Provost of the College of Humanities of the University of Ghana, Prof. Daniel Frimpong Ofori, has called on the government to lead the charge in the implementation of the national Corporate Social Responsibility, CSR policy, which was launched in 2016, to guide corporate entities on how to execute CSRs. 

He said the government’s failure to guide the use of the policy, has resulted in corporate entities, finding it difficult to execute CSRs, that resonate with their operations. Professor Ofori emphasized that Ghana’s CSR policy has a wealth of knowledge to direct corporate entities and organizations on how Corporate Social Responsibility needs to be carried out.  

Speaking at his inaugural lecture on the topic; ‘‘Of Indomie, Kalypo, and Condoms, an intimate conversation about Corporate Social Responsibility in Ghana’’, Professor Ofori, advised organizations to focus on CSRs that feed into their organizational strategy to avoid running at a loss.

Corporate Social Responsibility, CSR, is also variously referred to as corporate responsibility, corporate citizenship, sustainability, or corporate philanthropy. 

It entails not only what companies do with their profits but also how they make those profits. In effect, Corporate Social Responsibility is about managing relationships in all key spheres of an organization’s influence at the workplace, the marketplace, the supply chain, the community, and the public policy realm. 

It goes beyond philanthropy and compliance but addresses how companies manage their economic, social, and environmental impacts. As a result of this multiplicity of emphasis and resolve, ‘Corporate social responsibility’ has become many things to many people because it is being practiced in different ways depending on the context. 

Research suggests that CSR when used smartly, confers numerous benefits, such as cost reduction, improves reputation, and has the potential to build a responsible brand. the research also indicates that in Ghana, there is a lack of direction to how CSR is being practiced, and that has led to many corporations engaging in incidental CSRs. 

Corporate Social Responsibility has come to stay, just like the organizations. This has led to the realization by organizations that they are required to do more across the entire series of their operations to be more economical, efficient, and productive while attending to issues of responsibility. 

Therefore, organizations have no choice as it is no longer a matter of whether corporate social responsibility is to be considered, but rather a studied and deliberate assessment of the type, framework, model, or approach that organizations are to adopt to fall in line with stakeholders’ expectations and their own publics.

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Former Ghana Journalists Association (GJA) President and Diplomat, Ambassador Kabral Blay-Amihere has urged journalists to take pride in their significant impact on Ghana’s democracy and development.

Speaking at the 75th GJA Anniversary public lecture at KNUST, Kumasi, on June 18, 2024, he emphasized that journalism has contributed more to Ghana’s development and democracy than any other profession.

The anniversary celebration’s theme, “75 years of excellence in journalism: Honoring the past and embracing the present,” was fitting, as Ambassador Blay-Amihere acknowledged the media’s crucial role in holding governments accountable and maintaining a steady democracy since the restoration of democracy.

He stressed the importance of recognizing and honoring the contributions of professionals who have positively impacted Ghana’s independence, making journalists feel proud of their contributions. He also highlighted that journalism practice in the Gold Coast era and beyond has served the nation well, producing many heroes.

“We can confidently say that this nation has produced journalists whose contributions are exemplary, encouraging, and patriotic,” he stated.

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The Director General of the Ghana Broadcasting Corporation, Professor Amin Alhassan has advocated for a high level of professionalism in the media practice in Ghana.

In his speech at the Public Lecture organized by the GJA to commemorate its 75th Anniversary, Professor Amin Alhassan reiterated the importance and relevance of Journalism to the development of every county of which Ghana is no exception.

The Director General of the Ghana Broadcasting Corporation, Prof. Amin Alhassan in his speech also made some emphatic statements about the relevance of Journalism both in the country and across the globe. He said “the importance of Journalism as an institution in our democracy can never be over emphasized because, it is what gave the country independence”.

According to him, the media practice has reached what he termed “crossroads” in its survival and this risk is posing a greater consequence on the type of Journalism in Ghana. He added that, to rescue journalism in the country, a lot of serious dialogue and conversations need to be had around it. He said, the model on which the historical journalism was built on, which afforded the Journalist the relevance to go out and bring the stories cannot survive in the next five years.

Professor Amin Alhassan bemoaned how the new model of production being led by technology, invests nothing in content production but rakes in more revenue through advertising and streams while the legacy media take less or little from the advertising market after investing heavily in content production.

On his stance on the Journalism profession and practice, Professor Amin Alhassan stressed that, the profession has experienced quite a number of proliferation in the country. He described those proliferating the profession as “jokers” who sit behind the consoles and microphones in radio stations
and pretend to practice Journalism.

He therefore reiterated the responsibility of the Ghana Journalism Association on the practice of Journalism as one that seeks to protect all members of the organization. He quizzed on the way forward in sanitizing the practice so that the ill practices of the few poorly paid journalists do not represent all Journalists.

According to him, these proliferation and portrayal of non professional Journalists as professionals is due to the rights to publishing enshrined in the constitution of our country. He said professional bodies like engineering, medicine, accounting and law can clearly define who practice unlike Journalism. This he described as one big hurdle the GJA will have to jump over in sanitizing the practice. With all these challenges, he still called on the GJA to sanitize the practice.

He further called on Journalists to acquire the current skill set needed for the modern day Journalism practice. He emphasized the importance of these modern skill set as one that will help Journalists and their practice in this digital era. He called on Journalism training institutes to make sure their students are trained and equipped with these skill sets to get them ready for the job market.

He urged the GJA to enforce such conversations around the digital skill sets of members of the profession in order to be digital ready for the future of journalism in the country.

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The Ghana Journalists Association, GJA has as part of its activities to commemorate the 75th anniversary of the association, held a public lecture at the Social Science auditorium of the Kwame Nkrumah University of Science and Technology.

The public lecture which is the first of its kind was to honor the past leaders and forge ahead into the future of professional Journalism by all standards. The lecture also brought together Traditional rulers, Media Practitioners and Students, to deliberate on issues relating to the practice of Journalism and also to share in the experiences of great stalwarts like Former GJA President and Diplomat, Ambassador Blay Amihere and the Director General of the Ghana Broadcasting Corporation, Prof. Amin Alhassan.

Speakers at the lecture reiterate and emphasize the need and importance of Journalism in the country and the need to ensure sanity and maximum protection of the profession. The also called for pruning of unprofessionalism in the daily practice.

In an opening remarks, the Head of Department, Language and Communications Sciences at KNUST, Dr. Victoria O. Faleke expressed gratitude to the executives of the GJA for holding such an important lecture at the university. She emphasized the importance of honoring pacesetters or predecessors in one’s life and journey. She also entreated students of the department to seize opportunity of the lecture and moment to be heavily impacted by the stories and speeches of the dignitaries present.

Dr. Victoria Faleke ceased the opportunity to plead with dignitaries who were present and the National Executives of the GJA to provide a concise the department with a pedagogical studio that will enhance the teaching and learning of media studies. This she believes will help the communication get accustomed to after school professional life. She also congratulated the GJA for coming that long and staying true to their mandates and vision.

The Provost of the College of Humanities and Social Sciences, Professor Charles Ofosu Marfo, also acknowledged the importance of media and Journalistic practices in every government and country. He noted that,no government can do away with the media in its administration, hence the reason the media is known as the Fourth Estate of the realm.

The Director General of the Ghana Broadcasting Corporation, Prof. Amin Alhassan in his speech also made some emphatic statements about the relevance of Journalism both in the country and across the globe. He said “the importance of Journalism as an institution in our democracy can never be over emphasized because, it is what gave the country independence”.

According to him, the media practice has reached what he termed “crossroads” in its survival and this risk is posing a greater consequence on the type of Journalism in Ghana. He added that, to rescue journalism in the country, a lot of serious dialogue and conversations need to be had around it. He said, the model on which the historical journalism was built on, which afforded the Journalist the relevance to go out and bring the stories cannot survive in the next five years.

Professor Amin Alhassan bemoaned how the new model of production being led by technology, invests nothing in content production but rakes in more revenue through advertising and streams while the legacy media take less or little from the advertising market after investing heavily in content production.

On his stance on the Journalism profession and practice, Professor Amin Alhassan stressed that, the profession has experienced quite a number of proliferation in the country. He described those proliferating the profession as “jokers” who sit behind the consoles and microphones in radio stations and pretend to practice Journalism. He called for extensive sanitization of the profession to ensure the increase of trust in Journalists in the country most especially as the country heads to elections.

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Here follows the full text of the Royal Speech.

“Praise be to God, May peace and blessings be upon the Prophet, His Kith and Kin Mr.

Chairman, my dear brother, Your Highness Sheikh Mohammed Bin Zayed Al Nahyane,

Distinguished Heads of State and Government,

Mr. Secretary-General of the United Nations Organization,

Honorable Leaders of International and Regional Organizations,

Your Excellencies,

Ladies and gentlemen,

First of all, I should like to extend my heartfelt thanks to my brother, His Highness Sheikh Mohammed Bin Zayed Al Nahyane, and to the United Arab Emirates, for the excellent organization of this high-level event, and for the commitment shown by the Chair to ensure the success of COP 28.

Your Excellencies, Ladies and gentlemen,

The conclusions of the First Global Stocktake of the Paris Agreement attest to a universal momentum around the climate issue. Nevertheless, adaptation efforts remain fragmented, incremental and unevenly distributed across regions, particularly those most vulnerable to the devastating effects of climate change.

Half-measures cannot be bold measures. Similarly, a partial vision only exacerbates risks, adds to the damage and increases material, natural and human losses. Global management of the climate crisis can only proceed from an approach that is better suited to national constraints, that focuses on sustainable qualitative growth and that is, above all, rooted in a humanist vision.

Just as climate change is inexorably accelerating, the Conferences of the Parties must – starting here and now – move away from the logic of “small steps” which has characterized COPs for far too long. I understand that such an empirical approach was necessary when people had to be convinced of the relevance of climate action, not to say the very existence of climate change. Today, however, this technical approach complicates the terms of engagement and reduces the tackling of the climate predicament to a circle of pundits, at a time when it should be a challenge that concerns all mankind.

In other words, there is a gap between “small steps” on the one hand, and the looming climate challenges that need to be addressed immediately, on the other. Just as we need to believe in climate action, we also have to be convinced that between those who resign themselves to “small steps” and those who believe wholeheartedly in “big breaks” – driven by ideology and dogma – there is a course of action between the two one that is rooted in pragmatism, of course, but also characterized by voluntarism, ambition and vision. That is the plan we must embrace, if our goal is still to live up to the commitments made at COP 21 in Paris, in 2015, and COP 22 in Marrakesh, in 2016.

However necessary they may be, climate negotiations are not – and must not become – an end in themselves. There is a time for negotiation and a time for action. And the time for action is now! I propose that we adopt a Pact for Action, here and now. Thanks to this Pact for Action, humanity can show – through deeds – that the most ambitious goals are not necessarily the least attainable ones.

Morocco’s inherent conviction in this regard – as shown by a pioneering commitment to climate action – is reflected in a number of strategic and political levers, including an enhanced Nationally Determined Contribution in 2021. Our New Development Model was designed with sustainability in mind. Similarly, our National Strategy for Sustainable Development was devised and is being implemented with a view to achieving a high inclusion rate.

In Morocco, the boom in renewable, sustainable energy, the development of competitive green hydrogen sectors, our growing connectivity with global markets, and the 2023 football World Cup, to be hosted by two continents, attest to the vision we have of regional integration.

That is the action-oriented approach we have advocated at home, in the Kingdom of Morocco. Our ambition manifests itself in concrete, precise sectoral actions. It is expressed through detailed, verifiable Action Plans for adaptation, mitigation and decarbonization.

Ambitious as they may be, our stated objectives are never just a whim or an international publicity stunt. On the contrary, they are the result of programs and projects carried out at national level, first and foremost for us, and by us. I personally attach the greatest importance to their implementation and follow-up.

Your Excellencies, Ladies and gentlemen,

In a global system that remains inequitable, Africa received USD 30 billion in annual climate financing flows in 2020, representing less than 12% of its needs. Penalized and disadvantaged, Africa has, nonetheless, all the assets needed to become the solution to the global climate issue – the answer to the major challenges of the 21st century. The lack of active solidarity is considerably slowing down the momentum of Africa’s climate action.

The IMF-World Bank Annual Meetings held in Marrakesh concluded that there was a pressing need to reform multilateralism and development financing, two levers humanity came up with to meet the challenges of the 20th century – two levers in which we believe. It is that conviction which is motivating my country as President of the United Nations Environment Assembly.

True to its commitment to Africa, Morocco is tirelessly pressing ahead with its efforts to implement the decisions of the First Africa Action Summit, held on the sidelines of COP 22, especially the operationalization of the three African Climate Commissions for the Congo Basin, the Sahel and African Island States.

The Kingdom’s effective involvement in innovative, rallying regional initiatives aimed at better adaptation of African agriculture, strengthening sustainability, stability and security on the Continent, and encouraging the climate leadership of young Africans, reflect Morocco’s multidimensional and unwavering support for the tireless efforts African sister countries are making.

If solidarity and suitability are principles of international climate action, we must guard against punishing success.

I am thinking, in particular, of the situation of middle-income countries, which are leading the battle for socio-economic development as well as for sustainable development. For these countries – including my own, the Kingdom of Morocco – I call for specific, more sustained attention on the part of the international community.

This would only be fair. Indeed, it would only be fair that middle-income countries are not penalized for the progress they make. We should not ask them to do more and at the same time restrict their access to the resources required for development. Quite the opposite, I think there can be no better climate “success stories” to champion and reward than those of middle-income countries.

Your Excellencies, Ladies and gentlemen,

Conflicting interests – with, at times, populist overtones – which favor short-term results are eroding credible multilateral action and jeopardizing the future of upcoming generations.

I reiterate the hope that the States Parties will be more ambitious, and that, together, we will find collective solutions to this common challenge.

With that in mind, I would like to reaffirm Morocco’s commitment to pursuing its proactive action in order to remain at the forefront of not just advocacy, but also solutions aimed at safeguarding the future of humanity on our planet.

Thank you.

Wassalamu alaikum warahmatullah wabarakatuh.”

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This presentation outlined strategies for revenue generation and policies to address current economic challenges.

Join us as we bring you updates of the Minister’s presentation to legislators today.

Parliament marks roll call

Some members of parliament, including Williams Okofo-Dateh, MP Jaman South, communicated to Speaker of Parliament Alban Bagbin, that they were present in the chamber on Tuesday, November 14; however, they had been marked absent. The speaker then directed the table office to take note and make the necessary corrections. Some issues brought to the speaker’s attention were the spelling of names and the VRA probe, which was not captured, among others. 

Parliament pays tribute to former First Lady Theresa Kufuor

Members of Parliament have mourned the demise of former First Lady, Theresa Kufuor who died aged 87 on Sunday.

Theresa, the wife of former President John Agyekum Kufuor died at her home in Peduase on Sunday, October 1, 2023.

“Ghana has really lost a mother.”

“Madam Theresa Kufuor was an exemplary woman.”

Ofori-Atta arrives in Parliament to present the budget.

Speaker Alban Bagbin suspends proceedings for 10 minutes to allow Finance Minister join Members of Parliament in the chamber.

Finance Minister Ken Ofori-Atta moves for parliament to approve budget and submits statutory reports for 2023 Annual Report on Petroleum Funds, and the 2023 Report on the Utilisation of the African Union Levy.

Quoting Psalm 103.2, Finance Minister Ken Ofori-Atta expressed his immense gratitude to God, the Speaker, and Members of Parliament.

“Bless the LORD, O my soul: and all that is within me, bless his holy name. Bless the LORD, O my soul, and forget not all his benefits.”

