ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
Government has also facilitated the issuance of AfCFTA Certificates of Origin to 51 Ghanaian companies and businesses covering 300 product lines, indicating eligibility to be traded under AfCFTA.
Private Sector Interventions Financial Intermediation for Entrepreneurship 134.
Speaker, Government remains committed to promoting access to competitive financing for the private sector.
Over the course of the past five years Government has established and recapitalised critical institutions that are able to provide financial intermediation to the private sector.
These institutions include Ghana Incentive-based and Risk-Sharing Scheme for Agricultural Lending (GIRSAL); Development Bank, Ghana (DBG); the Consolidated Bank Ghana (CBG), the Ghana Commodity Exchange (GCX); the Ghana Infrastructure Investment Fund (GIIF); and the Venture Capital Trust-Fund (VCTF), 27 136.
Speaker, as the economy recovers, we need to support these critical institutions to deepen their interaction with private sector to spur growth and create more jobs.
Government will place emphasis on: i. Supporting DBG capital raising to the US$1 billion mark in the medium term and disbursing about GHC 1 billion in loans, from the current GHS450 million, by the end of the year; ii.
DBG and GIRSAL providing Partial Credit Guarantees that will reduce risk and attract more private sectors actors to expand agricultural operations; iii.
Operationalising an equity fund in partnership with other private sector investors to augment existing capital for SMEs; and iv.
Supporting GIIF to execute commercially sustainable infrastructure construction solutions, including the Agenda 111 Hospitals, Accra-Tema Expressway project, and affordable University Hostel accommodation Energy Security Renewable and Alternative Energy Development Programme 137.
Speaker, the Ghana Nuclear Power Programme has made significant policy progress towards the development of Ghana’s first nuclear power plant.
Government has shortlisted vendor companies and countries to identify the economical and resilient nuclear power technology for Ghana, as a source of clean and sustainable energy and other peaceful purposes only.
Petroleum Sector Development and Management Programme 138.
Speaker, total oil production from all the producing assets within Ghana was approximately 18.5 million barrels from January to May 2023.
This translates to an average production of 122,000 barrels per day.
Total gas export to the Gas Processing Plant (GPP) at Atuabo and the Onshore Receiving Facility (ORF) at Sanzule within the same time was approximately 44.7 billion standard cubic feet with a corresponding average export rate of 296 million standard cubic feet per day.
The Cash Waterfall Mechanism (CWM) and the Natural Gas Clearing (NGC) have been used to equitably distribute revenues in the sector.
Under the updated ESRP, the CWM is being reformed to ensure mandatory compliance to provide cash flow predictability to key players (IPPs and State Energy entities) within the energy sector.
Speaker, to address the impact of excess capacity payments on the economy, Government has sustained collaborative engagements with IPPs.
Currently IPPs are 28 being engaged to restructure the accrued outstanding balances and eliminate payment shortfalls and arrears accrual in the sector.
The Gas Sales Agreement between VRA and N-Gas has been renegotiated to reduce the take or pay commitment and other financial obligations to the State.
Climate Change and Financing 142.
Speaker, the World Bank estimates that climate change could cost Ghana approximately 1.7 percent of GDP annually by 2030 if left unaddressed.
Cognisant of this assessment, Government is working to secure carbon financing to support its Nationally Determined Contributions (NDCs) and meet its commitments under the Paris Agreement.
This will drive foreign direct green investment to benefit local businesses.
Speaker, as part of our efforts to address loss and damage from climate change, Ghana, as one of the first pathfinder countries, launched the in-country process for Ghana’s participation in the Global Shield against Climate Risk and the Global Risk Modelling Alliance.
These initiatives will enable us to assess quantitatively our climate risk, design solutions informed by the data and facilitate access to resources from the Global Shield.
Speaker, Government in partnership with the Green Climate Fund has established the Ghana Shea Landscape Emission Reduction Project (GSLERP) at an estimated cost of US$54.5 million.
The GSLERP will focus on the Shea Landscape and will address the country’s efforts to reduce emissions from deforestation and forest degradation (REDD+).
