ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
Speaker, the Executive Board issued a ^atement after the Board meeting in which they commendojl the Akufc-Addo Government for putting the Programme bad< ot trade and achieving significant macroeconomic gains over tJie course of tt>e ECF supported programme, which has r^ultal in: a. a rising and broad-based GDP growth momentum with the eaonomy growing by 8.1% in 2017 (up from 2J2% -2015 and 3.4% - 2016) and 6.1% (end-Q3 2018 average); b. effective monetary policy put in place arKi the sustained disinflation (inflation now at 9.2% from 15.4% -2015); c. accelerated fiscal consolidation with defidt oontradiion of over 3% of rebased GDP (I.e.
from 7.3% - 2016 to 3.9% - 2018); d. a successful banking sector dean-up (with over 1 million depositors' funds saved).
e. Mr.
Speaker, In 27 months.
President Akufo-Addo's government has achieved the following; a. It completed In 8 months, August 2017- April 2018, three reviews compared to the three revievK In 2 ^ears in the previous administration.
Statement to Parliament - March, 2019 .
> - b. It completed 2 back-to-back combined reviews (5'*^ & 6"^ and 7*^ and 8^ reviews) c. It completed 12 structural bench marks d. All our performance criteria were met e.
7 prior actions met to conclude the programme f. The government successfully worked with 3 mission chiefs and 2 resident represents of the IMF and I • g. restored maco-economic stability 15.
Speaker, while it is evident that significant macroeconomic gains have been achieved over the course of the ECF supported programme and especiaily over the last two years, some challenges remain.
To ensure irreversibility, there is the need to: a. Maintain fiscal discipline and avoid off-budget expenditure and fiscal dominance b. Enhance public debt management; c. Continue the prudent monetary policy to guard against upside risks to inflation; d. Enhance the financial system's soundness and resilience.
10 Statement to Parliament — March, 20i9 e. Very crucially Implement an aggressive revenue mobilization regime 16.
Speaker, to this end, the codification of poildes Into laws and systems to promote fiscal discipline, debt sustainabillty and sanction offenders provides a strong platform to safe-guard our gains and ensure Irreversibillty.
These indude: a. Fiscal Responsibility Act which, will among others, cap the fiscal deficit at 5% of GDP whiles ensuring poative primary balance beginning from 2019; b. Financial Stability Advisory Council & Rscal Responability Advisory Council ̂ tabiished to monitor the Government budget for coherence and compliance; c. Economic Policy Coordination Committee co-chaired by the Finance Minister and the BoG Govemor to coordinate Government's macro-fiscal policy and addr^s any challenges fadng Government's economic programme; d. Public Finandal Management Act C'PFMA") - to ensure care for the public purse with a strong sanctions regime, dricter oversight of SOEs, and mandatory timely reporting; 11 Statement to Parliament- March, 2019 e. Tax Exemption Bill - A tax exemption bill has been laid before Parliament for passage to streamline tax exemptions and minimize its abuse; and f. Zero Central Bank Financing - MoU between BoG and MoF on zero Central Bank financing to government extended through 2020 to strengthen inflation targeting regime.
Speaker, let me reiterate as I indicated in the 2019 Budget that, the completion of the ECF Programme notwithstanding, Ghana remains a member in good standing with the IMF and we will continue our productive policy and technical collaboration.
We do have choices within the Article IV framework to ensure positive engagement of the IMF as a Trusted Advisor.
US$3.0 billion Eurobond Issuance 18.
Speaker, as you may recall, we stated in the 2019 Budget that Government's objective is to borrow at the least- cost and at a prudent level of risk.
In line with this Mr Speaker, we have managed to buck the old trend by reducing the rate of debt accumulation from 22 percent per annum at 2016 to 14.5 percent as at 2018.
Consequently, we sought and received your approval to issue sovereign bonds of up to US$3.0 billion.
12 ^^tement to Parliament - March, 2019 19.
Through an open bidding process, Government of Ghana selected Rve (5) Lead Managers and Five (5) Co-Managers for the US$3 billion issuance programme.
The lead managers advi^ Government of Ghana to issue a Eurobond in the shortest possible time to avoid the potential turtxjlenoe we e)q3erienced in 2018.
In twenty-seven (27) days the Ministry of Finance team, assisted by Bank of Ghana, Attorney General's Office, Ghana Stab'stical Service and otiiers, with the Lead Managers and Co-Managers, packaged the transaction, completed due diligence, commenced and completed the roadshow, and priced the deal.