Full text of 2024 budget here:

I. INTRODUCTION

1. Right Honourable Speaker, Honourable Members of Parliament, on the
   authority of His Excellency the President Nana Addo Dankwa Akufo-Addo and
   pursuant to Article 179 of the 1992 Constitution of the Republic of Ghana and
   Section 21(3) of the PFM Act 2016 (of ACT 921), I respectfully present to you
   the Budget Statement and Economic Policy of Government for 2024 Financial
   Year.
2. Mr. Speaker, I beg to move that this august House approves the Financial Policy
   of the Government of Ghana for the year ending 31st December, 2024.
3. Respectfully, I also submit to this Honourable House the following statutory
   reports:
   i. The 2023 Annual Report on the Petroleum Funds, in line with Section 48
   of the Petroleum Revenue Management Act, 2011 (Act 815), (as
   amended); and
   ii. The 2023 Report on the utilisation of the African Union Levies, pursuant
   to Section 7 of the African Union Import Levies Act, 2017 (Act 952).
4. Mr. Speaker, this Budget Speech is an abridged version of the 2024 Budget
   Statement and Economic Policy of Government. We have also developed a more
   detailed update on sectoral performance in a ‘Volume II’ document. I request
   the Hansard Department to kindly capture these documents as the Budget
   Statement and Economic Policy of Government for the financial year 2024.
   Immense Gratitude
5. Mr. Speaker, I stand here today to present the 2024 Budget, which seeks to
   advance us on the path toward fiscal consolidation, macro stability and growth
   that began a year ago.
6. Mr. Speaker, I first want to take the opportunity to express immense
   appreciation to H.E the President for the privilege to present the national
   Budget on his behalf over the past 7 years. More importantly I want to express
   my profound gratitude to God for his grace, mercy and favour toward our
   Nation. Together with the Psalmist, let us say “Bless the Lord, O my soul; And
   2
7. all that is within me, bless His holy name! Bless the Lord, O my soul, And forget
   not all His benefits” [Psalm 103:1-2].
8. Mr. Speaker, I also wish to express my deep appreciation to you, Right Hon.
   Speaker, and the Hon. Members for their support over the years. We have not
   always agreed, but we always eventually find common ground in the interest
   of the Republic and we should this collaboration.
   A Difficult Context
9. Mr. Speaker, almost a year ago on Thursday, 24th November, 2022, I presented
   the 2023 Budget and, as always, gave an honest and forthright update on the
   economy, highlighting the extent of the challenges facing our country. Indeed,
   a month before, H.E. the President also pointed out that, never have so many
   malevolent forces come together, in a perfect storm, to impact our lives so
   dramatically. Key macroeconomic indicators then, were uninspiring.
10. Against that backdrop, I then presented Government’s plan of recovery,
    focusing on:
    i. restoring macro-economic stability;
    ii. coordinating an equitable debt operation programme;
    iii. ensuring that the vulnerable are well protected;
    iv. negotiating a strong IMF programme;
    v. a strong private sector growth agenda; and
    vi. attracting significant green investments to promote growth.
11. Mr. Speaker, in two (2) out of the last 7 years (2020-2022) the Ghanaian
    economy has faced challenges. The economy, growing at an average of 7
    percent with a single-digit inflation, declining interest rates and a stabilising
    currency, suffered unforeseen shocks like many other economies. GDP growth
    slumped from 6.5 percent in 2019 to 0.5 percent in 2020 – as the lockdown
    and closure of businesses and the ports had a devastating effect on the
    economy, triggering a cost-of-living crises that has made lives difficult for the
    Ghanaian people. Though bartered and bruised, we are not broken and our
    resilience is manifesting.
    3
12. Mr. Speaker we also saw the damaging effects that the economic downturn
    had on Ghana’s already stretched revenues. This was even made worse by the
    additional expenditures that were required during the covid-19 Pandemic to
    ensure that life and livelihoods were protected.
13. Mr. Speaker, 2020 was also in an election year. The first ever election in the
    Fourth Republic with zero donor funding. However, Government’s sensitivity to
    our people was remarkable: No lay-offs in the public service; salaries were
    dutifully paid over the year; and free water and electricity for the entire
    population was provided, especially for life-line consumers. Indeed,
    Entrepreneurship was not ignored as GH¢600 million of CAPBuSS from GEA was
    effectively deployed.
14. Mr. Speaker, permit me to clarify that the disruption to our macroeconomic
    path over the last few years was not peculiar to Ghana. The global disruption
    to supply chains, adjustment to new forms of work, and shifts in demand
    produced some of the most cataclysmic effects on inflation and growth
    worldwide. This set-off the worst form of global cost of living crises since World
    War II.
15. In the US, inflation surged from a low of 1.8 percent in 2019 to 6.5 percent by
    2022 and is currently at 3.7 percent. We have seen this reflect in interest rate
    decisions by the US Federal Reserve and also in benchmark yields. The yield on
    the 10-year US Treasury instrument is currently at 4.6 percent compared to 1.4
    percent two (2) years ago. This is an economy whose currency is the global
    reserve currency. We see similar trends in the Eurozone and also in the UK.
    Inflation in the UK was 1.7 percent in 2019 and was recorded at 11.1 percent
    in October 2022, a 41-year high.
    Changing The Narrative
16. Mr. Speaker, in the Mid-Year Review, I informed this House that we had started
    turning the corner. Today, it is evident that:
    i. We turned the corner when inflation started declining from 54.1 percent
    in December 2022 to 35.2 percent in October 2023;
    ii. We turned the corner when, despite a 1.5 percent projected growth, the
    economy galloped at a remarkable pace, and clocked an average of 3.2
    percent growth in the first two quarters of the year;
    iii. We turned the corner when the currency, which had been under severe
    pressure over the past two years, depreciated by a modest 6.4 percent
    cumulatively from February to date, compared to 53.9 percent over the
    same period in 2022. The performance of the Cedi is also a reflection of
    4
    the fact that confidence is back, revenues have improved, and that the
    recovery is indeed real and is here to stay;
    iv. We turned the corner when companies started going back to the job
    markets to hire workers;
    v. We turned the corner when the International credit rating agencies,
    which have not been favourable to Ghana in recent years, started being
    positive about our economy; and
    vi. We turned the corner when the Banking industry started to record and
    report a profit-after-tax growth of 43.8 percent (GH¢6.2 billion);
    vii. We turned the corner when in record time we completed the IMF 1st
    Staff Review of 6 Performance Criteria, 3 Indicative Targets and 3
    Structural Benchmarks
17. Our task now and in the medium-term is two-fold: to maintain stability and to
    keep on growing. We are determined to remain on this course of increased
    growth, currency stability, and disinflation over the medium-term. Our future
    growth prospects are certainly brighter. And I am confident that this ”Nkunim”
    Budget will ensure that we boldly walk on a sustainable path toward creating
    decent jobs and wealth for our people. For with national dedication, the Lord
    will continue to give us treasures of dark places and hidden riches in secret
    places.
18. Mr. Speaker, our promise to all stakeholders, in particular to the people of
    Ghana is that, the Akufo-Addo Government is determined to maintain the
    discipline, compassion, and creativity required to keep the economy stable and
    maintain the robust growth.
    Stability with Growth
19. Mr. Speaker, today, I accordingly present the 2024 Budget to set out the broad
    medium-term policy framework underpinning our approach towards recovery
    and stability with growth. Among other things:
    i. It provides the pathway towards fiscal consolidation and macro stability;
    ii. It sets out a new debt sustainability path after the excruciating Domestic
    Debt Operations with after-shocks on the financial sector;
    iii. It outlines the policy priorities underpinning our 5-year Growth Strategy
    with focus on selected initiatives over the next 14-months;
    iv. It comes just after the successful First Review of the 3-year US$3 billion
    IMF-ECF Programme where we reached a Staff Level Agreement on
    Ghana’s performance in meeting the 6 Quantitative Performance Criteria,
    5
    2 out of 3 Indicative Targets, and 6 out of 7 Structural Benchmarks due
    at the end of September 2023; and
    v. It deepens our democratic development by prioritising resources for
    institutions to support the conduct of the 2024 General Elections.
    vi. It commits to funding existing projects in roads, rural electrification, rural
    telephony, IPEP and arrears.
20. Mr. Speaker, the 2024 Budget is even more significant because we will cross
    the GH¢1 trillion Gross Domestic Product (GDP) mark for the first time
    in our economic history. Let me repeat, Mr. Speaker, Ghana’s economy under
    President Akufo-Addo’s final year in office is projected to be valued over GH¢1
    trillion in 2024 from the GH¢219.5 billion in 2016.
21. Mr. Speaker, with such a milestone ahead of us, Government is protecting, at
    all cost, the foundation for sustained economic expansion. A foundation that
    has been achieved through the sweat and patience of the Ghanaian people. We
    pledge to protect this for all our people and especially for private sector growth.
    And we shall do so by ensuring that the enabling factors are in place and
    accessible to all. These will include reliable energy supply, stable Cedi, lower
    inflation and lower interest rate regimes, access to private sector credit,
    infrastructure provision, food security, national security, and inter-continental
    market linkages through increasing active platforms such as the AfCFTA.
22. Mr. Speaker, fundamentally, this is a Government that is self-aware, reflective
    and has been open throughout the process to incorporating citizens feedback
    in preparing this Budget, and as in previous years, we have prioritised
    stakeholder consultations. Consequently, we engaged with and obtained
    valuable inputs from key stakeholders, including investors, traders, academia,
    organised labour, civil society organisations, bankers, development partners,
    faith-based organisations, and a cross-section of the leadership and other
    honourable Members of Parliament.
23. We also launched the Ghana Mutual Prosperity Dialogue on the 2nd November,
    2023, a new and innovative platform to deepen our collaboration and
    partnership with the private sector. The platform aims to enhance the longterm competitiveness of Ghana and increase our attractiveness as a hub for
    businesses on the continent. This will have a standing committee co-chaired by
    MOTI/MoF and the Private Sector.
24. I want to assure our stakeholders that we have, as much as possible, reflected
    the proposals and recommendations from these engagements in this Budget.
    6
    There is much more to be done with the shared ideas and the Mutual Prosperity
    Dialogues will be a robust and dynamic platform to inform policy.
    Akosombo Dam Spillage
    25.Mr. Speaker, in the last few months, we have been witnesses to the devastating
    impact of the Akosombo Dam spillage. This follows excessive rainfall recorded
    in several parts of the country. To preserve the structural integrity of the dam,
    the Volta River Authority commenced controlled spilling on 15th September,
25. This led to the flooding of downstream communities in parts of the Volta,
    Eastern, and Greater Accra regions. The heavy rainfall also caused flooding
    upstream of the Akosombo dam, and impacted communities in the Savanna,
    Oti, and Bono-East Regions.
    26.Government through VRA, NADMO, and various agencies under the 13-member
    high level inter-ministerial committee, (comprising of the Ministries of Energy,
    Finance, Local Government, Environment, Interior, Health, Sanitation & Water
    Resources, Defense, Roads & Highways, Education, Information, Health, and
    Gender) have subsequently provided various forms of support to the impacted
    communities. This support included food and related items, drinks, mattresses,
    mosquito nets and coils, clothes, baby food and diapers, sanitary pads, treated
    water services and storage tanks, solar lamps, sanitation services, restoration
    of utility services, and some social infrastructure.
    27.Mr. Speaker, the visit of the officials of the Ministry of Finance and myself, in
    collaboration with VRA, to the victims of the Akosombo Dam Spillage in Mepe
    was truly revealing and sobering. Indeed, we empathise with the families that
    have been affected and displaced by the spillage. We met victims, townsfolks,
    children, the chiefs and of course Honourable Okudzeto.
    28.Mr. Speaker, Government has budgeted an amount of GH¢220 million to
    support the relief phase for the communities affected by the Akosombo spillage
    as well as floods upstream in the Oti, Savannah, and Bono-East Regions.
    29.For the restoration phase, Government through the Ministry of Agriculture will
    allocate additional resources to support the restoration of livelihoods.
    30.In addition, the Ministry of Finance, after the visit was quickened to respond.
    We have requested funding from the World Bank under the IDA Crisis Response
    Window (CRW) to support the resettlement of the victims, restoration of
    livelihoods, compensation and reconstruction of infrastructure in the affected
    communities.
    7
    31.Mr. Speaker, we recognise the place of climate policy and financing to help
    address the long-term effects of climate change on victims of drought, flooding,
    and other adverse weather events. Accordingly, the Ministry has applied to the
    Global Shield Against Climate Risk Fund, an initiative launched by President
    Nana Akufo-Addo and Chancellor Olaf Scholz during the COP 27 in Sham ElSheikh, to access some financial resources to support communities upstream
    and downstream of the Akosombo Dam.
26. I convey the sincere appreciation of H.E. The President and the entire
    Government to all groups and individuals who have empathised with, and
    supported the affected families. It is in this same spirit that we must continue
    to be grateful to God that no lives have been lost due to the devastating spillage
    from the Akosombo Dam.
    Investing for Transformation
27. Mr. Speaker, we have worked hard and invested significant resources. And
    being sure of this knowledge, I can confidently assert that over the past 7
    years: Every sector has been positively impacted. Every household has
    been positively impacted by our social intervention programmes. And
    Every region has also been positively impacted. Indeed, President AkufoAddo has deepened decentralised development by investing GH¢422.1 million
    to create and resource six new administrative regions. The most in our history
    since independence.
28. Consistent with our policy on preferential options for the poor, i.e. leaving no
    one behind, we have been historic in enhancing social mobility and protected
    the vulnerable in our society. In this regard, we have since 2017:
    i. Improved access to quality SHS education for about 5.7 million
    Ghanaians by investing GH¢8.4 billion in the future of our next
    generation;
    ii. Increased enrolment and learning outcomes of 3.8 million pupils by
    investing GH¢3.6 billion in the School Feeding Programmes;
    iii. Reformed the NHIS to improve and expand health service delivery to 16
    million Ghanaians.
    iv. Supported foundational education of over 6 million pupils by investing
    GH¢248.5 million as Capitation Grants; and
    v. Improved the quality of life of about 350,000 Ghanaian households
    under the LEAP by investing GH¢1.2 billion.
29. Mr. Speaker, we made all these investments into social mobility, not just
    because it was the right thing to do morally, but also because we believe it is
    economically essential to uplift and extend opportunities to every Ghanaian
    8
    household. We are confident that the record high investments we have made
    and continue to make over these seven years in preparing our children for a
    brighter future will significantly transform our society, especially by tackling the
    root cause of poverty that has afflicted many families from generation to
    generation. Mr. Speaker, having a child pursuing a university degree is no more
    a purview for the rich but for all strata of our society.
30. Mr. Speaker, we believe it has been seven years of grace and positive impact.
    We are determined to do more to boost the capacity of the private sector to
    expand productivity and create jobs. In the past 7 years, we have:
    i. Invested GH¢32.7 billion to keep the lights on and support the growth
    of businesses;
    ii. Invested GH¢25.3 billion to facilitate the repositioning of the financial
    sector and enhance its ability to assist business operations. To date, the
    Development Bank Ghana has facilitated GH¢1 billion in competitive
    financing for the private sector, and GIRSAL continues to mitigate risks
    in the agriculture sector;
    iii. Supported 100,000 young graduates to secure workplace experience
    and employment by investing GH¢2.4 billion in NABCO;
    iv. Invested GH¢7.1 billion to build road and transport infrastructure to
    improve connectivity and productivity;
    v. Invested GH¢541.5 million in 169 1D1F enterprises to scale-up valueaddition and provided 140,000 additional jobs; and
    vi. Created over 2.3 million jobs in the private and public sectors
    (approximately 900,000 in the private sector and 1.4 million in the public
    sector).
31. Mr. Speaker, capital spending is equally important to the future of our country,
    consequently we mobilised and deployed resources to:
    i. Expand the railway network, including connecting Tema to Mpakadan to
    promote trade on the Eastern Corridor;
    ii. Construct 12 fish landing sites and two (2) fishing harbours at a cost of
    GH¢19.5 million to promote the fishery-based livelihoods of our coastal
    folks;
    iii. Improve community infrastructure by investing GH¢2.2 billion into over
    2,000 projects under the IPEP initiative;
    iv. Promote inner city development by spending GH¢190.3 million under the
    Zongo Development Fund; and
    v. Expanded and improved the road network by investing about GH¢16
    billion. Recording the most kilometers of roads and interchanges done
    in our history.
    9
32. Mr. Speaker, we also invested GH¢1.7 billion in the National Identification
    Scheme to ensure that 17.5 million eligible Ghanaians acquire security-sensitive
    ID Cards. This has laid the foundation for a prosperous future where
    digitalisation provides more convenience, introduces an added layer of
    efficiency in delivering public services, and enhances our ability to safeguard
    our national interests.
33. Mr. Speaker, I want to stress at this juncture that GHANA HAS PAID ITS DUES,
    HAS TURNED THE CORNER, AND GETTING BACK ON TRACK. Despite these
    successes, we have to do more to reinforce our stability and guarantee decent
    jobs with good pay for the young people. As such, through the 2024 Budget,
    we will deliver even more investment across the real sector to place our
    economy on a firm growth trajectory that will create more jobs, safeguards our
    climate prospects and deeply entrench Ghana as the seed country for Africa’s
    development renaissance.
34. Mr. Speaker, we will continue to invest in on-going projects, and on the external
    front, we will conclude negotiations with the Official Creditor Committee to
    ensure that work on eligible externally funded projects resume.
35. We will, through the Ghana Mutual Prosperity Dialogue, be intentional about
    collaborating with the private sector and our development partners to support
    local businesses attract FDI and enhance the economic prospects of our people.
36. Indeed, given the potential to upscale and the multiplier effects that our small
    and medium-sized businesses possess, Government intends to scale up support
    to young entrepreneurs and fledgling businesses, with a singular aim to create
    sustainable jobs across all communities. In this view the Ministry has teamed
    up with MIDA and in committing GH¢1 billion to ensure that our Enclave project
    for import substitution is successful.
37. Mr. Speaker, I am happy to announce that YEA is about concluding negotiation
    with CCI, the business process outsource (BPO) operator in sub-Saharan Africa
    for the establishment of a call centre that can see the direct creation of 20,000
    local jobs for our young graduates. Office space has already been secured. Our
    goal is to realise Ghana’s potential to become a global BPO powerhouse,
