ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
Your Excellency, Distinguished, Ladies, and Gentlemen, the Country-Focused training programme in M&E with both theoretical and practical content, is the first of its kind organised by JICA for any African country.
It is therefore my fervent hope that JICA, and for that matter the Government of Japan, would support the Government of Ghana to implement successor M&E projects, to broaden as well as deepen M&E knowledge and skills of Government officials, at all levels of governance in the country utilising those already trained by this project.
I recall that two years ago I stood before this same august gathering which sought to rationalize the role of ODA within the context of Ghana’s imminent transition to a middle income country and the prospects of the emerging oil industry.
I believe there was much uncertainty on how and to what extent our development partners would be positioned to continue to support Ghana’s development in view of these pending economic gains.
Today, I am privileged to participate in this 17th Consultative Group which has moved beyond the uncertainties to deliberate on the influence our partnership will wield within the changing economic landscape in Ghana.
On behalf of the President of the Republic of Ghana, I extend a special warm welcome to you all, recognizing the influential roles you have played and continue to play in shaping the development and transformation of this country.
Gathered under the theme “Leveraging Partnership in a transitional middle income economy for sustained economic growth”, I expect that deliberations here will conclude with concrete steps on how we can work together in a spirit of mutual cooperation and respect to deliver on the development priorities necessary to consolidate Ghana’s middle income status and accelerated economic growth.
It is always a pleasure to join in a participatory dialogue like this that provides some retrospective account of how far we have come as a country.
Such a dialogue also maps the way we will engage in the future to sustain and enhance the development results achieved.
On behalf of the Convergence Council and myself, I will like to extend our sincere gratitude to the Government and People of the Republic of Ghana for hosting the meetings of the West African Monetary Zone(WAMZ).
It need not be over emphasized that over the years, we have expended so much resources and time into the WAMZ project.
A lot has been achieved but a lot more still need to be done.
If there is any message that needs to be re-echoed in this august meeting, it should be that we have an abiding faith in the WAMZ project.
Fellow Ministers, Ladies and Gentlemen, in spite of the benefits of a single currency, the challenges of creating a monetary union are daunting.Let me therefore emphasize that in order for our monetary union to be successfully launched, it is of utmost importance that a high degree of consistent macroeconomic convergence, complemented by financial sector integration, trade integration, as well as the modernization of payments system infrastructure be attained by member countries.
In the area of convergence, a key challenge facing the zone is the attainment of sustained compliance with the macroeconomic convergence criteria, specifically with respect to the inflation and fiscal deficit targets.Although performance has improved over the years, they both remain a challenge.
This constitute a genuine cause for concern, especially, as observed in the Euro Zone, unsustainable fiscal position in one country may have negative repercussions on the other members of the union.
This highlights the need for closer fiscal and monetary policy co-ordination towards the growth and stability objectives
I recall, during my inauguration of the expanded Ghana EITI National Steering Committee in September 2010 when the initiative was being extended to the oil and gas sector, that I mentioned that the value EITI can add to the governance of our natural resources sector can be enhanced if its fundamental role of publishin However, I have been reliably informed that earlier EITI Audit Reports have suffered from lack of cooperation from some of the extractive companies and some national revenue management institutions to disclose information for the preparation of the EITI reports.
This constitutes one of the most critical barriers to the EITI implementation in the country.
To address this challenge stakeholders have called for legal backing of the Ghana EITI to ensure that government institutions and all companies in the extractive industry disclose their payments and receipts periodically.
g or putting accurate information in the public domain is done regularly and timely.
In fact we expect timely and accurate information to enable us address systemic problems on time.
The regular publication of timely, reliable and easily accessible financial information disclosed by governments and companies and subject to third-party verification is at the core of the EITI model of improving natural resources governance.
Honorable Members, it is the opinion of EITI stakeholders that while the EITI can deliver many benefits as a stand-alone initiative, it is likely to work particularly better when there is a long term strategy for mainstreaming it to improve governance of extractive industries.
This mainstreaming can be achieved through a well thought out law backing the initiative and addresses some of the implementation challenges.
So far countries like Nigeria, Liberia and Azerbaijan have legislated the EITI in order to remove all the legal obstacles to the implementation of EITI in their countries whilst other countries are in the process of doing so.
Ghana has gone through a series of consultative processes including a legal review of some of the country’s laws that promote transparency and accountability.
The EITI legislation has, therefore, begun in earnest.
I am deeply honoured and indeed privileged to have the opportunity to once again address this gathering for the signing of USD1.5 billion receivables-backed trade finance for the purchase of cocoa in the 2012/2013 cocoa season.