This must also be a record and I would like to commend the team and the Lead and Co- Managers for a job welt done in record time.
Sf^ker, Ghana embarked on a 3-day roadshow In New York, Boston and London.
On Tuesday 19th March, Ghana priced a US$ 3.0 billiOn tri-tranche bond with a weighted average of 7, 12 and 31 years.
It is the first time Ghana has done a 3-tranch issuance.
Ibe team met with over 130 fixed income inv^ors fece- r* V to-faoe and conference caiis.
Tte generated strong 13 Statement to Parliament,- March, 2019 S interest, with peak orders in excess of US$ 21.0 billion, representing an over subscription of 7 times.
Our final order- book closed at US$17.2 billion, which was the highest order- book achieved in sub-Sahara Africa.
The next largest sub- Saharan order-book was Kenya's $14 billion last year.
The 31- year bond is also the longest-ever issuance in:Africa.
To put this in context, Ghana issued its first Eurobond in September 2007 to raise $750 million; its order-book was nearly four times larger.
The second Eurobond was issued in 2013 for $1 billion; its order-book was only two times larger.
Moving forward to October 2015, a $1 billion Eurobond was issued; even at a very high coupon rate of 10.75%, its order-book was only two times larger at $2 billion.
The last Eurobond of the previous government, of $750 million, was issued in 2016; the order-book was $4bn, over five times larger, but this came at a high cost of 9.25% for a 6-year bond, compared to this year's 7.875% for a 7-year bond.
Indeed, the size of this year's order- book was truly unprecedented, especially when considering its competitive pricing.
Furthermore, Mr.
Speaker, this multi-tranche bond offering was Ghana's largest single transaction, by nominal size.
14 Sts^ementto Pa^iament — March, 2019 since its inaugural international debut in September 2007 to date.
Leveraging the considerable demand, Ghana priced all the thtee tranches at or inside fair value, as follows: a. US$750 million for a 7-year bond issued at 7.875%; b. US$1.25 billion for a 12-year bond issued at 8.125%; and c. US$1.0 billion for a 31-year bond issued at 8.95%.
These bonds were competitively priced, compared recent issues from African peers vrith similar exchange rate r^imes, for example in November 2018, Nigeria Issues a 12- year bond at 8.75 percent compared to our 8.125 percent, and a 30 year bond at 9.25 percent, compared to our 8.95 percent.
Comparisons to Senegal and Cote dlvcMre are not appropriate, as Itiey do not have their own currency.
The currency of the francophone countries, the CFA, is pegged to the Euro and guaranteed by the French Treasury.
We can't compare appl^^ ^ with oranges.
̂jeaker, in terms of g«)graphic participab'on, the USA and UK dcxninated die issuance.
We, however, also ob^rved an Inaease in partidpation from Asia from less than 1% to 4%, iiKlicating the poative rKults from our Investor 15 .. ̂ atement to Parliament - March, 2019 engagement within that region in 2018.
In terms of investor type, the bonds were bought mainiy by Asset Managers (~87%), followed by Hedge funds (~6%) and Banks (~5%).
Speaker, the transaction is incredibly beneficial for Ghana for a number of reasons: a. It shows that Republic of Ghana has market access to long dated Eurobond financing in size; b. It confirms long-term financial support from buy-and- hold high quality investors, including many first-time buyers of Ghana bonds from all 4 regions; c. It validates the successful completion of the IMF programme and the inherent trust that the investor corpmunity has in our country.
d. The trading pattern of the bonds post issuance confirms the fact that they were fairly priced, meaning that Ghana did not leave any money on the table; 16 Satemenf to Pariiam&nt - March, 2019 Developments on the Foreign Exchange and the Cedi 27.
Speaker, now to the Cedf.
The oadi sufifered some tuituience dtiring the first quarter of ttiis year mainly as a result of a (influence of factors including; a. Pressure on the current account as a resu^ of income transfers by corporate as well as sea^jnai demands by importers; b. Portfolio reversals by investors in our country's debt who were caught by surprise with thejlOObps r^ucBon in the ''mpC rate to-16% at the end of January and thus over reacted by selling off and extemalisang fourth quarter coupon payments; and c. Statistical adjustments to the exchange rate calcutation by the Bank of Ghana in efforts to improve market transparency.