    employing over 250,000 Ghanaians over the next few years. Ultimately, our
    ambition remains to build an entrepreneurial nation and create an additional
    minimum of 1 million jobs for the Ghanaian youth over the near-term. We have
    done this before with 2 million jobs in years, but we must move faster.
    10
38. Mr. Speaker, we are also positioning a generation of Ghanaians to secure our
    leadership in the global arena. Today, our country hosts the headquarters of
    the AfCFTA. We also have a privileged position in leading the climate change
    charge. As the agreed host of the Climate Vulnerable Forum (CVF) Secretariat,
    we are galvanising the coalition of 68 nations and 1.7 billion people to shape
    the climate discourse and secure resources for a just energy transition.
39. Mr. Speaker, that is the promise of this Budget. And we will keep our eyes
    firmly fixed on the future and build lasting prosperity for this and the next
    generation. Mr. Speaker, as members recall, we came into government in 2017,
    in a period of despondency and meagre resources of 2 fish and 5 loaves. Today,
    we can only marvel at how far the Lord has multiplied our resources.
40. I will now proceed to update the House on the macro-fiscal performance of the
    economy.
    II. GLOBAL ECONOMIC DEVELOPMENTS AND OUTLOOK
41. Mr. Speaker, global economic recovery remains sluggish primarily due to a
    confluence of setbacks, including the lingering effects of supply-chain
    disruptions and geopolitical events, and the increasing cost of living across
    many economic blocs. The disruptions in energy and food prices, and efforts to
    combat record-high inflation through tightening global monetary policies, have
    considerably slowed down economic activity globally.
42. According to the International Monetary Fund’s October 2023 World Economic
    Outlook (WEO), global economic growth is anticipated to decelerate from 3.5
    percent in 2022 to 3.0 percent in 2023 and, at best, to 2.9 percent in 2024.
    These projections are noticeably lower than the pre-pandemic historical
    average of 3.8 percent from 2000 to 2019. Projections of 3.1 percent global
    growth over the medium -term are the lowest in decades, and the prospects
    for countries to achieve higher living standards are rather bleak.
43. Mr. Speaker, the IMF’s October 2023 Regional Economic Outlook for SubSaharan Africa indicates that the contagion effects of developments within the
    region have resulted in a projected slowdown in the region’s growth for the
    second year in a row to 3.3 percent in 2023, from 4.7 percent in 2021 and 4.0
    percent in 2022. The region is, however, expected to recover in 2024, with
    growth bouncing back to 4.0 percent, propelled by a pickup in four-fifths of the
    11
    countries in the region, spearheaded by relatively strong performances in nonresource-intensive countries.
44. Global inflation (CPI-based average annual) is expected to gradually decline
    because of monetary tightening and declining international commodity prices.
    Global inflation is projected to fall from its peak of 8.7 percent in 2022 to 6.9
    percent in 2023 and further 5.8 percent in 2024.
45. Mr. Speaker, in Sub-Saharan Africa, inflation is decreasing, albeit still at
    historically high levels. According to recent available data, over 40 percent of
    countries have consistently witnessed a decline in inflation for at least two
    months. On average, countries with flexible exchange rate regimes have
    experienced stronger inflation pressures compared to countries operating fixed
    exchange regimes. As of July 2023, nearly one-third of the region’s economies
    still had inflation rates in double digits. Inflation in SSA is anticipated to rise
    from 14.5 percent in 2022 to 15.8 percent in 2023 before it drops to 13.1
    percent in 2024.
46. Mr. Speaker, Macroeconomic imbalances are also improving, evidenced by
    falling inflation in most parts of the region. However, a slowdown in reform
    efforts, a rise in political insecurity within the region, and external downside
    risks (including China slowing down) could undermine growth.
    12
    III. MACROECONOMIC PERFORMANCE FOR JANUARY TO SEPTEMBER
    2023
    Overview Of Macroeconomic Performance (Q1-Q3 2023)
47. Mr. Speaker, please permit me to present macroeconomic performance for the
    first three (3) quarters of 2023 within the context of the targets that were set
    in the 2023 Mid-Year Fiscal Policy Review. Before I proceed, it is important I
    restate the targets we set in the 2023 Mid-Year Fiscal Policy Review. These
    include:
    i. Overall Real GDP growth of 1.5 percent;
    ii. Non-Oil Real GDP Growth rate of 1.5 percent;
    iii. End-period inflation of 31.3 percent;
    iv. Overall Balance (commitment) of -5.7 percent of GDP;
    v. Primary Balance (commitment basis) of -0.5 percent of GDP; and
    vi. Gross International Reserves (Excluding oil funds, encumbered assets,
    and pledged assets) sufficient to cover at least 0.8 months of imports of
    goods and services by end-2023.
48. Mr. Speaker, provisional macroeconomic data on the performance of the
    economy for the period Q1-Q3 2023 demonstrated Government’s relentless
    commitment to keep the corner turned. The IMF rightly described Ghana’s
    recent macroeconomic performance in the first review as “compelling
    performance”. Honorable Members may wish to refer to the IMF’s Press Release
    numbered (PR23/339) and dated 6th October, 2023 for this update.
49. As I indicated during the 2023 Mid-Year Fiscal Policy Review, the prompt
    deployment of strong fiscal and monetary policy measures largely accounts for
    the continued macroeconomic stability and economic recovery. Growth in 2023
    has been more resilient than earlier expected, inflation has been on the decline,
    the fiscal and external balances have improved, and the exchange rate has
    stabilised.
50. Mr. Speaker, Government introduced the Gold-For-Oil (G4O) Policy in 2022.
    The Policy, which leverages the Bank of Ghana’s domestic gold purchase
    programme was intended to provide foreign exchange financing for the
    importation of petroleum products and help reduce demand for US dollars from
    the Bulk Import Distribution and Export Companies (BIDECs) who would have
    otherwise gone to the market to source forex for the importation of petroleum
    products.
    13
    57.Since then, under the gold for reserves programme, the Bank of Ghana has
    purchased a total amount of 17.89 tons (US$1,140m) of gold to boost its gold
    reserves. In addition, under the G4O programme, 23 cargoes (circa 800,000
    metric tonnes) of Gasoline and Gasoil, equivalent to 30 percent of national
    consumption, have so far been imported. The G4O Programme has significantly
    contributed to the stabilisation of the cedi/dollar exchange rate (GH¢17 in
    November 2022 to GH¢12 in November 2023 to the dollar) leading to a
    reduction in the ex-pump price of diesel from GH¢23 per litre to GH¢12 per
    litre.
    58.The plan is to scale up the programme to cover 50 percent of national
    consumption. These interventions have boosted gross reserves of the Bank of
    Ghana and helped reduced foreign exchange pressures emanating from BIDECs
    by reducing their dependance on the foreign exchange interbank market
    thereby leading to a more stable cedi and ex-pump petroleum prices this year.
51. Mr. Speaker, I will now update the House on the performance of our
    macroeconomic indicators:
    i. Real GDP growth averaged 3.2 percent in the first half of 2023 compared
    to 2.9 percent in same period in 2022, signaling a strong rebound.
    Robust growth in the Services (avg. 6.3%) and Agriculture (avg. 6.2%)
    sectors were the key drivers. It is instructive to note that the average
    growth of 3.2 percent for the first two quarters of 2023 is higher than
    the 2023 revised growth target of 1.5 percent.
    ii. Price developments indicate that inflation is on a declining path in
    response to ongoing fiscal consolidation, appropriate tightening of
    monetary policy, and relative stability in the exchange rate. Headline
    Inflation declined by 16 percentage points, from 54.1 percent in
    December, 2022 to 38.1 percent in September, 2023. Core inflation has
    also declined sharply from 53.2 percent in December 2022 to 39.0
    percent in September 2023. Just yesterday, when I was preparing to
    come here, the Ghana Statistical Service announced that the inflation for
    October 2023 is 35.2 per cent.
    iii. The Cedi has stabilised against the US dollar since early 2023 with a
    year-to-date, cumulative depreciation of 25.7 percent compared to 54.1
    percent over the same period in 2022. Specifically, the cedi has only
    depreciated by 6.4 percent on cumulative basis since February 2023
    compared to 53.9 percent over same period in 2022. The stability of the
    Cedi largely reflects the positive impact from the restoration of economic
    activity, including robust economic growth, improvement in the current
    14
    account position, improvement in forex liquidity following IMF ECF
    inflows, Bank of Ghana’s domestic gold purchase programme, and
    reduced speculative FX speculative demand as market confidence
    rebounds.
    iv. Gross International Reserves (GIR) as at September 2023 stood at
    US$5.0 billion (2.3 months import cover) compared to US$6.3 billion (2.7
    months of import cover) at end-December, 2022. We are yet to reflect
    IMF/WB and Cocoa syndication of approximately $2 billion by year end.
    v. The current account turned positive at 1.1 percent of GDP at end-June
    2023, a monumental turnaround from the deficit of 2.1 percent of GDP
    at end-December 2022. Likewise, the trade balance improved to a
    surplus of 2.6 percent of GDP as of end-August 2023, from 0.7 percent
    of GDP surplus at end-December 2022.
    vi. Though interest rates moderated from December 2022 to the first
    quarter 2023, they picked up again as T-bills remained the key debt
    instrument in the debt market after the DDEP. For instance, the 91-day
    Treasury declined from 35.5 percent in December 2022 to 18.5 percent
    in March 2023, but increased to 29.8 percent as of Monday, 13th
    November, 2023.
    vii. The Overall budget deficit on commitment basis as of end-August 2023
    was a deficit of 3.0 percent of GDP, outperforming the targeted deficit
    of 4.6 percent of GDP. The outturn largely reflects improvement in
    revenue mobilisation and slower execution of expenditure. The
    corresponding primary balance on commitment basis was a deficit of 0.7
    percent of GDP, also outperforming the target surplus of 0.9 percent of
    GDP.
    viii. Public debt accumulation has slowed down significantly, as Government
    continued to consolidate its public finances, and also reflects the impact
    of the domestic debt exchange programme, and the ongoing external
    debt restructuring. Total public debt has declined from 73.1 percent of
    GDP at the end of 2022 to 66.4 percent of GDP as of September, 2023.
    The completion of external debt restructuring is expected to further
    improve Ghana’s debt situation.
    Fiscal Developments
    15
    Summary of Fiscal Performance January-August 2023
52. Mr. Speaker, the 2023 fiscal framework was revised during the 2023 Mid-Year
    Fiscal Policy Review to reflect updated macro-fiscal developments and align
    with the fiscal adjustment path under the IMF-supported PC-PEG path.
53. Mr. Speaker, the fiscal performance for the first eight months of the year, using
    provisional data, shows significant progress toward a stronger fiscal
    consolidation. More specifically:
    i. Total Revenue and Grants was GH¢79.1 billion (9.3 percent of GDP), 2.8
    percent lower than the programmed target of GH¢82.2 billion (9.6
    percent of GDP);
    ii. Total Expenditure (Commitment) was GH¢104.6 billion (12.2 percent of
    GDP), 14.1 percent lower than the target of GH¢121.8 billion (14.2
    percent of GDP);
    iii. Primary Expenditure (Commitment) was GH¢84.7 billion (9.9 percent of
    GDP), 6.0 percent lower than the target of GH¢90.1 billion (10.5 percent
    of GDP);
    iv. Primary Balance (Commitment) was a deficit of GH¢5.5 billion (0.7
    percent of GDP) compared to the target deficit of GH¢7.9 billion (0.9
    percent of GDP);
    v. Overall Fiscal Balance (Commitment) was a deficit of GH¢25.4 billion (3.0
    percent of GDP) compared the target deficit of GH¢39.6 billion (4.6
    percent of GDP); and
    vi. Overall Fiscal Balance (Cash) was a deficit of GH¢26.1 billion (3.0 percent
    of GDP) compared the target deficit of GH¢44.6 billion (5.2 percent of
    GDP)
    IV. 2024 AND MEDIUM-TERM OVERALL MACROECONOMIC TARGETS
54. Mr. Speaker, based on the overall macroeconomic objectives and the mediumterm targets, the following macroeconomic targets are set for the 2024 fiscal
    year:
    i. Overall Real GDP growth of at least 2.8 percent;
    ii. Non-Oil Real GDP growth of at least 2.1 percent;
    iii. End-Period inflation rate of 15.0 percent;
    iv. Primary Balance on Commitment basis of a surplus of 0.5 percent of
    GDP; and
    v. Gross International Reserves to cover not less than 3.0 months of
    imports.
    Fiscal Sector in 2024 and the Medium Term
    16
55. Mr. Speaker, the 2024 and medium-Term fiscal framework has been prepared
    in line with the objectives and policy priorities of our 3-year IMF-Supported PCPEG. The Primary Balance on commitment basis is the fiscal anchor we are
    using to assess our fiscal effort. Over the medium-term, we plan to improve
    the primary balance (commitment) from a deficit of 4.3 percent of GDP in 2022
    to a deficit of 0.5 percent of GDP in 2023. The primary balance is expected to
    improve further to a surplus at 0.5 percent of GDP in 2024 and to 1.5 percent
    of GDP from 2025 onwards.
    Resource Mobilisation for 2024
56. Mr. Speaker, Total Revenue and Grants is projected at GH¢176.4 billion (16.8
    percent of GDP) and is underpinned by permanent revenue measures largely
    Tax revenue measures amounting to 0.9 percent of GDP.
    Resource Allocation for 2024
57. Total Expenditure (commitment) is projected at GH¢226.7 billion (21.6 percent
    of GDP). This projection reflects a reduction of 6.1 percentage points of GDP in
    total expenditures (commitment basis) relative to the outturn in 2022. This
    large decrease comes from the combination of fiscal consolidation efforts of 4.9
    percentage points of GDP, reflecting an adjustment in revenue by 1.0
    percentage point and primary expenditure by 4.0 percentage point of GDP. The
    potential interest rate saving from the ongoing external debt operation will
    further bolster public finance sustainability.
    Budget Balances and Financing Operations for 2024
58. Mr. Speaker, based on the estimates for Total Revenue & Grants and Total
    Expenditure (including arrears clearance), the overall Budget balance to be
    financed is a fiscal deficit of GH¢ 61.9 billion, equivalent to 5.9 percent of GDP.
    The corresponding Primary balance is a deficit of GH¢5.9 billion, equivalent to
    0.6 percent of GDP.
    Revenue Measures
    Property Rates
59. Mr. Speaker, the Ministry of Finance, acting through the Ghana Revenue
    Authority (GRA) as per Section 4 of the Ghana Revenue Authority Act, 2009
    (Act 791), introduced the property rate reform project. The objective was to
    develop a unified common platform capable of billing, collecting, and reporting
    property rates nationwide.
    17
60. The statistics highlight the impact of this initiative. The number of billable
    properties has seen a substantial increase, with a pre-2023 count of 1.3 million
    properties escalating to 12.42 million representing an 856 percent surge in
    properties identified that can now be properly billed. Similarly, the identification
    of registered persons and entities associated with billable properties has
    increased by 831 percent, from 186,542 to 15.68 million.
61. Bills are currently available online for properties that have been successfully
    identified.
62. Despite these achievements, the initiative has encountered some challenges
    thus making it difficult for the relevant bodies including the Metropolitan,
    Municipal and District Assemblies to have access to their share of the property
    rate collections on time.
63. Mr. Speaker, to address these challenges, Government is reviewing the overall
    structures and processes to determine the optimal way forward. In the interim,
    Districts will resume collection until these challenges are resolved.
    Tax Reliefs
64. Mr. Speaker, our approach to tax policy since 2017 was to give significant relief
    to the private sector until expenditure pressures from 2020 required a more
    aggressive approach. It is important to note that in the short-term, fiscal
    sustainability requires that we improve our tax ratios significantly otherwise,
    our long-term competitiveness will be eroded. As we all know, our country’s 13
    percent tax-to-GDP ratio is far below our peers. Our target is 18-20% and we
    are on course.
65. In that regard, it is difficult to implement all the structural reforms and tax
    reliefs needed to immediately lower and/or eliminate certain tax handles.
    However, I assure this August House, that we have heard, we believe in lower
    taxes for industry, and we are working at this aggressively with the GRA and
    to be cemented with the standing committee of the Mutual Prosperity Dialogue.
66. Mr. Speaker, further to the above, the following reliefs have been prioritised for
    implementation:
    i. Extend zero rate of VAT on locally manufactured african prints for two
    (2) more years;
    ii. Waive import duties on import of electric vehicles for public
    transportation for a period of 8 years;
    18
    iii. Waive import duties on semi-knocked down and completely knocked
    down Electric vehicles imported by registered EV assembly companies in
    Ghana for a period of 8 years;
    iv. Extend zero rate of VAT on locally assembled vehicles for 2 more years;
    v. Zero rate VAT on locally produced sanitary pads;
    vi. Grant import duty waivers for raw materials for the local manufacture of
    sanitary pads;
    vii. Grant exemptions on the importation of agricultural machinery
    equipment and inputs and medical consumables, raw materials for the
    pharmaceutical industry;
    viii. A VAT flat rate of 5 percent to replace the 15 percent standard VAT rate
    on all commercial properties will be introduced to simplify administration.
67. To address the negative externalities of plastic waste and pollution,
    Government will review and expand the Environmental Excise Duty to cover
    plastic packaging, and industrial and vehicle emissions.
68. Mr. Speaker, the Stamp Duty Act, 2005 (Act 689) has not been reviewed since
    its enactment in 2005. To realign the rate with current economic realities,
    Government, in 2024, will review the rates and fees for stamp duties. The bands
    subject to ad valorem taxes will be expanded while the specific rates will be
    reviewed upwards.
69. A simplified tax return will be introduced as a means of promoting voluntary
    compliance as part of the modified taxation scheme for individuals in the
    informal sector. This approach will make it easier for taxpayers to fulfil their tax
    obligations to the State.
70. Mr. Speaker, the Tripartite Committee has concluded negotiations on the
    National Daily Minimum Wage. The tax-free portion of the Individual Income
    Tax rates will accordingly be adjusted to take care of the change. Government
    recognises the constraints our medical personnel face in providing health care
    for our citizens. With the passage of the Exemptions Act, Government will
    engage the Ghana Medical Association on waivers for importation of vehicles
    to ease the transportation burden of our doctors. This policy will enable them
    to deliver quality and timely healthcare.
71. Mr. Speaker, as a Government, we have always been committed to protecting
    the quality of life of our people. Total Wages and Salaries for workers has
    increased from GH¢14.7 billion in 2016 to GH¢37.5. All workers were paid full
    wages and salaries and on time, even when revenues plummeted during the
    COVID-19 Pandemic. In the difficult economic challenges, we paid 15 percent
    19
    Cost of Living Allowance (COLA) for 6 months in 2022 to cushion 949,122
    workers, some 50 percent more than 2016.
    Expenditure Measures
    Spending Arrears Clearance and Prevention Strategy
72. Mr. Speaker, as reported in the 2023 Mid-Year Fiscal Policy Review of the 2023
    Budget Statement and Economic Policy of Government, a Spending Arrears
    Clearance and Prevention Strategy was developed and approved by Cabinet for
    implementation. This is part of the measures to achieve the objective of
    bringing public finances back on a sustainable path through improved efficiency
    in public spending.
73. To clear the existing stock of arrears, the Ghana Audit Service has begun the
    verification and validation of the arrears identified as at end-December 2022
    before payments are made.
74. Mr. Speaker, to prevent the accumulation of new arrears, Government has put