Additionally, Government is implementing the Ghana Cocoa Forest REDD+ Programme (GCFRP), which covers 5.9 million ha (79% off-reserve, 21% on reserve) in seven regions.
The programme will benefit 12 million urban and rural residents.
Ghana became the second African country after Mozambique to receive FCPF REDD+ payments in January 2023.
Speaker, Ghana continues to have an impressive record in the climate space.
The President currently chairs the Climate Vulnerable Forum while the Finance Minister chairs the V20 Group of Finance Ministers.
This is an organisation of 58 countries with a population of 1.5 billion people in the most affected regions of the world.
Under the leadership of the President, we are transforming the Climate Vulnerable Forum and V20 into a permanent Inter-Governmental Organisation.
The aim is to champion, principally, a ‘Fair Share’ Agenda to ensure appropriate financing for 29 adaptation, mitigation, and loss and damage; whilst leveraging our natural resources to raise carbon financing for accelerated climate action and to ensure that the 1.5-degree Celsius temperature threshold is not breached.
Social Protection 149.
Speaker, Government continues to sustain social protection programmes to protect the poor and the vulnerable.
The half-year performance of the identified programmes are provided below: i. Under the LEAP programme, Government disbursed a total of GH¢169.95 million as at June 2023 to 346,019 households comprising 1,533,748 individuals.
This includes the increase of the monthly grant to beneficiary households from GH¢32.00 to GH¢64.00 for one-member household and GH¢38.00 to GH¢76.00 for two-member households.
Our target under this programme period is to reach about 8 percent of the population, that is 2.5million people.
Under the Ghana School Feeding Programme, coverage increased considerably from 1,671,777 beneficiaries in 2016 to 3,801,491 beneficiaries by June 2023.
The feeding grants cost per meal, per child, per day increased from GH¢1.00 to GH¢1.20 for the 2023 academic year.
We have also settled all arrears owed to caterers under the programme for the second and third terms of the 2022 academic year; and the first term of 2023. iii.
The Capitation Grant contributed to increased enrolment in public basic schools from 6,048,897 pupils for the 2021/2022 academic year to 6,114,302 pupils for the 2022/2023 academic year.
Under the Free Senior High School (Free SHS)/Technical and Vocational Education and Training (Free TVET) programmes, a total of 447,396 first-year students enrolled during the 2022/2023 academic year to bring the total number of Free SHS/TVET beneficiaries to 1,318,035 students.
Government continued with the construction of 9 state-of-the-art TVET centres to offer modern facilities and equipment, enable effective skills training and empower young people with the relevant skills required for employment and entrepreneurship.
v. Under our Complementary Education for underprivileged groups, including outof-school children, Government commenced the implementation of Cycle 8 of the Complementary Basic Education Programme (CBEP) in February 2023, with a total enrolment of 5,000 learners as at end June 2023.
GROWING THE ECONOMY 150.
Speaker, the PC-PEG Government is implementing with the support of the IMFECF facility requires strong fiscal consolidation.
This will enable us quickly reestablish macroeconomic stability and debt sustainability.
These are necessary preconditions for high long-term economic growth, job creation and rapid transformation.
A key pillar of the PC-PEG is the focus on inclusive growth.
Our renewed push for growth is informed by the usual experience that fiscal consolidation tends to have negative impact on growth.
For the medium term, we are targeting revised economic growth rates of 1.5% for 2023; 2.8% (2024); and 4.7% (2025).
Speaker, we need to be deliberate and strategic in our actions if we are to exceed our pre-CoVID-19 strong economic growth which averaged 7%, compared to 4.5% and 2.6% in Lower Middle-Income Countries (LMIC) and Sub-Saharan Africa (SSA), respectively.
With the economy showing signs of stabilisation, Government intends to pursue a Growth Agenda that is fully aligned with the 2028 timeline for returning to a path to debt sustainability.
Funding the Growth Agenda 154.
Speaker, given the limited fiscal space as well as our determination not to accumulate new arrears, our growth agenda will be mainly financed from domestic and external private sector investments as well as a rationalisation of ongoing programmes.