17 Statement to Parliament - March, 2019 - d. Uncertainties on the future with Ghana's conciusion of the IMF program 28, Mr.
Speaker this turbulence happened despite the strong economic fundamentals and improvement in our balance of payments; which our Government has achieved in the last 2 years.
We have done a lot of work to ensure that the economic fundamentals are robust and able to support economic growth and transformation.
This is further evidenced, for example, by the following statistics: a. Inflation declining from 15.4% in 2016 to 9.^% in 2018; b. Fiscal deficit falling from 6.5% in 2016 to 3.9% in 2018; c. Interest rate on 91-day treasury bill from 16.3% in 2016 to 14.6% in 2018; and d. Current account deficit from 6.6% in 2016 to 3.2% in 2018.
Speake«^s they say the numbers don't li^as such it is clear from the daferBTat the depreciaborrsrffie cedi was not due to weak economic fundamentals but rather a combination of structural rigidities and the apparent speculative behaviour of portfolio investors and market participants.
It is also noteworthy 18 statement to Parliament - March, 2019 that while this Is a challenge, the Cedi has however performed better over the last two years than when compared specifically to 2012 to 2016.
In 2012, the Cedi depreciated by 15.95%, 12.81% in 2013, peaked at 32.45% in 2014, halved to 15.68% in 2015 and depreciated by 9.65% end 2016.
Cumulative depredation from 2012 to 2016 was 65.423%.
Between Dec 2017, through the whole of 2018 to Mar 21^^, 2019, the Cedi had depredated by 17.325% compared to 25.33% in 2015 and 2016.
Speaker, indeed the Cedi recovery had started even before the Eurobond was issued, and if I may add, before the Vice President's trip to India.
But what the Eurobond issuance did was confirm the confidence investors have in our economy, with their $21 billion rush, which supported the recovery; possible because of our successful macroeconomlc turnaround as well as the implementation of various policy measures.
̂}eaker, the Cedi has made great strides towards recovery on the back of the successful issue of the IJS$3 billion Eurobond and the compl^on of the 7th and 8th IMF Reviews whkh restored cottfidenoe in the Ghanaian economy.
Currently, the Cedi has 19 statement to Parliament - March, 2019i, ' .. -.i,- witnessed substantial gains and with the measures we have put in place, based on the existing sound economic fundamentals, we anticipate the stability of the Cedi going forward.
Indeed, the Cedi has appreciated by 5.12% in March 2019 alone as against a depreciation of 2.71% in the same period last year.
It is this success that we need to build on and put in place the structures to strengthen the resilience of the Cedi against its major trading currencies.
Speaker, we recognize the need to take the following steps: a. enhance the transparency of our foreign exchange market to minimize information asymmetry and panic buying of currency by businesses and the public when there are seasonal blips in the currency; b. develop our capital market, insurance and pension industries to ensure that Government domestic borrowing relies less on foreign portfolio investors.
c. Mr.
Speaker, the President has directed that I investigate the structural causes for the depreciation of the Cedi and to propose measures to address the situation.
The Governor and I will put a bipartisan committee together to proceed immediately.
20 .Matement to Paiiiamenf - March.
2019 34- Mr.
Speaker, our current progress on the economy, sustained GDP growth and economic transformation will eventually ensure that the currency is stable over the medium term.
The Bank of Ghana will remain vigilant in the short term to buikJ adequate reserve buffers and promote market discipline in the B< market; and over the medium term, the Government will ensure that we have a transformed economy that will strengthen our trade, ojn-ent and capital accounts.
We believe that our current efforts to boost exports and reduce imports by diversifying and deepening the economy through industrialization and developing the agri-bu^ness, and the improvements in our financial sector architecture will provide the needed scope to guarantee that our currency becomes even more resilient.
In oth«- words, Mr Speaker, we need to grow more, manufacture more.
Buy Ghana, Wear Ghana, See Ghana, Eat Ghana, which means more Kenkey and Fish, more Waakye, more TZ, more Sdxjio, more coconut juice, to make our cali ̂ rong.
For a prcKjd and confKient people, we should c^ebrate patnotism and not dOTigiate It.
21 statement to Parliament - March, 2019 36.
If there is any lesson for us, our recent success in the Eurobond market demonstrates the clear confidence that the international community has in the work that we have done - it is hard work, and we know that this confidence resonates with our vision of a Ghana Beyond Aid.
