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November 2014

2014 Annual Report on the Petroleum Funds

This report presents detailed information on the Petroleum Funds from January to
September 2014. Similar to the 2013 report, the 2014 Annual Report on the Petroleum
Funds covers only nine months of 2014 as the 2015 Budget is due to be presented in
November 2014.

Intergovernmental Fiscal Framework Action Plan

The IGFF Implementation Action Plan is designed to support the Government of Ghana’s Decentralization  Policy  Framework  (2010)  and  the  National  Decentralization  Action  Plan (2010) which aims to improve public service delivery efficiency and accountability, promote a more equitable distribution of services and resources across the country and enhance more accountable and responsive governance and public service delivery.  

Stakeholder Analysis of Roles and Responsibilities in the Implementation of Fiscal Decentralization Policy Reform in Ghana

Fiscal decentralization is not a new phenomenon, however, as noted by the World Bank, (2000) its implementation in developing economies became a development trend during  the  1990s.  Fiscal  decentralization  is  the  shift  of  expenditure  functions  with accompanying  revenue  to  local  government  entities  for  improved  service  delivery.  In Ghana, since 1992, various studies have shown that some progress has been made in its implementation, the rate of progress however, has been slow.   

Information, Budget Officers Attend Workshop on 2015 Budget

The government of Ghana has paid all the arrears relating to the migration of public sector workers onto the Single Spine Salary Structure (SSSS).  Government has also for the first time provided its own inputs for negotiations in connection with the International Monetary Fund (IMF) economic package. This was disclosed by the Minister for Finance, Hon Seth Terkper, when he addressed a sensitization workshop on the 2015 budget in Accra. The workshop held annually for Regional Budget Officers, Regional Information Officers and cinema Van Commentators was to apprise them on policies and highlights of the 2015 statement and economic policy of government. The objective was to equip the officers with information for dissemination of budget information in their respective regions.

Deputy Minister Of Finance Signs 2014 Aide Memoire

The Deputy Minister for Finance, Mrs. Helen Mona Quartey, has stated that health can only thrive in a healthy economy. Mrs Quartey said the Ministry had, therefore, embarked on number of programmes to achieve macro-economic stability that would take the nation to a higher middle income level and which would require a healthy labour and population to go along with it.

Free Secondary Education To Take Off In 2015- Finance Minister

The Minister for Finance, Mr Seth Terpker, has revealed that government will implement the progressively free Secondary Education beginning of 2015. According to him, an agreed roadmap beginning with day students has been adequately catered for in the 2015 budget to begin implementation of the programme.

Ghana’s Public Debt Stock is 60.8% of GDP- Finance Minister

Ghana’s public debt stock as a percentage of GDP as of September, 18 2014 stood at 60.8 per cent, largely on account of increase in external net disbursements for infrastructure projects and net domestic
issuance, as well as the depreciation of the cedi.

Government To Permit CSS Participation On IMF’s Three-Year Bailout Program To Ghana

A national dialogue has been organized in Accra to promote public awareness and inclusiveness in the bail-out discussions between the Government of Ghana and the International Monetary Fund (IMF).


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