On behalf of His Excellency, President John Dramani Mahama, Government, and the people of Ghana, I wish to express my profound gratitude to our financiers, both local and foreign, for the confidence shown in the Ghanaian economy in general and the cocoa industry in particular.
Ladies and Gentlemen, permit me to share with you a few thoughts about our dear country and the economy which I believe will be of interest to investors like you.
First, as some of you may know, Ghana has stood out for its peaceful and stable democratic governance.
The country has established its reputation as one of Africa’s most stable and democratic states.
Indeed, Ghanaians have frequently demonstrated that they cherish democracy.
The parliamentary and presidential elections in December this year will give the country another chance to reassert its stable and democratic credentials.
Second, Ghana’s political maturity has also been matched by the strength of the economy in recent years.
The country has maintained macroeconomic stability in spite of pressures from the global economic environment and the recent volatility in the domestic foreign exchange market.
Gross domestic product (GDP) grew by 14.4% in real terms in 2011, making the country one of the fastest growing economies in the world.
The provisional estimate of real GDP growth in the first quarter of this year is 8.7%.
Ghana’s fiscal deficit has shrunk significantly since 2008 and stood at 4% of GDP in 2011, supported by a remarkable revenue performance and prudent expenditure management.
Inflation has been kept in single digit continuously for over 25 months and is expected to be kept relatively stable in the remaining period of 2012, ending the year with still a single digit.
The recent depreciation of the value of the domestic currency, reflecting excess demand for foreign exchange, has been reined in after the Central Bank had introduced several measures including raising the money market rates to shift investor preference to money market instruments.
Third, in the past, the country’s fiscal deficits have been particularly high in election years, followed by painful adjustments in subsequent years.
To break the cycle, the NDC Government has committed itself to fiscal consolidation, and our ministries, departments, and agencies have been instructed to guard against unbudgeted expenditures and recognize the need for fiscal responsibility.
Ladies and Gentlemen, government is determined to manage the situation in spite of the election challenges.
The economic fundamentals remain very strong and investors’ confidence in the economy continues to grow.
This is exemplified by the performance of the 3-year and 5-year bonds issued by the government in recent months.
The sharp drop in the coupon rates of the government’s long term securities and the Euro bond in the secondary market is a reflection of strong economic fundamentals in place which has given rise to the huge appetite that both domestic and foreign investors’ have for Ghanaian risks.
There has been a significant growth in real GDP from 4.0 per cent in 2009, to 7.7 per cent in 2010 and 13.6 per cent in 2011 on provisional basis, making Ghana one of the fastest growing economies in the world in 2011.
Since the NDC came to power, I have had the singular honour and privilege to present three Budget Statements and Economic Policies on behalf of His Excellency Prof.
John Evans Atta Mills to this august House.
The implementation of all these budgets has significantly improved the standard of living of Ghanaians.
Under the able leadership of His Excellency, Prof John Evans Atta Mills, coupled with the hard work of our cocoa farmers and other stakeholders, Ghana has now attained the 1.0 million metric tonnes of cocoa production for the first time in our history ahead of the 2012 schedule.
Distinguished Delegates ,Ghana remains committed to the WAMZ programme,in spite of the current fiscal challenges we are faced with.Having first attained a lower middle for improved socio-economic infrastructure for a successful consolidation if that status.We are also committed to seeing to it that all bottlenecks in the growth and development process are speedily removed in order to free the economy for rapid expansion,sustainable job creation and enhanced food security for citizens.
Ladies and Gentlemen,the report on Member States indicate that the Zone sustained its performance on the convergence criteria with a score of 66.7 percent.However,no country satisfied all the four primary criteria during the last assessment period.Four member states coplied with three criteria each,while two countries attained two criteria each.
As has been mentioned earlier, the SSPP was initiated after several unsuccessful attempts at removing disparities and inequities that characterized the public sector pay administration system.
The comprehensive 22-Level Ghana Universal Salary Structure (GUSS) introduced in 1999 failed to achieve its intended objectives partly because sections of the public services were allowed to opt out while its implementing agencies lacked legal backing.
Government, therefore, sees the SSPP as a rational response to the challenges that plague the public service pay administration system.
Significant progress has been made so far in the implementation of the SSPP.
Available statistics indicate that, as of June 2013, over 99 percent of eligible public service workers from 119 public institutions have been migrated onto the SSSS.The policy has resulted in significant increases in the average salaries of public sector employees.
We are told that SNNIT data show that the average salary per worker in the country is now higher in the public sector compared to what obtains in the private sector.