    in place the following measures to enhance commitment controls and prevent
    the accumulation of arrears.
    i. Alignment of the quarterly budget allotments with cash flow forecast and
    tighten the use of allotments as a control on the GIFMIS rather than the
    budget starting with the 2024 budget.
    ii. MDAs will be required to revise their cash plans on a quarterly basis to
    reflect the allotments received over the year and remaining
    requirements. The Cash plan module on Oracle Hyperion will be
    reconfigured by December 2023 after completing all stakeholder
    engagements, in line with the system’s functionalities, which will be
    deployed to the various MDAs. MDAs will be trained on how to use the
    system to enable them to update their cash plans quarterly. This will
    ensure that MDAs are able to revise their cash plans within the window
    provided.
    iii. Standardize contracts for public works to ensure flexibility in budget
    execution.
    20
    iv. Review standard tender documents to include clauses that make the
    award of the contract null and void if not supported by GIFMIS generated
    PURCHASE ORDER.
    v. All MDAs will be required to use GHANEPS for all Procurements to
    enhance transparency and efficiency in the procurement of goods,
    works, consultancy, non-consultancy, and asset disposal.
    vi. Improve Budget Execution practices by undertaking the following:
    a. Approval of MDAs commencement requests to be done within the
    first quarter of any fiscal year to allow MDAs sufficient time to
    complete procurement and payment processes before end of
    year;
    b. Enforcement of the use of GIFMIS for all transactions to prevent
    unbudgeted expenditure.
    vii. Internal Audit Agency to ensure that public officers within covered
    entities adhere to the legal and regulatory principles governing public
    financial management in the discharge of their duties.
75. All public officers, particularly Principal Spending Officers of covered entities will
    be held to the strict application of the specified in Sections 96 to 98 of the PFM
    Act.
76. In view of this, the Ministry of Finance has established a Compliance Desk as
    part of the internal audit function of the Ministry. The desk will closely track the
    tender advertisements from Covered Entities to ensure that they have allotment
    and are on the GHANEPS. In the event that such Covered Entities are not
    compliant, the desk will immediately seek explanation and refer such infractions
    under the PFM to the Attorney-General through the Legal Directorate of the
    Ministry for advice or penal actions.
77. Mr. Speaker, the Public Financial Management Act, 2016, Act 921, was passed
    to regulate the financial management of the public sector within a
    macroeconomic and fiscal framework. This law sets out stringent accounting,
    audit, and reporting requirements for public funds.
    86.As the First Finance Minister to oversee the implementation of this critical law,
    I can confidently say that this Government has been the most transparent and
    accountable in our history. Over the past seven years, I have laid before this
    House, 55 statutory reports to fulfil the provisions of this law. These include:
    21
    i. the Annual Report on the Petroleum Funds; and
    ii. Report on the Utilisation of the African Union Levies.
78. We have also learnt key lessons from the helpful feedback from our
    stakeholders. Most of these formed the core of the macro-critical reforms being
    implemented under IMF-back PC-PEG.
79. Mr. Speaker, as the PC-PEG enters the second year, we plan to assess progress
    and deepen our collaborations for reforms at a PFM Summit to be organized by
    April, 2024. We encourage our Development Partners to join us on this journey.
    Real Sector in 2024 and the Medium Term
80. In the real sector, we expect Overall Real GDP growth to increase from an
    expected 2.3 percent in 2023 to 2.8 percent and reach 5 percent by 2027. This
    yields an average growth rate of 4.3 percent over the 2024-2027 period. NonOil Real GDP is projected to slow down from an estimated 2.8 percent in 2023
    to 2.1 percent in 2024 and pick up to 5 percent by 2027 giving an average
    growth rate of 4.1 percent over the 2024-2027 period.
    Monetary Sector in 2024 and the Medium Term
81. Mr. Speaker, the Bank of Ghana has maintained the tight monetary policy
    stance to firm up the disinflation process. Among other measures, the Bank has
    further raised the monetary policy rate by a cumulative 300 basis points (bps)
    in the year to September 2023 to 30 percent. In the outlook, monetary policy
    in 2024 and the medium-term will aim to regain price stability.
82. Inflation is expected to remain within the IMF programme’s Monetary Policy
    Consultation Clause (MPCC) of 29.4 percent, with a symmetric band of 4.0
    percent at the end of 2023, an end year target of 15% in 2024 and trend further
    down to the medium-term target band of 8±2 percent by end-December 2025.
    A tight monetary policy stance, favourable base drifts, relative stability on the
    foreign exchange market, and a favourable food harvest are expected to
    outweigh inflationary pressures over the near-term.
    External Sector in 2024 and the Medium Term
83. In the outlook, the external sector’s performance will largely depend on the
    conclusion of negotiations with the country’s external creditors. Also, the Bank
    of Ghana’s policy thrust will remain focused on increasing external buffers
    through sustainable means. The exchange rate is expected to remain stable
    supported by continued progress with the implementation of the IMFSupported Programme, expected inflows from the cocoa syndication loan, the
    second tranche of IMF loan, mining inflows, and the BoG’s continuation of the
    22
    Gold-for-Oil Programme. The main risks to the external outlook include
    increasing uncertainty about geopolitical tensions and volatility in commodity
    prices.
    V. UPDATE ON THE IMPLEMENTATION OF THE IMF-SUPPORTED PC-PEG
84. Mr. Speaker, the IMF Executive Board approved Ghana’s 3-year, US$3 billion
    IMF-supported Post Covid-19 for Economic Growth (PC-PEG) on the 17th May,
    2023 after the Government of Ghana secured a staff level agreement on the
    Programme in December 2022. The Programme aims to:
    i. restore macroeconomic stability and debt sustainability;
    ii. build resilience through the implementation of wide-ranging and strong
    structural reforms in key sectors of the economy; and
    iii. lay the foundations for stronger and more inclusive and private sectorled growth, while protecting the poor and vulnerable.
85. Mr. Speaker, the IMF-supported PC-PEG is assessed semi-annually by the IMF
    through an IMF staff review mission followed by final approval by the IMF
    Executive Board. Disbursements under the Programme are tied to successful
    completion of each review. The reviews assess our progress towards meeting
    the Quantitative Performance Criteria (QPCs), Indicative Targets (ITs), and
    Structural Benchmarks (SBs).
86. Mr. Speaker, Ghana’s first review commenced with the IMF fielding a mission
    to undertake a staff assessment from 25th September to 6th October 2023. This
    review covered the assessment of:
    i. six (6) Quantitative Performance Criteria (PCs);
    ii. one (1) Monetary Policy Consultation Clause (MPCC) for inflation;
    iii. three (3) Indicative Targets (ITs); and
    iv. nine (7) Structural Reform Benchmarks (SBs) that were due at the end
    of September 2023.
87. Mr. Speaker, I am glad to inform this august house that based on the IMF’s
    own assessment (at the staff level) after the first review, Ghana met:
    i. All six (6) of the Quantitative Performance Criteria (QPCs). The QPCs are
    a floor on net international reserves, ceiling on primary balance on
    commitment basis, ceiling on contracting non-concessional
    loan/guarantee, zero collateralized borrowing, and no accumulation of
    external debt service arrears.
    23
    ii. Two (2) out of the 3 Indicative Targets. The two ITs met are a floor on
    social spending and a floor on non-oil public revenue. The IT on zero net
    accumulation of payables was extended largely due to the ongoing
    negotiations with Energy Sector IPP on legacy debt; and
    iii. Six (6) out of the seven (7) Structural Benchmarks due end-September
88. The six SBs met are (a) preparation and publication of arrears
    clearance and prevention strategy, (b) preparation and publication of
    financial sector strengthening strategy, (c) preparation and publication a
    strategy for review of earmarked (statutory) funds, (d) preparation and
    publication of a medium-term revenue strategy, (e) a strategy for
    indexation of LEAP benefits and (f) BoG to approve capital building buffer
    plans for banks. The seventh SB on the preparation and publication of
    an updated Energy Sector Recovery Plan which was expected to be
    completed at the end of June 2023 was strategically completed and
    published on the MoF website in October 2023.
89. Mr. Speaker, the outstanding performance of Ghana during the first (1st)
    review paved way for Ghana to reach a Staff Level Agreement (SLA) with IMF
    on the 6th October, 2023, a record five (5) months after the Programme was
    approved in May 2023.
90. Mr. Speaker, on behalf of H.E. Nana Addo Dankwa Akufo-Addo, the President
    of the Republic of Ghana, permit me to use this occasion to express our sincere
    gratitude to the Right Hon Speaker, leadership of Parliament, and all members
    of this august House for the immense role you played in the successful
    implementation of the IMF-Supported PC-PEG under the first Review.
91. Mr. Speaker, we would also like to appreciate the contributions of key
    stakeholders including, the Managing Director, Management and staff of the
    IMF, The World Bank, the AfDB, and development partners who played diverse
    roles in this journey. Mr. Speaker, we are equally grateful to the Council of
    State, CSOs, Labour Unions, Employers Associations, AGI, FBOs, Think-tanks
    and Research institutions, and all other stakeholders who played various roles
    in the process. Let me note Labour’s remarkable composure and historic
    agreement yesterday to ensure that our discussion with the Fund was not
    derailed. Thank you
    24
    VI. GROWTH STRATEGY
92. Mr. Speaker, the fiscal incentives and reliefs I announced previously are in line
    with Government’s 5-year Growth Strategy, which was approved by Cabinet in
    August 2023. This is to stimulate and sustain economic growth even as we
    restore macroeconomic stability under the IMF-backed PC-PEG.
93. The first phase, which is a 14-month programme, essentially focuses on scalingup prioritised existing programmes and attracting Private Sector Investments
    to deliver rapid results without significant demands on budgetary resources.
94. Mr. Speaker, the Growth Strategy prioritises key sectors of the economy,
    including Agriculture, agri-business and aquaculture, trade, industry and export
    promotion, tourism, as well as digitisation and technology.
95. The recently launched ‘Ghana Mutual Prosperity Dialogue’ will support this path
    of growth. A permanent Steering and Technical Committee, co-led by the
    Ministries of Finance as well as Trade and Industry and the private sector and
    supported by our Development Partners, is being set up to drive this
    collaboration for growth.
96. Mr. Speaker, last year, I discussed the enormous impact of the food imports
    bill on exchange rate volatility and inflation. I made clear how unsustainable
    the imports are and the need to change course.
97. The Growth Strategy therefore supports the implementation of interventions
    that increases our capacity to produce, deepen value-chains, facilitate and
    modernise storage facilities and increase the shelf-life of products. These
    improvements are expected to help support exports, build forex exchange
    buffers and reduce inflation.
    Improving Agriculture Production and Productivity
    Planting for Food and Job (PfJ) 2.0
98. In seeking to change course in the Agriculture sector, the President in August,
    2023 launched the Planting for Food and Jobs (PfJ) 2.0. By design, the PfJ 2.0
    places greater emphasis on value chain approaches and focuses on
    strengthening linkages between actors along eligible agricultural commodity
    25
    value chains – broadly categorised into grains, roots and tuber, vegetables and
    poultry.
99. The PfJ has a special focus on poultry to address the heavy reliance on imports.
    Accordingly, Fifteen (15) anchor farmers and 500 out-growers in 5 regions
    (Ashanti, Greater Accra, Bono, Bono East and Eastern regions) will be selected
    to produce 65,000 MT of broilers in 2024.
100. Mr. Speaker, the significant shortfall between demand and domestic production
     of vegetables requires urgent action, especially considering the impact of the
     recent supply disruptions from the Sahelian region.
101. The engagements with Onion Producers and Importers prior to this 2024
     Budget revealed the importance of developing an ‘Onion Index’ to track the
     production, distribution, and consumption of the commodity. It emerged during
     these engagements that in 2022, demand for onions was 314,337 MT, while
     the local production was 178,492 MT. In addition, the national demand for
     tomatoes in 2022 was estimated to be 1,257,348 MT, while local production
     stood at 468,280 MT. These are two prominent vegetables in the Ghanaian
     household.
102. Mr. Speaker, PfJ 2.0, therefore, seeks to improve supply and utilisation of highquality inputs, facilitate credit guarantees for Aggregators to procure improved
     seeds, fertilizers, and pesticides and supply them on zero-interest credit terms
     to vegetable farmers in the immediate and short-term.
103. Furthermore, the condition and capacity of existing warehouses will be
     improved to enhance the condition and capacity in storing bumper harvest and
     maintaining price stability.
104. Mr. Speaker, the Growth Strategy also aims to boost fish production, mostly
     through increased focus on oceanic and inland earthen ponds. The goal is to
     support fishermen, fish farmers, and fish processors in our coastal regions. The
     interventions planned in this sub-sector include direct support for production,
     distribution, and storage of fish as well as producing and supplying over
     110,700,000 litres of Premix fuel using gasoline and condensate.
     26
     Economic Enclave Projects
105. Mr. Speaker, we are complementing the Planting for Jobs (PfJ) 2.0 strategy by
     also increasing support to private commercial agriculture under the Economic
     Enclaves Project (EEP).
106. Towards this, priority has been given to securing and developing lands to offer
     security of tenure for large scale agricultural investments. The focus on large
     scale commercial agriculture is to harness the benefits of scale and scope of
     economies, promote the adoption of technology for efficiency and
     standardisation as well as support price stabilisation efforts.
107. As of December 2022, three enclaves in Kasunya (Greater Accra), Kumawu
     (Ashanti) and Banda (Oti Region) were operational. Five (5) other enclaves are
     planned in 2024 to promote value addition, integration, and deepening
     aggregation and value chain systems to serve as economic ‘growth poles’.
108. The three operational EEPs will lead to production of 160,000mt of rice by the
     end of 2024 over 110,000 acres of land in cultivation for the key staples. Private
     sector actors investing on EEP will provide employment for the youths, with a
     target of, at least, 5,000 jobs
109. Already, ten private sector actors have responded to the expression of interest
     to predominantly act as anchor farmers on the developed lands. Government
     will also pursue the interest expressed by other international private sector
     operators to unlock investment and technology for the Economic Enclave
     Projects. We are also using the EEP to leverage catalytic financing from key
     partners including MasterCard and the African Development Bank.
110. To implement the Economic Enclaves at scale and speed, GHC 1 Billion
     has been allocated to Millennium Development Authority (MiDA) to complement
     the PFJ II. This funding will be dedicated to providing critical infrastructure,
     including irrigation, canals, as well as clearing and developing land for private
     Sector actors in the EEP. Other key interventions under the GhanaCARES
     programme such as the completion of Foundry will benefit from this funding.
     MiDA has a remarkable record from the implementing two Compacts under the
     Millennium Challenge Corporation, one of which was agriculture and
     agribusiness. They continue to demonstrate experience and ingenuity that will
     accelerate the delivery of the growth poles to transform agriculture in this
     country.
     Digitisation
     27
111. Mr. Speaker, the Digital Youth Village (DYV) is a key initiative of the Ministry of
     Communications and Digitalisation and University of Ghana to promote digital
     entrepreneurship among the youth and serve as a bridge between academia
     and industry. To date, the DYV project has completed the design, land
     allocation, site clearance as well as securing an architect. Phase 1 of the DYV
     project is expected to be completed before end-December 2024.
     Trade, Industry and Export
112. Mr. Speaker, key operations under 1D1F, Free Zones, Export Promotion,
     Strategic anchor Industries and Business Regulatory Reforms have been
     prioritised under the growth strategy. Altogether, earnings from NonTraditional Exports are expected to increase to US$4 billion (2023) and US$4.8
     billion (2024), from US$3.51 billion (2022). 271 licensed Free Zone Companies
     are expected to increase earnings to US$2.19 billion in 2024), compared to
     earnings of US$1.8 billion from 207 licensed Free Zone Companies in 2022.
     Tourism
113. Mr. Speaker, Ghana remains the preferred tourist destination in the sub-region.
     The steady stream of domestic and international tourists also requires
     dedicated spaces in cities to drive a Night Economy and tourism.
114. As we promote ‘December in GH’ initiatives, we will also work towards
     enhancing security and the lighting infrastructure. A Task Force, comprising
     Public regulators and Private sector actors, has already been established to
     drive the Night Economy initiative under a public private partnership
     arrangement.
     YouStart Programme
115. Mr. Speaker, on 14th November, 2022, (Exactly a year ago), Government
     launch the YouStart Initiative as a direct response to the employment challenge
     facing our country. Through this initiative, Government seek to create an
     Entrepreneurial Nation by providing training, competitive funding, access to
     market and technology to our youth. This is to cause a cultural shift and guide
     your teeming youth into entrepreneurship by assisting them start, build and
     grow their own businesses.
116. Mr. Speaker, a year on, the preparatory works have been completed. The three
     components of the Initiative, YouStart District Entrepreneurship Program
     (DEP), Commercial Program (CP) and the YouStart Grace program- have also
     been developed and piloted successfully. On 20th September, 2022,
     Government signed a Memorandum of Understanding with 11 Banks and the
     28
     Ghana Association of Banker to support entrepreneurs gain access to capital to
     enhance their businesses. The Ghana Association of Banks have worked with
     us to train the Participating Financial Institutions on the program and have
     completed the design of a technology platform to receive applications. The
     National Banking College has also been engaged under the programme to train
     beneficiaries on behalf of the participating banks.
117. Mr. Speaker, the Ghana Enterprises Agency (GEA) and the National
     Entrepreneurship and Innovation Programme (NEIP) has been brought
     together as a cohesive unit to co-lead the District Entrepreneurship component
     of the YouStart.
118. Mr. Speaker, as October, 2023, a total of 23,695 beneficiaries comprising 5,183
     males and 18,512 females had completed the Basic Level training by the GEA
     under the YouStart Jobs and Skills project. Out of this number, 7,975
     comprising 2,474 males and 5,501 females progressed and completed the
     Intermediate Level training, with 4,514 beneficiaries comprising 1,679 males
     and 2,835 females also progressing to the Advance Level. GEA has commenced
     disbursement of grants to beneficiaries who have completed the Intermediate
     and Advanced Levels. Evaluation of the grant proposals is currently ongoing. It
     is expected that at least 5,000 of the 1st batch of beneficiaries would be
     supported with startup grants. The NEIP has also trained a total of 2,000
     beneficiaries under the Government of Ghana sponsored YouStart DEP.
119. Mr. Speaker, all is set to accelerate the implementation of YouStart in the 2024.
     We are working with our partners, the World Bank, to secure a financing worth
