ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
They are focusing on improving their infrastructure and managing their natural resource wealth to achieve broad based inclusive growth.
These economies are also seeking to strengthen the implementation of structural reforms in order to maintain annual average growth rates around the 5 percent that they have achieved over the past few years.
The process for inclusive growth involves simultaneous improvements in the MDG goals, especially the quest to improve human capital through health, education training to significantly reduce poverty in the medium-term.
That we have made significant progress as a country with regards to our effort at poverty reduction through social protection programmes That we still have a long way to go and a lot more to learn That we need to urgently introduce efficient measures both in our social protection spending in particular and social spending in general especially with regards to resource allocation and cost of delivering these programmes
On behalf of the Government and People of the Republic of Ghana, I warmly welcome you to the city of Accra and to the first and largest conference ever in Africa dedicated to the topic of enhancing data for better macroeconomic and financial policies.
We are very pleased to be collaborating with the IMF and the United Kingdom Department for International Development (DFID) to discuss this important topic and I am particularly delighted to host this gathering of high-level policy colleagues from across the continent.
The broad attendance from senior policymakers from all parts of Africa is testimony to how important the topic of today’s discussion is for all of us: Better data for better policies!
It is my hope that we will have an open conversation, a frank exchange of views, and learn from each other on the challenges and success stories on how data was made more accurate and how those data have been useful in improving our policies.
The rich diversity of our experiences, collectively, can tell us what kinds of data are the most important, where we can focus our energies to make those data better, where the most serious challenges and bottlenecks are, and how we can improve the ways we use those data to make the best policy decisions possible.
To do this, we will also look to our partners in these efforts, such as the IMF with its considerable technical expertise and who has been providing technical assistance and training to all of us in the many domains of macroeconomic and financial statistics, such as national accounts, price statistics, government finance, monetary and external sector statistics, and increasingly also on how to disseminate those data.
In this process, the IMF has collaborated with several development partners, most notably DFID that has supported the Enhance Data Dissemination Initiative (EDDI) over the last five years and is now entering into its second five-year phase, with even more beneficiary countries.
For example, under this project, Ghana recently completed a private sector capital flow survey that will be used to help us strengthen our balance of payments and international investment position measurements.
We also now compile and publish quarterly national accounts statistics.
In the recently started successor project, EDDI2 , we plan to focus on monetary statistics, financial soundness indicators and data dissemination.
I know that many of you also benefited from this generous support from DFID, which has also been complemented by technical assistance and training on key statistical issues offered by the IMF’s five African Technical Assistance Centers that cover almost every country on the continent.
All of our efforts to strengthen our statistical framework contributes to enhancing our capacity to implement better policies.
It also enhances our relationships with credit rating agencies and markets, allowing us to improve our access to financing.
The passage of this Act has become necessary to codify the best practices that have emerged with the implementation of major reforms in budgeting and accounting since 2010 under the GIFMIS project.
In addition, continuing fiscal challenges which require some structural changes are addressed in this Act.
There are also provisions setting out new policy measures regarding borrowing and debt management among others.
The Government as part of effort to progressively strengthen the structural foundation for more robust PFM systems has undertaken various reforms.
The goal of these reforms is to establish efficient, transparent and accountable resource mobilization, allocation, management and use of fiscal resources to meet Ghana’s development priorities and commitments.
The object of this Act is to regulate the financial management of the public sector within a macroeconomic and fiscal framework.
For the purpose of subsection (1) of the Act, there shall be established (a) a framework to support a sound fiscal policy and the macroeconomic management of public funds (b) processes for the preparation, approval and management of a transparent, credible and predictable annual budget; (c) mechanisms for the operation of the Consolidated Fund; (d) mechanisms for the management of public funds, assets and liabilities; (e) internal and external audit frameworks and correlative reporting and accounting systems; and a mechanism to oversee the matters specified under paragraphs (a) to (e).
For the first time, we have provided a comprehensive, legislative framework for the operations of the entire public sector.
This includes central government, local authorities, statutory funds and State Owned Enterprises (SOEs).
It is remarkable to see how the Ghana Securities Industry Association (GSIA) has evolved into such a strong and vibrant organization, with a strong commitment to ensuring the growth of the capital markets, promoting market education, and encouraging good ethical practices among players.
I understand that the GSIA is currently responsible for organising this event, taking over from the SEC two years ago.
I will commend you all for the great commitment to working together to shape the industry and most importantly to support government policy for the capital market.
Dear Colleagues, Afehyia Pa to you all.
The end of the year is a great time to reflect on what we’ve done over the last eleven months – reviewing our achievements in the light of the vision and new direction set for our country by HE the President and reflecting on those things that didn’t quite go according to plan; but recognising the opportunities to re-assess and re-implement them having in mind all lessons learnt.
