Speeches

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.

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. 

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.

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.

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 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.

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.

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.

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.

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 constitu