WASHINGTON, July 1, 2015— The World Bank Group’s Board of Executive Directors today approved US$150 million budget support for Ghana. The credit from the International Development Association (IDA)* supports the First Macroeconomic Stability for Competitiveness and Growth Development Policy Financing (DPF), the first of three development policy financing operations aimed at helping the Government of Ghana stabilize its economy and shore up fiscal control by implementing financial policies and processes that are transparent and predictable.
June 30, 2015 On behalf of the Government of Ghana, I present to you the maiden edition of Annual Budget Performance Report for the year ending 31st December, 2014.
The 2014 Budget Performance Report provides a comprehensive assessment of Government’s Performance and the result of public spending. The assessment focuses on what has been achieved against what was planned and what difference this has made in terms of improvements in public service delivery…
In accordance with Article 179 (I) of the Constitution and Regulation 152 (I) of the Financial Administration Regulations, we circulate on behalf of H.E. the President, for your information and necessary action, guidelines for the preparation of the 2016-2018 Budget Proposals which will inform the preparation of the Government's Budget and Economic Policy.
2. The 2016-2018 Budget will be based on the Medium Term Development Plans of MDAs and MMDAs which have been developed using the Ghana
The European Commission is to resume budget support disbursements to Ghana.
The EU will release in total, 161.38 million Euros of budget support to Ghana in the coming weeks. The good news was announced by the EU Ambassador to Ghana, William Hanna, at a meeting with government officials in Accra on Friday. This support is aimed at four areas-105.63 million euros to support implementation of the Ghana Shared Growth and Development Agenda II, Ghana’s National Development Plan for 2014-2017 ...
Ghana’s journey to the GF began in 2007 when Ghana established an International Financial Services Centre (IFSC) which permitted offshore banks to operate in Ghana. The offshore banks made it possible for non-resident persons (both individuals and companies) to open offshore bank accounts in Ghana. As at October, 2010 only one bank had been issued a license to operate offshore banking in Ghana. However, the license was surrendered to the Bank of Ghana (BoG) in 2011.
Ghana has witnessed significant economic growth over the past decade with real GDP growth rising steadily from 3.7 percent in 2000 to 11.5 percent in 2011 before decelerating to 4.0 percent in 2014 mainly on account of energy challenges.
Due to a combination of unfavourable global factors and domestic challenges, the economy has come under severe stress since 2012, leading to double digits fiscal and external current account deficits.
On Friday, 3rd April, 2015, the Executive Board of the International Monetary Fund (IMF) approved a 3-year Extended Credit Facility (ECF) Programme for Ghana.
A total amount of SDR664.20 million (US$918 million) will be given to Ghana as balance of payments support over the 3-year period. The total amount will be disbursed in eight (8) equal tranches. The first disbursement was made immediately after the Executive Board approval of the programme.
The remaining seven (7) disbursements will be made after the observance of the performance criteria and completion of reviews under the Programme.
The Ministry of Employment and Labour Relations would soon roll out a Labour Market Information System to facilitate scientific studies into labour market issues, including the determination of unemployment rate in Ghana.
The move is coming off as a result of the Capacity Development Mechanism (CDM) being implemented by the government to help improve service delivery in public institutions.
Partners have agreed to commence determination of the National Daily Minimum Wage and Public sector wage negotiation for 2016 on June.23 and conclude by September this year, a 41-point communiqué issued at the end of the 2nd National Forum on the implementation of the Single Spine Pay Policy (SSPP) at Takoradi.
President John Dramani Mahama last Friday tasked the Public Services Commission (PSC) and other relevant stakeholders to step up supervision in the public sector, to maximize production and performance.