More importantly, the end of year is for confirming God’s providence and blessings in all circumstances and upholding our firm reliance on Him for the future – Because of Him we dare to hope.
I would like to thank you all for your commitment and for playing your individual and collective roles to enable the Ministry support our fellow Ministries, departments/Agencies… and importantly to bring real solutions to the people of the Republic of Ghana.
Managing the finances of this Country places us in a critical position of trust – in a sense we are the central nervous system of this Country: If other Ministries and indeed the Nation are to have any resources to implement their policies we at the Ministry of Finance are the ones who make it happen: we are the custodians and stewards of the Public Purse.
What an awesome responsibility we have!
My prayer is that daily we will reflect on this assignment and practically see ourselves in the light of our national role from the cleaner to the clerk; from the secretary to the schedule officer, from the programmer to the estate manager, from the security man to the budget analyst!
Colleagues, this has been my first year with you and it continues to be an honour working with you.
I have said in previous engagements that I have been pleasantly struck by the sheer magnitude of talent in this Ministry: There is so much we have done together this year directly and indirectly: · Literally getting to know you all and starting the journey of building trust with you all.
Working together to make the new Policy initiatives such as Free SHS take off successfully Restoration of nurses and teacher trainee allowances Paperless Port system that increased revenue at the Ports by 56%, from GHc130 million in the first week of September 2016, to GHc213 million in the same period for 2017.
Abolition and reduction of taxes, to mention but a few We have also implemented the Public Financial Management Act, 2016, Act 921 for a whole year, and we look forward to good reviews.
Let’s remember to work within this law so that we can avoid becoming victims of PFM sanctions.
We have worked to deliver two national budgets this year, with the Midyear review making it three ; the Budget performance has been good, although we did not meet our revenue targets, we did better than previous years.
and our debt management strategy is beginning to yield results.
Our relationship with our Development Partners remains cordial and this has also been boosted with the implementation of the IMF programme.
Under the fund programme which ends next year, the Ministry has been reviewed four times and all of them have been successful.
At the Ministerial level, i.e.
the Ministry and all her agencies, we have begun the process of streamlining our businesses processes and look forward to being more efficient in the coming years.
· We have begun our Tuesday prayer meetings to continually recognize God as our Help, our Strength and our Provider.
This could not have been achieved without our collective efforts.
Thank you, Team MoFEP.
And yet there remains so much more to do and so much ground to cover as we step into the New Year.
Despite the limitations of time and space I am convinced that a unified team can achieve the impossible - the story of the Tower of Babel in Genesis Chapter 11 says it all.
The people set for themselves an audacious vision – they said "Come, let us build ourselves a city, with a tower that reaches to the heavens, so that we may make a name for ourselves and not be scattered over the face of the whole earth."
The main lesson in the Babel story lies in God’s response to the progress of the people “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”.
(Genesis 11:6-7) I would like for us to focus our efforts on speaking one language as keep we our eyes on our goals.
Similar to the people of Babel, we will be pursuing some Big Hairy and Audacious Goals – as a Ministry and as a Country; our Key to success here is the common language.
But unlike them, it is not about us: it is about God’s purpose for this Country, for this Republic, for the people of Ghana.
How do we speak a common language?
We rely on God as the enabler We must have a good understanding of our goals and what it takes to achieve them We must have a clear understanding of our unique role in this nation.
We must develop a yearning to contribute significantly to history making events, even if our contributions initially seem banal and insignificant (Babel, wouldn’t have been possible without porters, carpenters, masons…and yet it is tempting to think about the architects as the history makers) We must show care towards our colleagues in the Ministry as well as those in other Ministries and departments.
And finally we must develop a sense of collective responsibility.
The New Year will bring its own mix of successes and challenges, but no doubt our direction is clear, as we know what is before us: We are building a Ghana where our people can harness our collective wealth for the benefit of all, we are building a Ghana that is beyond Aid: a Ghana where citizens can live and work and reap the rewards of hard work.
I encourage you all to continue to stay focused on our objective of transforming lives and realizing the hopes and aspirations of this Country.
Recognition of Distinguished service for Retirees This afternoon, we will also be celebrating eight retired staff who have distinguished themselves in service to God and country.
We do have some mixed feelings in this regard, on one hand it is sad that we are losing hard working staff some of whom have been working with us for nearly 40 years.
We have enjoyed working with you, we have learnt a lot from you, you have also been role models for your younger colleagues, for these and more we say Ayeekoo, thank you and Congratulations!
In recognizing distinguished service, it is important to signal that across our Ministry we are stepping into 2018 with a determination to entrench a performance-oriented culture where rewards will be based on performance.
I believe Chief mentioned this in earlier durbars.