Ws/t by the World Bank Vice President for the Africa Region 37.
Speaker, as a sign of the continued confidence the international community has in our country, the World Bank Vice president for Africa Region, Dr.
Hafez Ghanem, visited Ghana between 24th - 27th March, 2019.
The objective of the visit was to discuss with the Government and other stakeholders, the World Bank's assistance program for Ghana and explore areas of future collaboration that are more transformative and supportive of the country's Ghana Beyond Aid vision.
The discussion centered on efforts to mobilize funds for sustainable economic transformation towards achievement of a Ghana Beyond Aid and of the SDGs.
Specifically, areas of discussion included; 22 ^atem^nt to Parliament - March, 20t9 a. How Ghana can take advantage of the Digital Economy b. Building Human Capital; and c. Support for Industrialization through access to downstream energy capacity.
Speaker, thankfully, - the World Bank Vice-President indicated the Bank's interest in supporting Ghana in all three areas.
Specifically: a. On the Digital Economy, Dr.
Ghanem said the Bank vwll be interested in supporting Ghana on: (a) infrastructure and connectivity; (b) regulations; and (c) digital {Matforms to support areas such as e-government, revenue mobilization, education, and fintech.
b. On Building Human Capital, World Bank support could be for: (a) the free SHS program, (b) quality improvements, and (c) interventions to improve education of girls, by providing incentives to parents to encourage them to keep - (heir daughters in school rather than marrying (hem off at such young ages, and in doing so also reduce (t« inddence denting of children since educated mothers are more imovdedgeabie about nutrition.
23 ^ : J Statememt to Parliament - March, 2019 c. On Industrialization, Dr.
Ghanem indicated the Bank's willingness to help Ghana take advantage of its current and prospective excess supply of power and gas by developing industries that are intensive in the use of these energy resources.
d. Furthermore, the Bank will be willing to assist Ghana to export some of its excess energy to other countries in West Africa.
e. The Bank has also indicated its willingness to increase our window by $2 billion including doubling budget support to $520rnillion subject to certain prior actions.
Mr Speaker, as I indicated during the 2019 Budget Statement, we recognize that while current resources are insufficient to meet every need and every demand of every Ghanaian, there are no limitations on our collective potential.
So, Mr Speaker, we have been creative in our efforts to take Ghana Beyond aid through Social Partnerships and harnessing our entrepreneurial spirit as a country to build infrastructure, develop industry and support agriculture.
24 ^atemenf to Parliament — March, 2019 - 41.
Speaker, Ghana is doing something right and it is time v^e all pulled in one direction.
The Lord is indeed doing a new thing for Ghana and we should not be afraid.
It is time we built a broad consensus on what is good for the Republic.
As Edmund Burtcetold his electors in 1774, ̂̂ Pariiament is not a congress of ambassadors from different and hostile interests... patiiament is a deliberative assembly of one nation, with one inter^t, that of the whde."
42. fvir Speaker, I believe as a nation, we are witnessing God's special regard for Ghana.
In a space of one week, we saw a $ 21 billion rush for our Eurobond issuance; we succes^ully concluded the IMF program and we are experiendng an impressive recovery of the cedi; ending with the Woiid Bank doubling what it had Intended to support us with.
The Lord has indeed given us hidden treasures stored in ̂ cret places, so we all know that He is the Lord.
Mr Speaker, we intend to continue with this disdpline, comp^ence, and compassionate management of the Qianaian economy .
And we are dang so by also protechng the public purse.
So much so that tte Public Procuremoit Authority has In the^oe of 24 moiths made savings on Procurement for goods, works and s25 \mp ' ■ ■ ■.<> Statement to Parliament — March, 2019 ... t, services to the tune of GHC1.9 billion cedis equivalent.
This Mr Speaker, compares favourably, to the Zero savings made under the previous government.
Mr Speaker, we promised to deliver on the economy, and with the support of this house and the Ghanaian people, and with the Lord being our anchor, we shall continue to work in humility to defend our republic and make it great and strong.
Speaker, let me end by sharing yvith you our Ministry's weekly devotions at 6.30 am from Psalm 126; "Our mouths are filled with laughter, our tongues with songs of joy.
Then Jt was said among many nations.
The Lord has done many things for them".
And for me personally, Mr.
Speaker, I say.
wPraise the Lord O my soul, all my inmost being, praise His Holy Name.