The approach is to prioritise existing programme that are critical for growth and can be implemented to deliver quick results without huge demands on the available budgetary resources.
Objective of the Growth Strategy 155.
Ultimately, we will aggressively encourage the private sector, under the ‘Ghana Mutual Prosperity Dialogue Framework’ to promote shared growth anchored on job creation, food security, exports and import substitution.
Towards this objective, Government expects to finalise a Growth Strategy in August, 2023.
Speaker, the key elements of the Growth Strategy include: i. accelerating scaling-up and aggregation in Agriculture and value-addition for key staples such as rice, poultry, maize, soya, tomatoes; ii.
supporting Industrial Parks and Economic zones that promote innovation and positive spillovers, and efficiency for key sectors such as the automotive, pharmaceutical, technology, textile and garment industries; iii.
promoting tourism to attract international and domestic tourist to boost incomes and create jobs; iv.
deepening the digitalisation of Public Services to promote efficiency in service delivery and protecting the public purse; v. expanding housing delivery programmes to improve access to jobs and accommodation; and vi.
deepening financial intermediation programmes to enhance inclusion and entrepreneurship.
CONCLUSION 158.
Speaker, in preparing this 2023 Mid-Year Budget, we have held extensive engagements with Cabinet and also with diverse stakeholders including; Organised Labour, Employer Associations, Association of Ghana Industries, Ghana Union of Traders Association, Peasant Farmers Association, Civil Society Organisations, Chamber of Mines, Think-Tanks, African Leadership Institute for West Africa, the Academia, Faith Based Organisations, the investor community, the Council of State, National Development Planning Commission, Chief Directors and PPME Directorates of MDAs, and Chief Executives of all Metropolitan, Municipal and District Assemblies, and many others.
In all these meetings, stakeholders provided insights into issues such as widening the tax net, SOE Governance, expenditure controls, optimising extractive industry contributions, providing increased and targeted support to agriculture and industry, revamping ports operations and duties, as well as growing and changing the structure of the economy.
Speaker, the feedback has been illuminating and well received.
The Faith-Based Organisation, for example, agreed to form a Committee to educate their congregation on their responsibility to pay taxes.
We will continue to engage to find mutually acceptable solutions as we prepare the 2024 Budget Statement in November, 2023.
Speaker, last Friday, I had the singular privilege to be invited to participate in the Joint Caucus Meeting of Parliament.
Indeed, the meeting effectively reflected the theme of the 2023 ‘Nkabom’ Budget.
It was a pleasant and intimate experience.
I appreciated the opportunity to engage and receive valuable feedback from the Hon.
I want to thank the leadership of the House for the opportunity and the shared urgency to transform our economy.
Speaker, I will be the first to admit that it has been an extremely difficult year for our country and our citizens.
Whilst most countries are still going through difficulties due to what is happening globally, our economic crisis also emanates from fundamental and systemic weaknesses that we must boldly confront.
These include: i. Our low revenue to GDP ratio; ii.
Our high demand and dependence on imports, including food products that can easily be produced here; iii.
Our inefficient power management; iv.
Lack of robust expenditure and commitment control systems to secure us efficient public service delivery; v. The numerous statutory funds with expenditure and economic governance issues; and vi.
Weak SOE governance.
Speaker, what I have outlined today begins a strong effort on the part of Government to address these issues.
Most of the structural reforms we proposed in the PC-PEG, with which we secured an IMF programme, are geared towards addressing these fundamental issues.
In the next 15-months, there will be renewed efforts to undertake the necessary reforms and implement very critical measures.
Speaker, I want to, once again, acknowledge the sacrifices that our people have made, especially in the roll-out of the DDEP.
Government sincerely appreciates all these sacrifices.
We are a resilient people but we must be resolute if we are to get our Community across the Jordan.
On our part, we will ensure that we implement: i. Systems to enhance revenue collection through compliance measures to bring public finances back to a sustainable path while growing the real sector of the economy, especially agriculture; ii.
Implement the necessary structural reforms to strengthen expenditure commitment control, avoid arrears accumulation and protect the public purse; iii.