     US$150million. On our own, we are committing GHS 200 million to ensure that
     more young persons are supported into entrepreneurship.
     Ghana Integrated Aluminium Development Corporation (GIADEC)
120. Mr. Speaker, the Ghana Integrated Aluminium Development Corporation
     (GIADEC), through their strategic partners, has completed the Mineral Resource
     Estimate (MRE) Report that has been prepared in line with Joint Ore Reserves
     Committee (JORC) standards. The results of the report indicate significant
     bauxite quantities making the project a commercially viable one.
121. In 2024, the corporation along with their partners will undertake the drilling
     and MRE for Project 3 and commence Valco retrofit and Project 2 mine
     development.
122. Mr. Speaker, the Ghana Integrated Iron & Steel Development Corporation
     (GIISDEC) has completed a strategic conceptual layout to guide growth,
     29
     promotion, and development of the integrated iron and the steel industry. The
     Master plan has been reviewed and given a seal of approval by KPMG and ready
     for the industry.
123. Mr. Speaker, to ensure that various mineral discoveries and inferred deposits
     of iron ore are commercially viable, a high-level Mineral Resource study has
     been commissioned by GIISDEC working with its Private Partners. This capitalintensive activity has been offloaded to Ghanaian Private Partners to produce a
     standard Bankable report at no cost to Government of Ghana.
124. This is to ensure that the Integrated Iron and Steel Industry (IISI) is not faced
     with the continuous decline of domestic production and processing of metallic
     minerals and the associated dependence on foreign supplies for our needs.
     Enabling Growth
125. Mr. Speaker, key interventions to improve the business environment include:
     i. Enacting the Business Regulatory Reform Bill to enhance the quality and
     transparency of regulatory administration and establish a predictable
     regulatory environment;
     ii. Crowding-in private sector financing of $20 billion through Foreign Direct
     Investments and enhanced Public-Private dialogues and Partnerships as
     well a more coordinated and aggressive promotion of Foreign Direct
     Investments; and
     iii. Amendments to the GIPC Act has been completed and submitted to
     Parliament.
126. Mr. Speaker, the Growth Strategy sets ambitious targets for easing access of
     the domestic private sector, including medium and long-term finance at
     competitive rates. Government will leverage the plans of the Development Bank
     of Ghana (DBG), GIRSAL, the Venture Capital Trust Fund (VCTF), and the
     Ghana Investment Infrastructure Fund (GIIF) to provide loans, partial
     guarantees and venture capital to private entities with transformational and
     strategic projects in Agriculture, Technology and Industry.
127. Mr. Speaker, Government intends to achieve its objectives through following
     channels:
     i. DBG: to increase the lending volume of the Development Bank, Ghana
     (DBG) to GH¢2 billion, focused on medium and long-term lending for
     commercially viable private sector projects. DBG will also provide partial
     guarantees to reduce risk and attract more investment from the private
     sector into manufacturing, ICT, and high-value services. Government will
     30
     in addition support DBG fundraising of an additional $1 billion in 2024
     and 2025.
     ii. GIRSAL: Provide GH¢350 million partial risks guarantees to leverage
     private sector participation in the agricultural sector and agri-business.
     Relying on the GH¢350 million guarantee, banks will be able to provide
     around GH¢700 million to the agricultural sector and agri-business.
     GIRSAL guarantees help reduce banks’ risk perception of the agricultural
     sector and encourage them to increase lending at slightly lower rates
     and longer tenor.
     iii. IFC: Government will pursue the negotiations for $500 million of
     financing from the World Bank’s IFC, a partner in the Ghana Mutual
     Prosperity Dialogue.
     iv. Recapitalisation of Banks: Government and World Bank will recapitalise
     the Banks through the Ghana Financial Stability Fund and Financial
     Sector with over GH¢10 billion to enable aggressive financing of private
     sector businesses.
128. Furthermore, the Venture Capital Trust Fund would commit an additional US$13
     million. This follows the US$11 million the VCTF committed in 2023.
     31
     VII. GHANA’S DEBT RESTRUCTURING PROGRAMME
129. Mr. Speaker, debt sustainability concerns remain high, especially across
     emerging economies. The International Monetary Fund (IMF) indicates that in
     2020 – at the peak of the pandemic – the stock of global public debt as a share
     of global GDP was 258 percent. Moreover, as of 2022, the stock of public debt
     was 238 percent, 9 percentage points higher than in 2019.
130. To return to a path of debt sustainability, from a Debt to GDP ratio of 89%,
     Ghana, in December 2022, commenced a difficult but necessary restructuring
     programme covering both domestic and external debt. The goal is to achieve a
     55% Debt to GDP ratio and 18% Revenue to GDP ratio over the medium term.
131. Mr. Speaker, Ghana completed the first phase of the DDEP in February 2023,
     where circa GH¢82,994.51 million of old domestic notes and bonds were
     exchanged for new bonds. These new bonds have longer maturities and
     average coupon of about 9.1 percent, achieving a participation rate of about
     84.9 percent.
132. In September 2023, an administrative reopening of the first phase was done,
     of which GH¢4,013.65 million was tendered. The total exchanged amount was
     GH¢87,008.16 million, with a participation rate of 90.7 percent. Mr. Speaker,
     the second phase was launched in July 2023 and settled in September 2023.
133. Mr. Speaker, the DDEP has positively affected our domestic debt portfolio’s
     costs and risk indicators. The weighted average interest rate for instance,
     reduced from 21.2 percent at end-December 2022 to 12.7 percent at endSeptember 2023. Additionally, the Average Time to Maturity (ATM) improved
     from 2.7 years at end-December 2022 to 6.2 years at end-September 2023. On
     the total debt portfolio, the ATM improved from 8.4 years at end-December
     2022 to 9.3 years at end-September 2023.
134. We anticipate that the completion of the external debt restructuring will
     improve our debt trajectory, even more, to enable us reach our target landing
     zone of 55 percent debt to GDP in present value terms by 2028.
135. Mr. Speaker, the external debt restructuring parameters comprise bilateral and
     commercial debt (including Eurobonds). Consequently, on 13th December
     2022, Ghana formally requested a debt treatment under the G20 Common
     Framework for Debt Service Suspension Initiative (CF-DSSI).
     32
136. Ghana’s bilateral creditors, subsequently established the Official Creditor
     Committee (OCC) on 12th May 2023, under the auspices of the Paris Club to
     restructure the bilateral debt. Government, has already shared illustrative
     scenarios with the OCC, which is co-chaired by France and China.
137. An agreement in principle on the restructuring parameters is expected to be
     reached in the coming week. This will be formalised in an MOU between the
     Government and the OCC.
138. Mr. Speaker, on our commercial debt (Eurobonds), we have received illustrative
     proposals on the debt treatment scenarios from the two bondholder groups.
     We are currently reviewing the illustrative proposals and expect to converge
     towards a solution in compliance with the comparability of treatment principle.
     We outlined broad parameters in our investor presentation of a haircut between
     20% and 40%, a maximum 5% interest rate and maturity not to exceed 20
     years.
139. It is envisaged that, in the coming weeks, extensive negotiations with both
     groups will commence and ensure we achieve the targets set under the
     IMF/World Bank Debt Sustainability Framework. We are hopeful of a year-end
     resolution.
140. Mr. Speaker, the Financial Sector Strengthening Strategy (FSSS), which was
     developed to mitigate the impact of the GoG debt operation on the financial
     sector, provides for the design of the Ghana Financial Stability Fund (GFSF) as
     a programme in the Ministry of Finance. It also aims to address outstanding
     legacy issues following the 2017-2019 financial sector clean-up.
141. This Fund offers a solvency window consisting of two distinct sub-funds –
     namely a US$250 million World Bank supported sub-fund targeted at qualifying
     banks and SDIs; and a cedi equivalent of US$500 million GoG-funded sub-fund
     that will help to recapitalise state-owned financial institutions as well as
     potentially support other indigenously-controlled financial institutions to
     improve their post-DDEP solvency.
142. Mr. Speaker, in addition, a provision of GH¢4 billion has been made in the 2024
     Budget to address National Investment Bank (NIB), distressed SDIs, and other
     outstanding legacy challenges in the financial sector. Notwithstanding the
     ongoing litigation commenced by shareholders Blackshield Capital Management
     Limited (formerly Gold Coast Securities Limited), the SEC will continue engage
     the Official Liquidator and clients of the defunct Blackshield to reach a
     33
     consensus on a framework for a bailout intervention and an amicable resolution
     of the impasse.
     34
     VIII. SECTORAL PERFORMANCE
143. Mr. Speaker, in the 2024 Budget, Government will build on the significant
     investments that have been made to date, and promote its key interventions
     covering social spending, infrastructure, governance, security and climate
     change.
     Social Spending
     Free SHS and TVET
144. Mr. Speaker, the Government’s flagship Free Senior High School and TVET
     Programme continues to create and expand access to secondary education in
     the country. In a generation’s time, when we have a more educated population
     which sustains social mobility and cohesion, we will appreciate the significance
     of these decisions and investments.
145. In the year under review, we continued to support a total of 448,000 first year
     SHS students; bringing the total beneficiaries for the 2022/2023 academic year
     to 1.3 million students. In 2024, the implementation of this transformative
     initiative will continue.
     Capitation Grant
146. Mr. Speaker, Government continues to ease the financial burden on parents
     and guardians in the access and provision of quality basic education. To this
     end, we provided feeding grants for 7,500 students in Special Schools and
     capitation grants to all public basic schools across the country.
147. Additionally, the registration fees of over 471,000 prospective candidates from
     public JHS for the BECE were paid to guarantee that all candidates will sit for
     the examination. Government will continue to provide opportunities for quality
     basic education through the capitation grant in 2024.
     Livelihood Empowerment Against Poverty (LEAP)
148. Mr. Speaker, support for beneficiaries of the Livelihood Empowerment Against
     Poverty (LEAP) programme was sustained in 2023. Government invested about
     GH¢298 million to support 350,000 extremely poor households. In 2024, the
     Programme will improve the financing by 50% and will continue to provide
     meals to more schools to enhance basic school enrollment.
     National Health Insurance Scheme (NHIS)
     35
149. The National Health Insurance Scheme (NHIS) witnessed an expansion in
     coverage, with 16 million active members as at September 2023 – representing
     80 percent of the targeted population of 20 million. Efforts to integrate the
     Ghana Card into the enrollment system are progressing steadily.
     School Feeding
150. Mr. Speaker, under the School Feeding Programme, Government invested over
     GH¢740 million to feed 3.8 million pupils, one hot meal a day in over 10,000
     public basic schools. In 2024, the Programme will continue to provide meals to
     enhance basic school enrollment.
     Infrastructure
151. Mr. Speaker, our programme to improve accessibility and connectivity, as well
     as safety along roads continues to be prioritised. We will conclude negotiations
     with the Official Creditor Committee to ensure that work on eligible externally
     funded projects resume.
152. However, the following projects are ongoing and are at various stages of
     Completion:
     i. Kumasi Lake Road and Drainage Extension project is completed;
     ii. Reconstruction of Bechem-Techimantia-Akomadan road – is 71 percent
     complete;
     iii. Construction of the Flyover on the Accra-Tema Motorway from the
     Flowerpot roundabout – is 60 percent complete.
     iv. Phase 2 of the Tema Motorway Roundabout (including construction of
     the 3rd tier of the interchange) – is 56 percent complete
     v. Construction of 4 major by-passes at Osino, Anyinam, Enyiresi and
     Konongo along the Accra-Kumasi Highway commenced in 2023 and are
     at various stages of completion.
     vi. Reconstruction of Agona Nkwanta-Tarkwa road – is 44 percent
     complete
     vii. Dualization of Ho Main Roads (Sokode-Gborgame-Civic Centre) and
     Traffic Management Works(10.5km) – 100 percent
     viii. Selected Roads in Sekondi and Takoradi Phase 1 – is 28 percent
     completed;
     ix. Dualization of Nsawam-Ofankor road (including widening of the road to
     10–lanes with a 6–lane expressway and 4 – lane service road with
     interchanges at Amasaman, Pobiman, Medie and Nsawam Junction) –
     is 30 percent completed;
     x. Construction of a 4-tier interchange at Suame in the Ashanti Region –
     has commenced;
     36
153. Mr. Speaker, the following projects under the Master Project Support
     Agreement (MPSA) with Sinohydro Corporation Limited have been completed:
     i. Tamale Interchange Project (100 percent);
     ii. Western Region and Cape Coast Inner City Roads- 32.19km (100
     percent);
     iii. Construction of Hohoe-Jasikan–Dodi-Pepesu – 66.4km (100 percent);
     iv. Upgrading of Selected Feeder Roads in Ashanti and Western Regions –
     68km (100 percent);
154. However, the following are at various stages of completion:
     i. Sunyani Inner City Roads (39km) – 81 percent completed;
     ii. Construction of Sunyani and Berekum Inner City Roads (39km) – 81
     percent complete; and
     iii. PTC roundabout interchange project, Takoradi – 80 percent complete.
155. Mr. Speaker, in addition, the preparation for the reconstruction of the AccraTema Motorway under the Road Sector’s Public Private Partnerships (PPP) with
     GIIF is on course. The Concession Agreement and draft Engineering
     Procurement and Construction (EPC) agreement have been approved by
     Cabinet and will be submitted to Parliament for approval shortly.
156. Mr. Speaker, Government infrastructure progamme will also be anchored on a
     strong private sector collaboration. To this end, Government will continue to
     pursue the Mining Sector Roads rehabilitation projects to improve the road
     network in mining communities.
157. Government will begin the formalisation of the agreements with the Mining
     companies and mining related industries to fund and commence the
     rehabilitation of Roads in the Mining Enclaves in 2024. Selected communities
     include Takoradi Agona Nkwanta, Tarkwa Dualisation and Tarkwa township,
     Prestea Bogoso and Bogoso township, Dunkwa Obuasi, Obuasi township, Ahwia
     Nkwanta, Manso Nkran, and Konongo.
158. Mr. Speaker, to promote trade and transit from the Tema Port, the capacity of
     the Tema Hospital Road will be improved under PPP arrangements. Accordingly,
     Government has developed a deed of transfer to be executed.
159. Mr. Speaker, Government has renegotiated the contract terms of the La General
     Hospital Project and will now be funded through the national budget. The
     contractor is expected back on site next week to complete a significant amount
     of work by 2024.
     37
     One District, One Factory
160. Mr. Speaker, in accordance with Government’s strong commitment to
     industrialisation, a total of 169 One District, One Factory (1D1F) projects are
     currently operational, leading to a total employment of 169,870. An additional
     152 factories are currently under construction and expected to be fully
     operational in 2024 and 2025. These industries are expected to increase valueaddition and support our efforts to reset the economy.
     Enterprise Development
161. Mr. Speaker, in 2023, Ghana Free Zones Authority successfully licensed 29 Free
     Zones companies, with capital investment of $180 million and created 2,500
     jobs. In 2024, it is projected that Free Zones companies will generate an
     estimated US$192 million in capital investments.
162. In line with Government’s commitment to support Micro, Small and Medium
     Enterprises (MSMEs), through the Ghana Enterprises Agency (GEA), 140,562
     enterprises – including 100,211 women-owned enterprises – were provided with
     training and business development services. 2,055 informal sector operators
     were also assisted to formalise their operations by registering with the Office
     of the Registrar of Companies.
     Transport
163. Mr. Speaker, to improve connectivity within the sub-region and facilitate
     tourism, the upgrading of the Tamale Airport has been completed. To
     complement this effort and facilitate trade through Ghana’s transit corridor, the
     construction of the Boankra Integrated Logistics Terminal (BILT) is being
     executed and is about 54 percent complete.
164. Following the approval of Ghana’s Energy Transition Investment Plan,
     Government has commenced the development of a National Electric Vehicle
     Policy as part of efforts to create an enabling environment for the uptake of
     electric vehicles.
     Housing
165. Mr. Speaker, Government rolled out the National Rental Assistance Scheme in
     February 2023 to ease the burden of huge rent advance payments by
     prospective tenants. From February to October 2023, the Scheme disbursed
     about GH¢13.8million to cover the payment of rent advance for 1,105
     individuals in the Greater Accra, Ashanti, Northern, Eastern, Bono East and
     Western Regions.
     38
166. Mr. Speaker, Government continued works on Phase III of the Security Services
     Housing Programme, involving the construction of 320 units for the Ghana
     Police Service at the Ghana National Police Training School, Tesano. The overall
     progress of work stands at 95 percent.
167. In addition, work commenced on the first phase of the Revised National
     Affordable Housing Programme at Pokuase, to construct 8,000 housing units.
     In 2024, Government will commence work on the National Affordable Housing
     Project at Dedesua in the Ashanti Region.
     Infrastructure for Poverty Eradication Programme (IPEP)
168. Mr. Speaker, under the Infrastructure for Poverty Eradication Programme,
     Government continues to embark on strategic investments across our
     communities nationwide in line with the fiscal consolidation plan. Through the
     Development Authorities, over 340 projects were completed in 2023 and
     accordingly handed over to the beneficiary communities.
     Rural Telephony
169. Mr. Speaker, Government constructed a total of 1,010 rural telephony sites
     under the Rural Telephony and Digital Inclusion Project, to provide voice signals
     in underserved and unserved communities. This has benefitted about 1,353
     rural communities who can now make calls via their mobile phones, thereby
     enhancing social and economic activities in those communities.
170. In 2024, the remaining 1,006 sites will be built and integrated, and activate all
     2,016 sites for voice and data services to ensure reliable, affordable, and
     secured broadband infrastructure under this initiative.
     Rural Electrification
171. Mr. Speaker, in line with the goal to achieve universal access to electricity by
     2024, a total of 189 communities have been connected to the national grid,
     with 211 communities at various stages of completion. The national electricity
     access is estimated at 88.85 percent as at third quarter, 2023, and our goal is
     to exceed a 90% mark by year end 2024.
     Communications and Digitalisation
172. Mr. Speaker, under the Girls in ICT initiative, 2,000 girls and 200 ICT Teachers
     in the Savannah and Northern Regions were trained. Additionally, a total of 287
     laptops were presented to the best performing students and teachers in both
     the Savanna and Northern Regions. In 2024, 3,000 girls and 300 ICT teachers
     will be trained in the Ashanti, Greater Accra, and Volta Regions. Government,
     39
     Mr. Speaker, continues to seek resources for a one laptop per child programme
     in order to create a tech-savvy population.
173. Mr. Speaker, the Ghana.gov platform deployed in 2020 has onboarded 1,541
     MDAs, MMDAs, and State-Owned Enterprises (SOEs) with 130 of these entities
     actively utilizing the platform for various functions, including processing
     payments. This has yielded a total revenue of over GH¢164 billion since its
