Speeches

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

I recall that two years ago I stood before this same august gathering which sought to rationalize the role of ODA within the context of Ghana’s imminent transition to a middle income country and the prospects of the emerging oil industry. I believe there was much uncertainty on how and to what extent our development partners would be positioned to continue to support Ghana’s development in view of these pending economic gains.

Your Excellency, this Workshop marks the end of a 2-year technical assistance project on ‘Strengthening M&E Capacity’ under which 70 Ghana Government officials drawn from twelve (12) MDAs have received training in M&E in Japan and elsewhere abroad.

ADDRESS BY HON. DR KWABENA DUFFUOR, MINISTER OF FINANCE AND ECONOMIC PLANNING, AT THE INAUGURATION OF THE GOVERNMENT TEAM FOR REVIEW AND RE-NEGOTIATION OF STABILITY AND MINING AGREEMENTS ON TUESDAY 31 JANUARY 2012 AT 10:00AM

I wish to commend you all for your hard work, dedication and commitment to the process in 2011. Your hard work was manifested by the many successes this initiative attained in 2011. I wish at this juncture to recap a few of your impressive achievements.

Furthermore, your efforts resulted in the development of draft guidelines for the utilization of mineral royalties by District Assemblies, draft guidelines on corporate social responsibility, and a Draft Natural Resource Bill- 2011. It is my expectation that this year many of these draft documents will be finalized.

There has been a significant growth in real GDP from 4.0 per cent in 2009, to 7.7 per cent in 2010 and 13.6 per cent in 2011 on provisional basis, making Ghana one of the fastest growing economies in the world in 2011.

Since the NDC came to power, I have had the singular honour and privilege to present three Budget Statements and Economic Policies on behalf of His Excellency Prof. John Evans Atta Mills to this august House. The implementation of all these budgets has significantly improved the standard of living of Ghanaians.

The pronounced pick-up in Africa’s economic growth in recent years has attracted the world’s attention. Three recent studies using different approaches to identify groups of top performers in the world all reached the same conclusion, namely, significant parts of the African region is making decisive break with the past.

Mr. Chairman, Ghana has a long tradition of gold mining with actual gold production in 2010 reaching 104.39 metric tons. The country also accounted for 36% of total world gold output and it is the second largest gold producer in Africa after South Africa. Ghana is also the third-largest African producer of aluminum metal, manganese ore and a significant producer of bauxite and diamond.

Mr. Chairman, the EITI is a governance tool that seeks to promote the principles of transparency and accountability in the payment and receipts of financial resources from the extractive sector. This is achieved by the regular publication, reconciliation and audit of all material benefits received by government from individual extractive companies in the sector.