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PROGRESS MADE IN FISCAL MANAGEMENT

Introduction

  1. 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.
  2. 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.
GHANA’S PROGRAMME WITH THE INTERNATIONAL MONETARY FUND (IMF)

Introduction

  1. 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.
  2. 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.
  3. The remaining seven (7) disbursements will be made after the observance of the performance criteria and completion of reviews under the Programme.
Ghana to scientifically determine unemployment rate

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.

 

2ND NATIONAL FORUM ON SSPP ISSUES COMMUNIQUE

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 Tasks PSC to crack then whip

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.

Workshop assesses impact of Capacity Development Mechanism

THE Chairperson of the Implementation Steering Committee of the Capacity Development Mechanism (CDM), Mrs. Bridget Katsriku, has encouraged the government to adopt the mechanism in all public sector institutions to ensure effective service delivery and accountability.
 
According to her, the CDM pilot project, started in 2012, was a joint effort of the government of Ghana and the Department of Foreign Affairs Trade and Development by which funds would be made available to public sector agencies and institutions to develop and implement programmes in capacity building, and afterwards assessed for impact made to help eradicate corruption and inefficiency in the public service.

World Bank Mobilizes New Financing to Scale-up Electricity Access, Strengthen ECG's Finances & Improve Service Delivery
WASHINGTON, April 30, 2015. The World Bank Groups Board of Executive Directors today approved a US$60 million International Development Association (IDA*) credit for Ghana to improve the Electricity Company of Ghanas (ECG) financial performance, minimize its commercial losses, and ultimately contribute to increased revenue and cash flow. 
Report on The Ghana Trade and Investment Forum in Tokyo Japan

Upon a request from the Vice President HE Amissah-Arthur and Ambassador Parker Allotey, and following on from a state visit to Japan by Vice President, both Hon Kweku Ricketts Hagan and Hon Mona K Quartey– Deputy Ministers for Trade & Industry and of Finance - participated in The Ghana Trade & Investment Forum organized by the Ghana Embassy in Tokyo, Japan on April 1, 2015 at the JICA Hall.

Public Input into the 2016 Budget Statement and Economic Policy

The Ministry of Finance wishes to inform the general public that the Budget Statement for 2016 would be read in November 2015.  This is with the hope that Parliament will debate and pass it before it rises in December, 2015.

The Ministry is happy to receive from recognized professional bodies, associations, civil society organizations and individuals, ideas and contributions that may be considered during the process of formulating the 2016 Budget Statement.

German High Level Commission Pays a Courtesy Call on Hon. Min.

On Wednesday April 8th, 2015. The Minister of Health Germany, H.E. Hermann Grohe, leading a delegation paid courtesy call on the Hon. Minister of Finance, Seth Terkper at his office in Accra to discuss the Ghana-German Cooperation for the next 3 years (2016-2018). The Hon Minister of Finance, Mr Seth Terkper, addressing the meeting, assured the business community and investors that the government’s three-year programme with the IMF, will put the economy on the right track for accelerated growth in the medium to long term. 

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