Strengthen SOE governance; iv.
Review Statutory Funds and ensure improved alignment with key priorities; v. Address the energy sector challenges; and vi.
Implement the Accelerated Community Roads Improvement Phase II to expand motorability and improved roads nationwide.
Speaker, while concluding the 2023 Budget Statement in November, 2022 in this House, I emphasised that our unity – “Nkabom” - will be vital in confronting the daunting challenges facing our economy.
Speaker, today, I have provided updates to demonstrate that we have delivered on these critical areas.
We thank “fellow Ghanaians” and partners for their invaluable support and sacrifices.
Our economy is showing signs of stabilisation.
And we are deeply grateful for the abiding grace of God, which has been more than sufficient to enable us turn the corner.
By being hopeful, speaking the same language of productivity, growth and working closely together, we are securing our own collective success.
Speaker, the implementation of on-going fiscal adjustments and sustained investments in our people have contributed immensely to the stabilisation we are seeing in the economy.
Exchange rate has stabilized, inflation has softened, and interest rates have declined since December, 2022, and private investments have been announced due to increased investor confidence in our economy.
Ordinarily, Mr.
Speaker, these positive trends should ease the burden on our pockets.
As a Finance Minister and a family man myself, I will continue to work hard to build and sustain a favourable macroeconomic environment, and remain confident that the prices of goods and services would reflect the trend for all of us - for our families and enterprises.
Speaker, we must all work together – Regulators, Market Federations and Unions and the individual citizen – and play our part to ensure consumers are treated fairly to complete the turnaround.
This Mid-Year Fiscal Policy Review has outlined the strategy for re-aligning our Programme to sustain our progress to stability.
We have not asked for additional funding.
We have not asked for new tax measures.
We have committed to stay within appropriation and be even more efficient in mobilising resources and managing expenditure.
Speaker, we have indicated that we are focused on: i. Structural reforms to address systemic weaknesses and strengthen resilience in key areas including revenue mobilisation, expenditure management, commitment control and arrears clearance, debt management, financial stability as well as energy and cocoa sector SOEs reformation.
Rejuvenating the growth agenda with a prioritised Growth Strategy, which emphasises private sector-led investments in areas such as agriculture, local manufacturing, tourism, and digital transformation.
The PfJ (Phase II), Aquaculture, YouStart, Economic Enclaves Project, 1D1F, and Tech Hubs will be integral to this Growth Strategy.
We will strengthen the ecosystem of financial services to enhance the catalytic role of the DBG, CBG, GCX, GIRSAL, GhanaEXIM, GIIF and VCTF.
Launching the Mutual Prosperity Dialogue framework to enhance the ease of doing business and crowd-in significant private sector (domestic and foreign) investment, first from existing companies and also a global search for new entrants.
35 iv.
Safeguarding Social Protection for the vulnerable.
Speaker, intermediate results from our collective efforts and our resources, especially our people, indicate that we will succeed.
Beyond these current challenges, our economic prospects remain bright.
But we must adapt quickly and address unexpected challenges ahead in order to rebuild our resilience.
Speaker, as I conclude, I would like to bring our attention to several critical imperatives that require our immediate and collective action: i. The energy sector, especially IPP power payments, remains a critical challenge.
We must support the ECG to significantly improve its collection to reduce the burden the sector imposes on public finances.
I am pleased, Mr.
Speaker, to announce that we have an updated Energy Sector Recovery Plan, and we must all support its implementation to bring the sector towards a sustainable path; ii.
Expenditure control has become more important to ensure that revenue shocks are efficiently managed.
Even as we address the systemic challenges through technology and capacity development, Government will work with state institutions to enforce the sanctions outlined in the PFM Act, especially regarding off-budget commitments by MDAs; iii.
Improving non-oil domestic revenue collection cannot be overemphasised.
In this vein, it is important to support the GRA to enhance collection and operationalise measures to strengthen revenue administration effort.
To achieve the ambitious non-oil revenue target in the PC-PEG of 20 percent revenue to GDP, enhanced commitment is required; and iv.