     inception. In 2024, NITA will enroll government agencies responsible for
     revenue collection onto the platform. In addition, a “Citizens’ App” will be
     integrated into the platform, to enrich Citizen-to-Government engagement and
     allow persons with disability to access the platform to foster inclusiveness.
     Coastal Protection / Drainage / Flood Control
174. Mr. Speaker, Government continued with the coastal protection works to
     protect coastal settlements against beach erosion and flooding while protecting
     lives, livelihoods and properties from tidal wave erosion. Accordingly, the
     Dansoman, Anomabu and Elmina (Phase III) coastal protection projects are
     currently at 97 percent, 75 percent and 96 percent respectively. Other projects
     include Cape Coast (80 percent), Dixcove (40 percent), Komenda (98 percent),
     Aboadze Phase II (61 percent) and Ningo-Prampram (50 percent).
175. Government continued drainage improvement works to mitigate the disaster
     risks associated with flooding in various parts of the country, while minimising
     the economic losses that are associated with the floods. In 2024, work will
     continue on uncompleted projects under the National Flood Control
     Programme.
     Governance
176. Mr. Speaker, the new Conduct of Public Officers Act seeks to address current
     weaknesses in the asset declaration system. The new Act will introduce
     provisions that ensure public officers submit their declaration in time and that
     an effective verification system is in place. The draft Bill is under consideration
     by Cabinet and will submitted to Parliament subsequently.
177. Government is also committed to ensuring the implementation of the second
     phase of the National Anti-Corruption Action Plan (NACAP) to foster public
     accountability and transparency.
     Security
178. Mr. Speaker, Government will continue to resource the Ghana Armed Forces to
     collaborate with other Security Services in the following operations: COWLEG,
     CALM LIFE, HALT, GONGGONG to provide security to society, check illegal
     40
     logging and mining to control environmental degradation. In addition, the
     establishment of 10 Mechanized Battalion at Wa, 11 Mechanized Battalion at
     Bawku, 3 Field Workshop and 3 Mechanical Transport Company under
     operation CONQUERED FIST have improved security and neutralized threats of
     terrorism from the Northern Border.
179. Mr. Speaker, the establishment of 15 Forward Operating Bases (FOBs) along
     the Northern Borders of the country to prevent cross border crimes and terrorist
     infiltration are progressing steadily. In addition, the FOB at Ezinlibo in the
     Western Region is 55 percent complete and forms part of the national strategic
     programme to protect the country’s oil and gas fields.
180. Mr. Speaker, on internal security, the Ghana Police Service sustained and
     enhanced its peace-building efforts in conflict zones such as Yendi, Tamale,
     Wa, Chereponi, Bawku, Alavanyo, Nkonya, Ejura, and Akropong-Akuapem. The
     Police Service improving Community Watch Programme with professional
     motorbike riders has elevated the sense of security and the country.
181. The Service received 100 Toyota Hilux Pick-ups, 6 Armoured Personnel Carriers
     (APC), and 600 Motor Bikes to augment the fleet of the Formed Police, Visibility,
     and Motorbike Patrol Units to enhance their work.
182. Mr. Speaker, the Ghana Immigration Service conducted day and night patrols
     along the borders to secure the country against irregular migration flows and
     migration-related crimes. The Service also conducted 5,901 inspections at
     various locations, such as companies, hotels, residential sites, and educational
     institutions, to ensure compliance with immigration laws.
     Independent Power Producers
183. Government has continued to engage key operational Independent
     Power Producers (IPPs) in positive and constructive bilateral negotiations.
     Engagements have centered on the sustainability of Ghana’s energy sector, as
     well as the restructuring of legacy IPPs debt and power purchase agreements
     (PPAs); future-proofing timely payments to IPPs going forward; and the
     implementation of critically needed energy sector reforms. Government aims to
     finalise commercial agreements with key IPPs in the coming weeks.
184. Mr. Speaker, Government remains mindful and appreciative of the
     continuing commitment on the part of IPPs not only to supporting Ghana’s
     power sector but also to collaborating with Government and the Electricity
     Company of Ghana to achieve a sustainable future for the sector, while shoring
     up Ghana’s reputation as a compelling investment destination.
     41
     Climate Change
185. Mr. Speaker, Ghana has been at the forefront of advocacy for a fit- for-climate
     global financial architecture whilst expanding its engagements to mobilising
     climate financing.
186. At the 2023 IMF/World Bank Group Annual Meetings, Ghana secured critical
     financing support for its climate adaptation and mitigation measures. This
     includes:
     i. US$54.5 million to establish the Ghana Shea Landscape Emission
     Reduction Project (GSLERP) in partnership with the Green Climate Fund.
     ii. $4.8 million successfully earned by reducing nearly 1 million tons of
     carbon emissions through forest conservation and degradation
     prevention. We expect to earn up to $45 million by the end of 2024.
     iii. Additionally, Government has signed 6 MOUs/agreements with
     Switzerland, Singapore, Sweden, South Korea, as well as some public
     and private entities in line with Article 6 of the Paris Agreement.
187. To leverage the mobilisation of climate finance resources and maximize its
     usage, the Ministry of Finance is setting up a Climate Financing Division. This
     is to improve coordination at the national level and hasten Ghana’s growth
     towards climate resilience. Additionally, it will facilitate the fulfilment of Ghana’s
     international commitments by effectively implementing Ghana’s Nationally
     Determined Contributions.
188. Mr. Speaker, our leadership as Chair of both the Climate Vulnerable Forum (CVF)
     and the Vulnerable Twenty Group (V20) is a prime example, directed by our
     Ministries of Finance, Environment, Science Technology and Innovation, and
     Foreign Affairs.
189. Under Ghana’s tenure, we’ve not only raised our global standing in climate
     discussions but also championed the interests of climate-vulnerable nations.
     President Nana Addo Dankwa Akufo-Addo leads the CVF, with Hon Ken OforiAtta chairing the V20 Finance Ministers.
190. Since 2021, under Ghana’s direction, the CVF and V20 have driven a forwardthinking agenda to counter climate change threats. We’ve led pivotal talks,
     advocating for enhanced climate finance and firmer commitments from
     developed nations. This effort extends to supporting vulnerable countries
     through climate prosperity plans and the Accra-Marrakech agenda.
     42
191. Crucially, Ghana has been instrumental in pushing for reforms in the global
     financial system to make it more conducive to climate-resilient growth and
     sustainable development. Our leadership in this area is evident in advocating for
     long-term reforms and presenting actionable steps, in line with the objectives of
     the Accra-Marrakech agenda and the Bridgetown Initiative 2.0 proposed by
     Prime Minister Mia Mottley of Barbados.
192. Ghana’s leadership in advocating for a reformed global financial system
     underscores our commitment to fostering a future where climate-resilient growth
     and sustainable development are at the forefront. By championing the needs of
     developing countries in the face of climate change, we aim to pave the way for
     a world where our nations not only survive but thrive. This vision for climate
     resilience is more than an environmental imperative; it is a pathway to enduring
     prosperity and stability for developing countries globally, ensuring that we are
     equipped to face climate challenges while progressing towards a sustainable,
     prosperous future.
     43
     IX. CONCLUSION
193. Mr. Speaker, today, I have highlighted our collective achievements as a nation
     to this august House. I have also demonstrated how our investments over the
     last seven years have positively impacted individuals, households, businesses,
     and communities.
194. We have a safer country. We have a more physically and digitally connected
     society. We have a more educated and skilled population. Through our policy
     approach, the foundation for a country has been laid where: Ingenuity is being
     encouraged; Innovation is supported; Public service is valued; Responsibility is
     shared; Prosperity is shared; and Accountability for the custodianship of public
     resources is prioritised.
195. Mr. Speaker, this is a marked change from when I first stood before this House
     on 2nd March, 2017. At the time, ‘dumsor’ had decimated the incomes of
     businesses and households. The financial sector was weak and near collapse.
     Trained nurses had stayed home for years without employment. NHIS was in
     arrears for over a year. A sizable number of Ghanaians were unable to access
     Senior High School education. Above all, our economic prospects had dimmed
     considerably. I referred then to the biblical story of five loaves and two fishes
     to illustrate the approach in turning the economy around.
196. Mr. Speaker, I stood here in March 2017 and asked that the country’s
     paltry 2 fishes and 5 loaves be multiplied. Indeed, as the young boy gave all
     he had to the multitude, so have we and the Lord, in response, has blessed our
     nation, and this we should not forget.
     i. From a nominal GDP of GH¢262 billion in 2017 to GH¢1 trillion in 2024
     ii. Invested in the future of our children under the free SHS programme with
     1,261,495 students having access to secondary education.
     iii. Supported the poor and vulnerable through an enhanced LEAP programme
     by increasing the number of beneficiary households from 212,545 in 2017
     to 350,000 households in 2023 with the aim of further increasing this to
     450,000 over the medium term.
     iv. Invested in providing one hot nutritious meal per day to 3,260,468 pupils in
     our basic schools and provided a study income stream for 32,496 caterers.
     v. Invested the most in the construction, rehabilitation and upgrading of major
     road networks across the country.
     vi. Supported small businesses with GH¢750 million during the COVID-19
     pandemic through the CAP-Buss programme and other interventions.
     44
     vii. Invested in making sure that all public workers were paid every month
     during the COVID pandemic including the teachers who were paid for all
     the nine months when the academic calendar was disrupted.
     viii. Invested to strategically establish over 160 factories across all districts
     under the 1D1F programme
     ix. Investing in the expansion of health infrastructure in every district under
     the agenda 111 initiative
197. Mr. Speaker, let me take this opportunity to recognize the strong
     partnership that has co-existed between the Government and organised labour.
     I also want to use this occasion to thank the leadership of organized labour for
     their positive cooperation since 2017. Yesterday, 14th November, 2023, we
     successfully concluded negotiations for the 2024 Single Spine Salary Structure
     the base pay which culminated in a 23 percent increase in the base pay on the
     Single Spine Salary Structure (SSSS) across board from January to June 2024,
     and a readjustment to 25 percent from July 2024 to December 2024. This
     wouldn’t have been possible without the cooperation of our Labour Unions.
198. Since then, we have stayed focused and implemented our plans. However, it
     has not been smooth sailing. There have been ebbs and flows. We have faced
     severe headwinds since March 2020. The economy has faced multiple shocks.
     We have not created enough jobs and food inflation remains high, creating
     hardship and we are committed to tackling this. However, we are re-anchoring
     our path, using the PC-PEG as our compass… our true North.
199. Mr. Speaker, backed by the PC-PEG, the 2023 Budget sought to restore and
     sustain macroeconomic stability. With hard work and the grace of God, we are
     on a path of stability and growth. Thankfully, a sense of a “new beginning” has
     taken hold.
200. Despite our remarkable progress in the last ten months, risks abound. In
     October, 2023, the IMF reported that global recovery remains slow, with little
     margin for errors. The Kenyan Finance Minister also noted in September, 2023
     that “All low and middle-income countries are walking a tightrope given the
     current economic constraints globally”.
201. Mr. Speaker, we are aware of these pressures and risks. So far, the
     implementation of the Government’s PC-PEG, which addresses these pressures,
     is delivering the immediate intended results. We have successfully concluded
     the Domestic Debt Operations and are making steady progress on external debt
     restructuring. We are implementing the new Growth Strategy, which prioritises
     45
     the completion of key transformative interventions to improve the quality of life
     and welfare of our people.
202. Mr. Speaker, for our future, large public spending and deficits cannot
     remain embedded in our policy framework. So after achieving macroeconomic
     stability, the gains will be anchored on enhanced fiscal responsibility rules. The
     IMF is already working with us to strengthen these rules in order to maintain
     macroeconomic stability and implement structural reforms needed to sustain
     the country on a strong path of economic growth and transformation.
203. To achieve a sustainable recovery, we must deepen our reforms:
     i. Promote private sector investment and entrepreneurship. This is why in
     this budget the DBG has committed about GH¢2b in private sector lending.
     The YouStart initiative will also commit to channel GH¢200m to our SMEs
     through GEA, NEIP and our commercial banks.
     ii. Coordinate with the Bank of Ghana to bring down interest rates to single
     digits in the next 24 months as the inflation path improves.
     iii. Protect the financial system and enable stronger institutions. This is why
     under the IMF supported program we have committed 2.6% of GDP to be
     deployed in phases to further strengthen the financial system and
     ensuring confidence. This is critical in sustaining the recovery and
     ensuring that both short term funding for operations and long term capital
     investment by the private sector are supported. In the Mid-year we
     committed US$750m equivalent under Ghana Financial Stability Fund, and
     are making provision for an additional GH¢4 billion to address legacy
     issues in the financial sector.
204. Mr. Speaker, the 2024 Budget has been developed to:
     i. Ensure the accelerated implementation of the PC-PEG and safeguard the
     recent macroeconomic gains;
     ii. Expand investments in the real sector to implement the new Growth
     Strategy and chart a new course;
     iii. Consolidate and complete on-going infrastructural projects to improve
     productivity and welfare; and
     iv. Mobilise climate finance to enable us build resilience and promote
     Climate-sensitive growth
205. The policy initiatives outlined in this Budget will also ensure Ghana remains
     attractive for domestic and foreign investors. The feedback from our extensive
     engagements with key stakeholders has informed our policy choices.
     46
206. Mr. Speaker, we have launched the Ghana Mutual Prosperity Dialogues so that
     Government can work with the private sector to craft solutions that will ensure
     that the nation will realise a thriving and resilient economy. Crucially, we will
     invest in local businesses to catalyse a new wave of growth and employment
     that is sustainable, inclusive and impactful.
207. More importantly, the various components of the Government-owned financial
     ecosystem such as DBG, GCB, CBG, GIRSAL, GCX, GIIF, Venture Capital Trust
     Fund, GEA, NEIP, YEA, GEPA will be strengthened to enable us to address the
     concerns of the private sector in respect of access to credit, access to skills,
     labour, and raw materials.
208. Mr. Speaker, we do this knowing that the key to our prosperity is not handing
     out free goods and services to our underprivileged folks. Rather, it is by
     providing skills and finance to enable people to generate income and jobs.
209. Mr. Speaker, we continue to optimise our tourism infrastructure investments to
     advance our economic progress. The improvements in key tourist sites have
     been complemented by aggressive marketing to reposition Ghana. Next month,
     as in recent years, our country will expect an increase in tourists seeking to
     patronise the ‘DECEMBER IN GH’ event. This follows the successful ‘Year of
     Return’ and ‘Beyond the Return’ programmes launched by the President in 2019
     and 2021 respectively. Our investments in CCTVs on our roads, and provision
     of increased logistics for the security services will continue to support these
     events and make them memorable.
210. These investments would also facilitate the hosting of the 13th All Africa Games
     in Accra, from 8th to 23rd March, 2024. The occasion will spotlight Ghana as a
     leading sporting venue in Africa and highlight our organisational capital for
     sporting events in the future.
211. In addition, Ghana has strategically positioned itself to mobilise climate
     financing, and champion a fit-for-climate global financial architecture as Chair
     of the Climate Vulnerable Forum and the Vulnerable Twenty Group (V20). The
     vehicles being explored includei. Sustainable Use of Natural Resources and Energy Finance (SUNREF) in
     Ghana;
     ii. Climafintrack climate financing tracking tool;
     iii. Sustainable Financing Framework;
     iv. Digitisation of Payments in the Cocoa Supply Chain;
     v. Environmental and Fiscal Reform; and
     47
     vi. Engagements with the Green Climate Fund.
212. Mr. Speaker, a new and exciting opportunity is Ghana’s newfound wealth in
     lithium and graphite, which will be extracted in line with the Green Minerals
     Policy, to support our energy transition.
213. On 19th October, 2023, Government granted its first concession for the mining
     of lithium, which is guaranteed to be a major contributor to Ghana’s GDP from
214. On the Atlantic Lithium mining project, which is projected to produce
     some 360,000 tonnes of lithium a year, Government has negotiated a 10
     percent royalty and a record-high 13 percent free carried interest for the State.
     The company will also pay one percent of its revenue and another one percent
     for the Growth and Stabilisation Levy.
215. Mr. Speaker, in addition, the Minerals Income Investment Fund, has acquired
     a 6 percent contributing interest in Atlantic Lithium’s Ghana Portfolio. This will
     lead us to a new negotiation posture for future extractive industry investments.
216. Mr. Speaker, in line with Government localisation policy, Atlantic Lithium would
     list on the Ghana Stock Exchange to further enhance and deepen local
     participation. Also, a study to assess the economic benefits of the downstream
     conversion of lithium in Ghana, including the local use of feldspar and kaolin
     for ceramics and other products, has commenced and the findings will be
     submitted to Government by end of February 2024.
217. Mr. Speaker, we are in a better place than we were before. The nation has
     been positively impacted and positioned to harness its prospects. We must
     move forward courageously. For as 2 Timothy 1:7 counsels, “God has not
     given us the spirit of fear; but of courage, and of love, and of a sound mind”.
218. It is in this same vein of courage and power, that we have forged a path of
     resilience since 2017. It is important to recall that despite the ‘poly-crises’ since
     March 2020, we have, together, taken a GDP of GH¢219.5 billion in 2016
     and almost quadrupled it. We are crossing the GH¢1 Trillion GDP mark this
     year.
219. A key lesson from this leap since 2017 is for us to eschew unfounded
     pessimism. We have shown that it is possible. We should be collectively proud
     of ourselves and the can-do-spirit of our people. We have proven that a lot
     more is possible, if we stay the course and believe in a future of immense
     possibilities.
     48
220. To realise our common aspiration, Mr. Speaker, we must continue to speak in
     our language. This is Ghana: A nation united in diversity. A resilient nation on
     the path to manifest destiny. Every opportunity to safeguard our progress must
     be protected by adherence to the exhortation of Genesis 11:6.
221. Mr. Speaker, I present to you the “NKUNIM” Budget. A people with a manifest
     destiny for greatness. We are resilient and we shall prevail, because the Battle
     is still the Lords.
222. God bless our homeland Ghana and make us steadfast to build together a
     nation strong in Unity.
223. Mr. Speaker, I so move.

