we still have a lot of work to do before the end of year in order to gain the full benefit of the Debt Exchange Programme.
Following the stakeholder engagements, Government has agreed to extend the expiration date for the domestic debt exchange to 30th December 2022, to allow for key concerns raised by stakeholders to be accommodated in some form.
The launch of the debt exchange programme, coupled with the signing of the Staff Level Agreement with the International Monetary Fund, have aided our stability efforts and have in particular contributed significantly to the rebound of our currency.
While accommodating the inputs of stakeholders, we must do all we can to sustain the gains of these initiatives keeping in sight the urgency of obtaining IMF Board approval in Q1 2023.
The cost of this not succeeding will be too huge for our economy.
That is why we urge Parliament to support us in getting the Appropriations Bill for the 2023 Fiscal Year passed.
We also urge Parliament to support in particular new revenue measures outlined in the 2023 budget which aim to improve revenue mobilization.
We cannot afford to repeat the mistakes of 2022.
Our “end game” as a government has always been to achieve a Ghana Beyond Aid- a Wealthy, Inclusive, Sustainable, Empowered, and Resilient society (a WISER Ghana).
The necessary pre-condition for this is a stable macroeconomic environment.
Viewed within that lens, restructuring our debt is only but a necessary part of our story.
The ensuing years will focus on building an entrepreneurial and export driven economy as we grow the economy to protect and create jobs, tackle inflation, and strengthen our currency.
Importation of food should soon be a thing of the past.
We cannot afford to lose this essence of forward momentum for our economy as we navigate toward stability, predictability and growth.
2023 must be our “comeback” year.
A year in which we put in place stronger foundations that would allow us to change our country for the better and in a way that is enduring, inclusive and transformational.
And I urge us all to work together with the Government and support the various interventions being implemented to kick-start our recovery in a determined, bold and courageous way!
Above all, I urge us all to maintain an unshakeable sense of optimism about Ghana in the days and years ahead.
Indeed, “the LORD is the Lifter of our heads” (Psalm 3:4), as we all witness a new confidence in our currency and the prospects of the certainty of an IMF Board approval of our Staff Level Agreement.
I wish each and every one a Merry Christmas, a Christ-Centered season and the best of this holiday season.
Thank you, and God Bless us all and our homeland Ghana.
Courtesies Colleague Hon.
Ministers Management and staff of the Ministry of Finance Distinguished Media personalities Invited Guests Ladies and Gentlemen Introduction It is my greatest pleasure to come to you today to update you on the Outcome of the Republic of Ghana’s Consent Solicitation Exercise for our Eurobond Debt Restructuring.
Ladies and Gentlemen, as you may recall Government commenced a comprehensive debt restructuring operation in December 2022 on both the domestic and external debt in a systematic approach.
It is important to note that we are operating under a complex set of constraints as part of the IMF’s Debt Sustainability Thresholds and this formed the context and basis of discussions for a mutual understanding of the financial parameters with all our creditors.
We acknowledge the challenging debt restructuring process and we take note of its painful experience, which presents uncertainties and unforeseen economic and financial consequences for both debtor and creditors.