EHIOFGHAHALlBRARyl 26
STATE OF THE NATION ADDRESS OPPORTUNITIES FOR ALL DELIVERED BY H. E. JOHN DRAMANI MAHAMA PRESIDENT OF THE REPUBLIC OF GHANA TO THE 6th PARLIAMENT OF THE 4TH REPUBLIC THURSDAY, FEBRUARY 21, 2013 2 Rt.
Speaker of Parliament Vice President Kwesi Bekoe Amissah-­‐Arthur Her Ladyship the Chief Justice Honourable Members of Parliament My presence here this morning is in fulfillment of Article 67 of Ghana’s Constitution which requires the President of the Republic of Ghana to deliver to Parliament a message on the State of the Nation at the beginning of each session of Parliament.
Speaker, permit me, to start by extending on behalf of Ghanaians, congratulations to all our Members of Parliament.
In particular, I wish to acknowledge our newest Members of Parliament and extend to all of them a warm welcome of partnership in shaping the destiny of our beloved country.
As the elected President of this dear country, I wish to express my personal gratitude to all Ghanaians for the trust and confidence entrusted in me.
I am fully conscious of the expectations of our people and I pledge to work with a sense of urgency and remain sincere and truthful at all times.
As I stated on January 7 when I took the oath of office, I promised, that as president of this nation, “I will work hard to place us on the right path, and I will lead us over the hurdles and past the obstacles that might threaten to keep us from meeting our goals.”
Mr Speaker, Ghana is a different place now from what it was when we began the journey towards democratic governance.
We have come a long way since 1993 when the first President of the 4th Republic, Jerry John Rawlings, delivered the first State of the Nation Address under the 4th Republican Constitution.
Ghana’s democratic credentials were further consolidated with the election of John Agyekum Kufuor and later Professor John Evans Atta Mills of blessed memory.
Mr Speaker, our recent Presidential and Parliamentary elections have been adjudged by both domestic and international observers as by far the most credible, transparent, free and fair since 1992.
This shows that each step of our democratic journey has been marked by improvements.
As Ghanaians, we must be proud of this achievement.
Mr Speaker, the Electoral Commission must take much of the credit for this feat; since our return to constitutional rule in 1992 the EC has organized six successful elections.
They have conferred victory where victory was due without fear or favour in the critical periods of 2000, 2008 and 2012.
Our Electoral Commission has earned, in the process, an enviable reputation as arguably one of the best electoral institutions on the African continent.
Speaker, I entered public service out of a genuine desire to help make a difference in the lives of our people.
My vision for this country is to create a conducive national environment in which our children grow happily into responsible adults; where workers are proud to work and defend our national values; where improved maternal health reduces the hazards of childbearing; where teachers use their influence to positively mould the next generation; a Ghana in which we all create and share in the benefits.
Mr Speaker, I believe that as a country we can achieve more by working together.
Togetherness will enhance our capacity to meet our urgent needs; while promoting excellence and rewarding achievement.
Ghana has witnessed impressive development in the last two decades.
There have been improvements in roads and social infrastructure across the length and breadth of this country.
Health facilities have been expanded and access improved, and so have educational 3 institutions with the private sector playing a pivotal role.
In many respects, Ghana has witnessed many positive changes for which we must all be proud.
Real challenges however remain even as we have made these advances.
As a developing middle-­‐ income country, there is still a lot more to be done to further reduce poverty, expand infrastructure and provide more social services for our people.
These challenges are formidable, but they are insurmountable.
Speaker, this administration will pursue rapid economic development with a sense of urgency in order to create new jobs particularly for our youth.
In partnership with the private sector, we will expand our infrastructure in a manner that will accelerate economic growth.
We will embark on an ambitious but realistic programme of building new roads and bridges; expand electricity generation to energize our economy; increase access to good drinking water and quality healthcare for our growing population; and improve sanitation and human security for all.
We aim to transform our schools, colleges and universities to meet the demands of a new age with emphasis on technology and innovation.
Speaker, a well-­‐designed and efficient public sector working in partnership with the private sector will be instrumental in our objective to deliver a prosperous nation.
Over the next four years, we will build an economy that rewards hard work and nurtures Ghanaian entrepreneurs and businesses whose prospects will not be tied to political cycles and patronage.
As President, I am firmly focused on these goals, because these are the right things to do.