Though there are some post-migration challenges, which the Fare Wages and Salaries Commission, together with the Ministry of Employment and Labour Relations, the Ministry of Finance, and the Organised Labour,are working around the clock to resolve, there is absolutely no doubtthat, the policy has positively affected living standards of public servants and their families.
Four years ago, we begun a journey to rationalize compensation for workers on the principle espoused in our constitution of equal pay for work of equal value.
It was a journey fraught with both opportunities and challenges, but we were determined to work together to ensure that this more equitable system for remunerating public sector employees in Ghana became a reality.
As with every major exercise or operation embarked upon, we must at a time pause and look back and reflect on how far we have come, what challenges we have faced and ask ourselves “what is the way forward to achieve the objective we set ourselves”.
Ladies and gentlemen, we have reached one such point in our quest to achieve an equitable and fair remuneration system.
It is therefore my pleasant duty to join you at this august event that gives us the opportunity to pause and reflect on the theme, “Building National Consensus on the Sustainability of the Single Spine Pay Policy (SSPP)”.
Chairman, ladies and gentlemen, this is not the first time we have attempted to achieve a universal salary structure that attempts to reward public sector employees equitably and fairly.
We all remember the "rice water" that failed to cook and was later abandoned.
Over the past two decades, the GSE has provided a platform for companies to raise capital and also the investor community both domestic and foreign to invest in equities and bonds including the three year, five years and the recent seven year bonds issued by Government.
The high level of confidence investors have in the exchange is underscored by its accolade as one of the best performing markets in Africa in terms of returns to investors.
I applaud the GSE management for their hard work.
As many of you may recall, the Ghana Eurobond was officially issued on 7 August 2013.
The final Eurobond size was $1 billion issued at a coupon rate of 7.875%.
Currently, the bond is trading at 8.17% on the Irish Stock Exchange in Dublin, The Republic of Ireland and today, we will launch the second leg of the Eurobond trading on the Ghana Stock market.
This is significant in many ways.
Although we already have the Ghana 2017 Eurobond trading in global financial markets, this recent issue for the first time offered local investors the opportunity to purchase the Eurobond.
I was particularly happy to observe participation by some Ghanaian institutional investors at the issue and local investors now hold some $16.5 million of the Ghana 2023 Eurobond.
With this listing; these investors as well as prospective ones can trade them on the secondary market here in Ghana.
Since my appearance before this august House in November 2013, several developments in the economy-particularly the sharp depreciation of the cedi in the first quarter of 2014, rising interest rates, and the adverse global environment on commodity prices, have posed challenges to the achievement of the 2014 economic programme.
However, it is the resolve of Government to strengthen the measures outlined in the 2014 Budget to enable our country confront these essentially short-term challenges and meet our development goals.
Following the President's State of the Nation Address, the nation listened attentively to the spirited debates and issues raised by Honorable members of Parliament around the challenges and prospects of our country.
Honorable members maintained a nationalistic and informed posture in addressing the major themes of His Excellency’s address to the House.
Similarly, business leaders, civil society, social and development partners have raised pertinent issues regarding economic management and implementation of various policies.
Speaker, in managing the economy, we shall be guided by several of these inputs.
Speaker, this particular Statement is dedicated to the consolidation efforts of government and demonstrates cumulative policy consistency of all the measures since 2013 to bring our fiscal situation under control.
Several of the measures are structural and address the medium-term prospects of the country.
As will be shown, the measures are far-reaching and it is our expectation that they will clarify the commitment of Government and the people of Ghana in bringing the imbalances that have occurred in recent years under control.
If knowledge is power then financial knowledge is security.
Financial literacy has been identified globally as a critical tool for development – issue relating to budgeting, savings, investment and the management of risks are relevant for the individual, households and businesses in their development process.
Making decisions on these issues depending on the level of complexity require at least basic financial literacy levels which involves the ability of the financial consumer to appreciate the essential and basic knowledge that will help make sound financial decisions and judgments.
Personal financial interest and the interest of the national economy are inextricably linked.
The financial health of individuals and households contributes to the financial health of the economy and act as building blocks of the economy.
Individuals and households spending, saving and investment significantly impact economic growth.
The milestone decisions we make throughout our lives ultimately affect our financial security and ultimately the financial security of our domestic economy.
The strength of our country therefore depends on an informed public.
The greater our grasp of issues including saving, investment, plan for contingencies through insurance and debt, the better we are conscious of our financial circumstance and our ability to improve it.
When individuals and households are financially secured they face less risk and ultimately constitute the backbone of the economy.