More stories here

1. Ladies and gentlemen, as you may be aware, the NDC, CPP, APC, LPG & GCPP last week Thursday, filed a suit against the Electoral Commission (EC) of Ghana in the Supreme Court over the Commission’s unlawful and unreasonable decision to restrict centres for the Limited Voter Registration exercise to their District Offices. 

The PNC has subsequently thrown their weight behind the suit with the hope of joining the same in the Supreme Court. 

2. This suit was filed simply because the EC’s decision to restrict the centres of voter registration to their 268 district offices has the potential to deprive many eligible voters of their right to be registered as voters and to vote in public elections. 

3. Pending the final determination of the substantive matter, the parties have duly filed an Application for Interlocutory Injunction in the Supreme Court to restrain the EC from proceeding with the announced limited voter registration exercise; which as you are well aware, the exercise commenced today, Tuesday, 12th September, 2023.
 
4. Even though registration has commenced, this suit at the Supreme court is only the first of a series of actions that we intend to take to compel the EC to conduct limited voter registration at the electoral area level to give all eligible voters access to the process in line with the letter and spirit of Article 42 and 45 of the 1992 Constitution, Regulation 2(1)(2) of C.I 91 and the EC’s own time-tested practices. 

The basis of this suit are that;

5. Article 42 of the 1992 Constitution provides that every citizen of Ghana, 18 years and above and of sound mind is entitled to be registered as a voter and to vote in public elections and referendums. 

We firmly believe the EC’s decision to restrict registration centres to their district offices will deprive many eligible Ghanaians of their right to be registered as voters and lead to voter suppression. 

6. Also, whereas Article 45(e) of the 1992 Constitution mandatorily enjoins the EC to undertake programs to expand the registration of voters, the EC’s decision to restrict registration centres to their district offices will reduce access to voter registration. Hence contravenes Article 45(e) of the Constitution. 

7. Again, the EC’s decision to restrict registration centres to their district offices violates Regulation 2(2)(b) of C.I 91 (Amended by C.I. 126) –  the law that governs centres for voter registration.

Regulation 2(2)(b) of C.I 91 provides:

“In designating a place as a registration centre, the Commission shall take into consideration
(a) the suitability of the place for use as a polling station on election day; and
(b) the accessibility of the place to prospective applicants for registration.”