I have tasked General Administration and HR to come out with a reward system that recognizes hard work and sacrifices.
Finally, to all of you, Merry Christmas and let us all get back to work in 2018 healthy, refreshed and invigorated to do better for God and Country.
Let us resolve, in the spirit of unity, to speak a common language as a Ministry in order to successfully realise the audacious goals before us!
Afihyia paa ooo
REPUBLIC OF GHANA Remarks at the Inauguration of the Ghana Commodity Exchange Role of Ghana Commodity Exchange (GCX) in Supporting Economic Development Export Trade House, Accra.
6 November, 2018 Your Excellency, the President of the Republic of Ghana, Honourable Ministers, Honourable Members of Parliament, Traditional Rulers, Members of the Business Community and our able Farmers, the Media, Invited guests, distinguished Ladies and Gentlemen.
I am very excited to be here with you all for this historic inauguration of the operations of the Ghana Commodity Exchange(GCX).
Today, a new market is born, an institution that will contribute immensely to the transformation of our economy, a regulated market that will see agricultural and other commodities take center stage in our endeavor to ensuring irreversible economic growth and development.
Today’s event marks the beginning of a modernized Exchange for commodities trading in Ghana.
A Commodity Exchange is the perfect tool to impact positively on the lives of farmers and rectify the challenges in the entire agricultural value chain.
Creating more value for our traditional and growing non-traditional domestic agricultural produce to improve our export capacity in the global marketplace.
Permit me to acknowledge the management of GCX for the quality and speed of delivery they have exhibited over this few months for us to experience this remarkable occasion of operationalizing the Commodity Exchange.
It is important to note that this strategic initiative was executed by Ghanaians signifying the outstanding delivery capacity of our human resource as we repose confidence in our own people.
President, the operationalization of the Commodity Exchange speaks to the key theme for Ghana’s Economic Transformation Agenda enshrined in Government’s mediumterm development policy framework for 2018-2021, Agenda For Jobs: Creating Prosperity And Equal Opportunity For All (First Step).
The GCX will serve as one of the platforms to achieving the Government’s objective of creating opportunities for all Ghanaians, and in this case for smallholder farmers and other players within the commodity value chain.
The economy of Ghana is being well-structured alongside its macro-economic policies, to build a robust and resilient economy for sustainable growth.
Government believes that a sustained growth in the agricultural sector that employs a high proportion of Ghana’s working population is key to the sustained economic growth.
The first quarter provisional GDP indicates that real GDP grew by 6.8% compared to 6.7% in the previous quarter.
Moreover, overall GDP growth is expected to remain steady.
It is estimated at 6.8% by the end of the fiscal year.
Inflation and inflationary pressures have been subdued, as inflation fell from 11.8% at the end of December 2017 to 9.8% in September, 2018.
The Government of Ghana upon assumption of office in 2017, resolved to prioritize the operationalization of the Ghana Commodity Exchange.
This reflects our commitment to restoring the economy on an irreversible economic growth path- Transforming Agriculture and Industry in line with the IDIF.
In collaboration with the private sector, Government has established the Ghana Commodity Exchange to create an orderly, transparent, and efficient marketing system for Ghana’s key commodities, starting with agricultural commodities to promote agricultural investment, enhance productivity, and encourage market access with fair returns for smallholder farmers.
This revolutionary initiative started over a decade ago, when the Government of Ghana through the Ministry of Finance (MoF) funded a feasibility study to determine the suitability of a Commodity Exchange in Ghana under the Economic Management Capacity Building (EMCB –FSR) Project from 2006 to 2012.
The Ministry of Trade launched the GCX project in June, 2015, to present the model for establishing the Commodity Exchange.
President, after over a decade of many steps taken towards creating this market, Government in the 2018 Budget Statement and Economic Policy, stated categorically of its intention to operationalize the Commodity Exchange, which saw the Ministry of Finance assume full oversight responsibility to ensure it happens.
Today, exactly as we promised to operationalize the Exchange in this fiscal year, we are all gathered here to witness the Exchange Go Live.
This historic occasion signifies the beginning of a new era for the agricultural sector as we establish an ultra-modern, transparent and professional market institution with the view of moving agriculture from subsistence to a market economy.
The Commodity Exchange as a new pillar for the financial sector will promote broad based growth, key for restoring private sector investment in industry and agriculture sectors critical for achieving the President’s Coordinated Programme of Economic and Social Development Policies.
The Government will continue to play the facilitative role by developing the appropriate institutional framework and regulatory environment that will encourage investment by individual and institutional investors.
President, as we grow our economy in a hurry and transform it from one based on production and export of raw materials to one based on modern agriculture, industry and services that are competitive in the global marketplace, I am pleased to share some benefits that the creation of this market will unleash into our economy.