It is for this reason that Government has institutionalized an annual National Financial Literacy Week as long-term financial sector policy priority measure, aimed at raising awareness on the range of financial products and services available to consumers to help them better understand and manage their personal finances, thereby improving financial behavior of the citizenry.
Financial literacy is the set of skills and knowledge that allows an individual, households and businesses to make informed and effective decisions regarding their financial resources.
We find this as an important life-skill in our diverse capacities as students, employees, consumers, savers and investors.
The choice of this year’s theme is based on the fact that we need to jointly work together to build on the gains of the previous years’ financial literacy campaign.
It is also expected to develop a new momentum in ensuring a behavioral change of the population, create a common rallying call to mobilize the banking, insurance, pensions and securities sectors interest for the present and future policy benefit.
In brief, these will improve the overall outreach for financial services which has remained low over the years.
This theme also provides the opportunity to reinvigorate the financial aspirations of the population especially the target audience i.e.
the youth.
The messages from the various subsectors are expected to provide practical steps that can make a secured future a reality.
These messages will not only raise the awareness of existing tools to leverage an optimized solution to their future financial outcomes, but also to motivate financial consumers to acquire and hold formal and safer assets for their future.
The National financial Literacy week starting today has activities aimed at creating awareness and educating the entire population.
During the week’s campaign, experts will be discussing a range of financial issues of interest, various financial products available and draw attention to particular issues.
These activities aim at helping all and sundry to make the best financial decisions.
Specifically, the week’s activities will focus on Radio and TV discussions and regional forums in Kumasi, Wa and Ho on Friday 26th September, 2014.
On Wednesday, discussions will focus on banking issues especially the importance of savings at youthful age and the securities industry.
Similarly, Thursday will be dedicated to issues on Pensions and Insurance subsectors.
It is expected that clarity will be provided on new insurance policy guidelines as well as the new pension guidelines to existing clients, highlighting the new opportunities to the informal sector.
All these activities will be crowned on Sunday with Talking Point on GTV.
On behalf of the management and staff of the Ghana Revenue Authority, I wish to present to our distinguished taxpayers and other stakeholders a very significant step that GRA has taken in collaboration with its partner, GCNet, towards modernization and automation of our business processes.
GRA has the greatest pleasure to introduce to you all, the portal for registration and other key services in tax administration.
We have indeed come a long way in our quest to offer the best of service delivery through the e-Government platform that involves the automation of key processes in the tax administration system.
Our journey was initiated in 2010 and has not been a very smooth one.
We have however, been able to surmount many challenges that affected the process to ensure that our cherished taxpayers enjoy the best of services that we can offer to enable them pay their taxes in comfort.
Today I can assure you that with the introduction of this portal, you can sit in the comfort of your homes and offices to access our services.
I’m therefore sure you will agree with me that this is indeed a momentous landmark in our journey.
We look forward to chalking other milestones in our drive to offer the best customer care to you.
We also wish to state that the services will be user friendly and that there will be support services provided to enable you get in touch with us should you encounter difficulties in using the portal.
Ladies and gentlemen, the objective of the automation programme that GRA embarked upon is to broaden the tax base by initially gathering the needed data on our taxpayers, using this information to make our services more transparent and efficient and thereby increasing compliance levels and ultimately broaden the tax base.
Secondly, the Gegov project is also expected to develop the IT enabled services industry, contribute to improve efficiency and transparency of selected government functions through e-government applications.
Finally, the project will re-engineer business processes, deploy state of the art application software and hardware and other solutions for the GRA and the Registrar General’s Department.
It is our expectation that our cherished taxpayers will make maximum use of the new portal to carry out registration and other services offered.
We assure you that we are available at all times to help you navigate through the portal and all enquiries will be attended to promptly.
I find this conference as a unique opportunity to share experiences on best practices and policies, on how international public finance can contribute to accelerating progress in development.
We will make specific contributions to the financing for development (FfD) process and attempt to influence decision-makers ahead of the Addis Ababa conference on Financing for Development in July 2015.
Global growth remains in low gear and downside risks persist of both public and private sectors.
Advanced economies are recovering at a slow pace, mostly hindered by constraints on both the demand and the supply sides.
Emerging markets are still in the lead, although they are slowing down from elevated levels in recent years definitely in some instances, to avoid bubbles and alter the direction for development.
A key source of risk to growth and financial stability in several of these economies is the unwinding or tapering of the unconventional monetary policies in advanced economies – even as their use is put in gear in some of these economies.
In the face of these global developments, some developing countries, especially African countries, are seeing a paradigm shift.