Completing the domestic debt operations is essential to restore debt sustainability and move forward our engagement with the external creditors.
Speaker, this Mid-Year Review offers us an even better opportunity to jointly work towards entrenching stability for our economy.
We must seize it.
We must claim now a successful First Review with the Fund in September.
Let us continue to believe in Ghana.
Let us have the courage to be proud about what we can achieved.
Let us be and think positively.
Let us act patriotic and stand firm.
With hard work, integrity, fraternity, and mutual respect, we will stabilise and transform our economy as well as build a Righteous Nation – one of Peace, Prosperity and Freedom, today and into the future.
As 1 Peter 1: 10 exhorts us, let us use whatever gift we have received to serve Ghana, as faithful stewards of God’s grace.
Let us indeed be perfectly united in mind and thought and build this great Republic.
Speaker, we all, including myself, have been ‘battered, bruised, and broken’ in this past year but we held our Resolve as a Resilient nation.
The Battle has indeed always been the Lord’s.
As we sit today, let us use this moment to glorify Him for: He has Rescued us; He has Recovered and Restored what we lost; and He is Reviving our economy.
Speaker, we need to Rejoice in fervent gratitude to the Lord.
Speaker, we must endeavour to build a Righteous Republic, united in our Resolve to transform our economy, for in speaking one language and nothing will be impossible for us to achieve our manifest destiny of greatness.
Speaker, let me once again express my profound appreciation to this House and to all fellow Ghanaians for the support and cooperation towards stabilising the economy.
Let me assure you and the nation that under President Akufo-Addo, we have steady hands piloting this ship of state.
Right Honourable Speaker, thank you for the opportunity to present the Mid-Year Fiscal Policy Review to this August House.
May God continue to bless our homeland Ghana and make her great and strong.
Nkunim yɛ
Finance minister Ken Ofori-Atta has presented government's reviewed budget for 2017 as required by the Public Financial Management Act.
SECTION ONE: INTRODUCTION Right Honourable Speaker and Honourable Members of Parliament, in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921), I stand before this august House, to present a Mid-Year Fiscal Policy Review of the 2017 Budget.
The 2017 Mid-Year Review is the first under the Public Financial Management Act, 2016 (Act 921).
Speaker, before I proceed to make this presentation, I wish to convey our heartfelt appreciation to this august House, on behalf of the President,Nana Addo Dankwa Akufo-Addo, for the cooperation and support of Honourable Members in the management of the economy over the past few months.
It is our expectation that we continue to strengthen this relationship towards the achievement of our collective development goals.
Speaker on the 2 nd of March 2017, I stood before this honourable House to present to you the President’s first Budget Statement, “The AsempaBudget ”which brought hope back to Ghanaians and sowed the seeds for growth, prosperity and jobs.
After the approval of the budget on 31 st March 2017, we went to work “in a hurry”and the signs are clear on the progresswe have made so far.
Speaker, because of the prudent economic policies, improved fiscal discipline and competent management of the economy, the macro-indicators for the first half of the year are pointing in the right direction.
Typical of the strengthening performance is the fact that for the first six months of the new Akufo-Addo government, both the fiscal deficit and primary balance outperformed their targets.
The exchange rate is stabilizing, inflationary pressures have eased and interest rates are trending downwards.
Progressively, confidence is being restored in the economy and we are confident that this positive trend will be sustained in the months and years ahead.
Speaker, through the cooperation of this august House, for which we are very grateful, we passed the Income Tax (Amendment) Act, 2017 (Act 941); the Customs and Excise (Petroleum Taxes and Petroleum Related Levies) (Repeal) Act, 2017 (Act 943); the Special Import Levy (Amendment) Act, 2017 (Act 944); the Energy Sector Levies (Amendment) Act, 2017 (Act 946); Value Added Tax (Amendment) Act, 2017 (Act 948), and the Earmarked Funds Capping and Realignment Act, 2017 (Act 947), Special Petroleum Tax (Amendment) Act, 2017 (Act 942) and Customs (Amendment) Act, 2017 (Act 949) Mr.