These include: Volume of Trade a. A spot and subsequently futures trading of about 50,000 Metric Tonne (MT) of maize, paddy rice, soya, dry beans, sorghum and millet in the near term of the operations of the Exchange.
Job Creation b. The creation of approximately 200,000 jobs of both highly skilled and non-skilled jobs.
Some high quality jobs to be created by the Exchange are commodity brokers, data analysts, risk managers, grading and certification officers, business advisors, store keepers, credit officers etc.
While some of the non-skilled jobs include grain pickers and cleaners, winnowers, spillage managers, re-baggers and loaders among others.
c. Out of this, a sizable number of women and the youth are expected to be engaged across the commodity value chain.
Warehouses d. Currently, the Exchange can boast of 6 warehouses located at Kumasi, Wenchi, Ejura, Tamale and Sandema to commence its operations with a capacity of about 4,000 MT.
President, the GCX will support Government policy on the Planting for Food and Jobs (PFJ) programme which is geared towards increasing food productivity and ensuring food security for the country as well as reduce food import bills to the barest minimum.
It is of interest to note that two of the five major pillars of the PFJ policy falls in line with the objectives of the Commodity Exchange.
These are; ● Creating marketing opportunities for produce after harvest, (i.e.
provide ready markets for farmers who will be participating in the campaign) ● E-Agriculture (a technological platform to monitor and track activities and progress of farmers through a database system) 14.
With about 4 of the crops under the initial pilot phase of the PFJ programme to be traded on the Commodity Exchange, we can be sure of the prospects of the Planting for Food and Jobs initiative.
This will result in the creation of opportunities for smallholder farmers by improving their economic and social well-being.
To expand GCX warehousing capacity, it is working with State Agencies and the private sector to rapidly expand warehouse facilities across the country.
With about 50 districts to benefit from the first phase of Government’s project on “One District, One Warehouse” initiative for storage of agricultural produce, the GCX stands in a better place to achieve its warehousing capacity target of 100 facilities.
The President’s vision of Ghana Beyond Aid is to build a Ghana that aspires to be self-sufficient through the efficient management of its own resources, maintaining macroeconomic stability and foster a policy and institutional environment that promotes high domestic savings and access to affordable long-term financing.
The Commodity Exchange as a capital market initiative will form an integral part of Ghana’s economic transformation agenda to promote investment in; a. Agriculture and Industry b. Economic and social infrastructure 17.
Let me reiterate some key benefits that the Ghana Commodity Exchange broadly presents: ● Improve agriculture productivity and inject more efficiency and competitiveness ● Boost agriculture financing through Warehouse Receipt System that provides collateral to mitigate associated risk with agribusiness.
● Deepen the capital markets by creating greater liquidity and improve transparency ● Create jobs for Ghanaian in both the farm and non-farm commodities ● Ensure effective information system and price discovery ● Reduce post-harvest losses and improve storage facilities 18.
I am optimistic that the Ghana Commodity Exchange will be pivotal in improving our competitiveness, facilitating both our domestic and international trade to further integrate with the global economy.
To all the financial institutions represented here, there is an immense business opportunity for you to make an impact in the economy by supporting our farmers through the provision of credit and other related activities in the larger value chain of the agriculture sector.
President, I conclude with a powerful quotation from the Holy Bible, Habakkuk 2:3, “For the vision awaits an appointed time; it testifies of the end, and will not lie.
Though it lingers, wait for it, since it will surely come and not delay”.
Though it tarried, the Ghana Commodity Exchange is finally here to stay.
I wish you Good luck.
God bless you and God bless our country.
Background: To increase our tax-to-GDP ratio from 13% to 20% to match our peers on the Continent requires challenging the status quo.
It requires making tough choices which would force people to leave their comfort zones.
It calls for having a Quality Assurance Unit.
A Unit that will watch the watchman and protect the taxpayer from abuse by some tax officers in GRA.
The current manual system has led to leakages resulting in revenue losses between GHS700 million to GHS1 billion (McKinsey, 2019).
This has led to poor taxpayer experience: AREAS IMPACT Registration Up to 5 million unregistered taxpayers (both individual & entities) Filing & Payments GHS400-GHS600 million in uncollected debt due to bottlenecks, lack of transparency and inconsistent application of debt recovery actions Compliance, audits & debt management GHS300-GHS400 million in missed infractions and Post Clearance Audits due to absence of best practices in case management system Customs 30% deviation from number of audit target due to lack of clear tracking & monitoring as well as manual and heavily paper based processes Reporting Limited performance management due to lack of a single & consistent source of data for performance Source: McKinsey, 2019.
According to Tax Justice Network-Africa, Ghana losses an estimated amount of GHS2 billion from transfer pricing abuses from extractive sector.