Given the fact that the district offices of the EC are not suitable for use as polling stations on Election Day, the decision by the EC to restrict voter registration to its district offices is not only unreasonable but unlawful. 

Also, given the long distances that many eligible voters will have to travel and the exorbitant fares they will have to pay to transport themselves to district offices of the EC under the excruciating hardships Ghanaians are presently confronted with, the decision is insensitive, unreasonable, unlawful and unconscionable.

8. Ladies and gentlemen, it’s instructive to note that Regulation 30 of C.I 91 enjoins the EC to revise the voters’ register annually and to do so at the electoral area level. 

Yet, the Jean Mensah-led EC has violated the law in the last two years by not conducting any limited registration in 2021 and 2022. 

This has created a huge backlog of about 2.8 million eligible persons including unemployed youth who are entitled to be registered. 

This huge backlog is the more reason why the EC’s decision to restrict voter registration to their district offices is unconscionable and preposterous. 

9. In 2019, the EC conducted limited voter registration in 1500 electoral area centres. Why will the EC reduce this number of registration centres to 268 now that they have a huge backlog of about 2.8 million persons to register? It simply doesn’t make sense. 

10. This irresponsible and unconscionable decision of the commission confirms the NDC’s long held view that the Jean Mensah-led EC is determined to rig the 2024 elections through voter suppression. But she will fail because we are ready for them.

11. Aside from its potential to suppress registration and voting, the EC’s decision to restrict voter registration to its district offices can promote and facilitate gerrymandering as agents of political parties will find it difficult to challenge persons who may be used from one constituency to another to register.

12. Ladies and gentlemen, in addition to the NDC, there are 4 other political parties who are plaintiffs in the instant case at the Supreme Court. And as already indicated, the PNC has also thrown its weight behind the suit. 

In fact, CODEO, Care Ghana and other stakeholders in our electoral space have all criticized this unreasonable decision of the NDC. 

Apart from the ruling and corrupt New Patriotic Party, no other political party or stakeholder has supported this decision by the EC. This clearly shows that the EC is the problem and not the NDC. 

And we know the only reason why the NPP is supporting this unreasonable and unlawful decision is because they are the masterminds and sole beneficiaries of the same.

13. In an unusual twist – when our lawyers filed the injunction application last week Thursday – we were informed by the Registrar of the Supreme Court that the due date for the Application for Interlocutory Injunction to be moved will be given on Monday upon the expressed instructions of the Chief Justice of our dear Republic of Ghana. 

The decision by the registry of the Supreme Court to defer giving a hearing date for the injunction application on grounds that the Chief Justice is currently out of Accra leaves much to be desired as the CJ should have delegated someone to act in her absence as the practice is.

The administration of justice in our apex court cannot come to a stand-still simply because the Chief Justice is indisposed or unavailable to give hearing dates. What happened to the e-Justice system the John Mahama led NDC administration toiled for? This deliberate delay should not happen in any civilized country. This is completely unacceptable! 

This is yet again another clear evidence of judicial manipulation and we condemn it in no uncertain terms. 

14. We are aware that the EC has also been served with two applications for injunction from Courts of Competent Jurisdiction, specifically the High Court. Yet, the lawless Jean Mensah-led EC has decided to flout these injunction applications by going ahead with the registration exercise in flagrant disregard of the letter and spirit of the rule of law.

We wish to emphasise that the EC’s decision to proceed with the limited voter registration exercise today despite being served with two injunction applications from the courts contradicts an important precedent set by they themselves during the 2023 NDC Presidential and Parliamentary primaries when they publicly announced the suspension of their supervision of our primaries on grounds of a suit and injunction application filed by Dr. Kwabena Duffour. What has changed? Why this inconsistency?

15. Ladies and gentlemen, notwithstanding these pending legal matters, the NDC is fully ready for the registration +exercise which was illegally commenced by the EC today. We are ready! Very ready. But we care for the poor registrants who must cater for the cost and constraints of being registered to vote. 

We currently have our agents and officers in all 268 district offices of the EC.

We are keenly and actively monitoring the process and will ensure that the manipulations of the EC & the ruling NPP calculated to suppress votes and rig the process are defeated. NDC shall always stand and fight for the masses.

We therefore wish to call on all NDC officials at all levels, members, sympathizers and Ghanaians as a whole to encourage and fund and assist all eligible persons or prospective registrants to defy the EC and participate in the ongoing registration exercise. 

Your vote is your power! Don’t allow the Jean Mensah led EC to rob you of it no matter what.

Relatedly, we have outlined some discrepancies in the registration process which commenced this morning.  And we wish to share a few with you in order to jolt the EC into action. We expect the EC to act swiftly in order to avert any further loss of confidence in the Commission.

Thank you.

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This follows a ruling of the apex court upholding an application invoking the original jurisdiction of the Supreme Court on the constitutionality of the election of James Gyakye Quayson.

Mr. Michael Ankomah-Nimfah filed the application after securing a judgment at the High Court in Cape Coast injuncting Gyakye Quayson from holding himself as MP after the court ruled that by being a Canadian citizen, he was not qualified to contest as an MP in Ghana.

The plaintiff in invoking the original jurisdiction of the Supreme Court sought reliefs to the effect that, upon a true and proper interpretation of Article 94(2)(a) of the 1992 constitution, the decision to allow Gyakye Quayson to contest in the 2020 polls, and his subsequent election was null and void.

The ruling by the seven-member panel of the Supreme Court bars Mr. Quayson from holding himself as a Member of Parliament.

Download the full judgement here:

Fellow Ghanaians, good evening.

It has been some time since I last came into your homes, so I want to thank you for having me again tonight. I have come because of two important events that both occurred last week on 17th May. The first is an update on the COVID-19 pandemic; the second is the recent agreement we have reached with the International Monetary Fund (IMF).

Some three weeks ago, on 5th May, the World Health Organization (WHO) announced that COVID was no longer a public health emergency of global concern.

It had taken three years, five months and twenty days of unbelievable tumult, unrelenting pain and suffering and emotional turbulence of a world turned upside down, but we have at last heard the words for which we had all been praying. The scientists and health experts tell us that we no longer have a public health emergency of international concern.

They tell us also that there is evidence of reducing risks to human health from COVID-19 infections. This has led to the decreasing trend of COVID-19 related deaths, hospitalizations and intensive care admissions. The world has also achieved the long hoped-for immunity, and with improved clinical management, the experts say it is time to transition to long-term management of the COVID-19 pandemic.

In other words, we can now breathe that collective sigh of relief. For, even though we may still have to deal with sporadic, isolated outbreaks, the crisis itself has technically ended.

The pandemic trend in Ghana is similar to the general global trend as announced by WHO.

As at 15th May, 2023, there have been one thousand, four hundred and sixty-two (1,462) deaths attributable to Covid-19 in Ghana, with the last death being recorded on 8th January, 2023. These are not mere figures, or inconvenient statistics, they are dearly loved parents, sons and daughters, relations, friends and colleagues whom we shall continue to miss dearly. May their souls rest in perfect peace. I am glad to report that, currently, we do not have any critical or severe cases.

In general, since the first case was confirmed in our country on March 12, 2020, there have been one hundred and seventy-one thousand, seven hundred and fifty-eight (171,758) positive cases from two million, five hundred and thirty-eight thousand, one hundred and ninety-eight (2,538,198) tests. You would recall that we started the Covid vaccination campaign in March 2021 and, as at 25th May 2023, twenty-five million, one hundred and seventy thousand, three hundred and eighty-two (25,170,382) vaccine doses have been administered. There are ten million, five hundred and thirty-six thousand four hundred and twenty (10,536,420) fully vaccinated people, that is, 52.7% out of the twenty million (20 million) people target we had set, with four million, five hundred and ninety-nine thousand, eight hundred and eighty three (4,599,883) persons having received booster doses.

In the light of these facts, the COVID-19 Taskforce, which I chair, met on 17th May and took some far-reaching decisions on the measures we have put in place for the management of the pandemic, which were announced by the Ghana Health Service on 19th May. The most important of these decisions was that the COVID-19 pandemic was over in Ghana.

Thus, all the outstanding Covid-induced restrictions at our airports and all entry points have been lifted, and we are back to the pre-COVID situation as far as health entry requirements are concerned.

It will be recalled that, three years ago, we started with drastic measures and restrictions; the international airport was shut for months and our land borders were closed to human traffic for almost three years.

The hospitality industry was devastated, hotels and restaurants and other social gathering places were shut down, schools and universities and training institutions were shut down. Indeed, our world was turned upside down. That culturally defining Ghanaian symbol, the handshake, was prohibited and frowned upon and we were advised not to hug our children and our loved ones.

Churches, mosques and other places of worship were closed for months, and our beaches remained emptied of human activity. Fellow Ghanaians, even our funerals, that sacred Ghanaian ritual, were stopped and then attempts were made to change the tone and character of the funeral with the imposition of restrictions on how many can attend or be fed at the ceremony.

Fellow Ghanaians, throughout these trying times, I kept urging all of you to believe that this, too, shall pass. Dare I say that this too has passed? The emergency is over, and we can safely lift many of the oppressive restrictions we have had to endure, we can shake hands, we can hug, we can visit, and we no longer have to wear masks. But it is strongly recommended that we keep some of the measures imposed during the crisis and integrate them into our everyday lives because they have served us well and will continue to serve us well.

I urge you all to continue with the regular hand washing and other personal hygiene measures, so they become entrenched national habits. There has been a dramatic decrease in diarrhoea diseases, and we have not had any cholera outbreaks these past three years – these developments are attributable mostly to the hand washing and improved hygiene regimen in our communities. It does not hurt to wear a mask if you have a cold for example, it might protect those around you. If you are uncomfortable in a crowded and enclosed space, go out into the open and continue the new ways we have devised for outside entertainment. I hope there will be no argument that we should continue and institutionalize the periodic cleansing, disinfection and fumigation of markets. Never again should our markets be breeding grounds for rodents.

There are other ways in which this nightmare has brought some good dividends that must be acknowledged.

It has led to the strengthening of our disease surveillance system, and this has been manifested in recent months by our ability to deal, in a very rapid and aggressive way, with outbreaks of frightening diseases like Marburg, Lassa fever, Monkey Pox, before they could turn into serious public health catastrophes.

The pandemic also exposed some of the painful deficiencies we have, and forced us to take some brave and necessary decisions, like the expansion of our network of health facilities under Agenda 111.

I doubt very much that, but for the pandemic, the network of health laboratories with capacity to do PCR testing in our country would have expanded exponentially from the initial 2 to 67 laboratories nationwide.

And, Fellow Ghanaians, we have begun the process of manufacturing our own vaccines with the establishment of the National Vaccine Institute. The painful lesson from the pandemic about the access to vaccines certainly concentrated our minds, and we must be proud that we did not bow our heads in defeat, but used the crisis to achieve such a positive outcome. We now have in place a Vaccine Institute and two Vaccine Manufacturing plants: I commissioned that of Atlantic Life Sciences Limited last year, and a few weeks ago, I performed the sod-cutting ceremony of that of DEK Vaccines Ltd.

There is no question but that Ghana came out of this global catastrophe much better than many other countries, if we consider the rate of infection, hospitalization and deaths. We must recognize that this happened because we worked at it in a focused and competent manner.

We refused to be swayed by the populist noises, conspiracy theory peddlers, false and uninformed analysts, but rather we relied firmly on the science and data-driven information for guidance.

Contrary to what some foreign experts claimed, we do have a decentralized, resilient public health system, which reaches every corner of our country with highly competent and dedicated health workers – a public health system of which we can be justly proud.

When it was most needed, the health sector and religious and traditional leaders demonstrated admirable leadership. The private sector rose to the occasion and displayed innovation and dynamism.

We managed a strong community engagement and communication strategy which carried the entire population along, and was admired and praised by Ghanaians and the outside world. Among Ministries, Departments and Agencies, there was strong and palpable multisector collaboration.

It certainly also helped that we found the resources from the government, partners, individuals, corporate entities, and the public to support health workers and procurement of required materials. Fighting covid has been a very expensive undertaking characterized, as it was, by lockdowns, closed borders, minimal economic activity and the consequential steep decline in revenues. The testing for the millions who went to public laboratories; the quarantine of arrivals from outside the country, hospital admissions, treatments and feeding for all patients were publicly funded and cost vast sums of money. The vaccination programme was expensive, very expensive; even though we received some donated vaccines, we purchased a lot with our own resources, and the multiple country-wide vaccination campaigns cost a lot of money.

The fumigation, cleansing and disinfection of markets, schools, offices and other public spaces also cost a lot of money. Free water was provided, and the cost of electricity subsidized. Fifty-four thousand (54,000) additional health workers were hired, and all health workers obtained a tax rebate.

Fellow Ghanaians, keeping us all informed about this most unpredictable virus was expensive. A lot of money was spent on public education, public information, risk communication, public and community engagements and keeping us all abreast with the relevant information. We must thank the Ministry of Information and its agencies, and the National Commission for Civic Education for the exceptional work.

It took courage, and I am particularly happy that we reopened schools, colleges and universities at the time we did in spite of the fears of some parents and the condemnation of our critics. In some countries, millions of girls and boys did not return when schools eventually reopened after they had been kept shut for over a year. The logistics for keeping the schools open were huge and costly, but I am delighted that no Ghanaian child was left behind.

Let me make it clear that COVID expenditures, essentially unplanned, have been subject, at my instigation, to audit by the Auditor-General, and are going through parliamentary processes. We all deserve to be reassured that the crisis was not used as a cover for corrupt practices. The COVID Health Recovery Levy that was introduced to help fill some of the expenditure holes might not be the most popular tax, but I entreat all of you to bear with us. The Covid Trust Fund has performed an invaluable service, and with these developments has reached the end of its mandate. I thank the trustees as well as all donors and contributors to the fund.

It is likely, God willing, that this will be the last in the series of ‘Fellow Ghanaians’ speeches on COVID, and, as your President, I have a truly long list of people and institutions I must take this opportunity to thank.

I thank, firstly, all of you, my compatriots, my fellow Ghanaians, for your patience, understanding and cooperation; health workers and the scientific community. I thank the leaders of the faith-based groups, the Christian Council, the Catholic Bishops’ Conference, the Ghana Charismatic and Pentecostal Council, the Chief Imam and the Moslem leaders, for their strong involvement, powerful prayers and support, their help especially in feeding the vulnerable during the lockdown periods, and, through the Church of Pentecost, in providing accommodation for an isolation and treatment centre. I thank the Council of State and our traditional leaders, the National and Regional Houses of Chiefs, for their support and help in community sensitization. I thank the political and business leaders; development partnerships, NGOs, civil society; the sports, hospitality, entertainment, creative and tourism industries; our security services – police, military, immigration; teachers, pupils, students, parents, and guardians; I thank the journalists and the entire media.

A few weeks ago, I gave National Honours to most of the frontline workers who had been in the trenches as it were in the COVID battle. A total of twenty thousand one hundred and ten (20,110) people were given National Honours. They were well deserved, but I know some might have been left out, not out of any malice. We continue to recognize those who come to our attention.

I must make special mention of the Environmental Health personnel of the Ministry of Local Government. They played a key role in the burials of COVID related deaths. The private funeral homes deserve honourable mention. They set the pace for how funerals should be conducted within the COVID protocol restrictions and with cultural sensitivity.

In paying tribute to the health workers, I should address our psychologists and psychiatrists and express my gratitude for their work. Covid exacted an extreme emotional turbulence on the population and no one can predict how long the effects on our mental health will last and their work continues even after the end of the emergency.

I believe it would be appropriate to make also a special mention of the Ministry of Health and its implementing and regulatory agencies, the Christian Health Association of Ghana, the Military and Police Health Services, quasi-government, private health care providers and the Food and Drugs Authority (FDA), which has established itself as a world-class institution, able to hold its own on the international scene.

On behalf of the people of Ghana, I express eternal gratitude to the Police, the Immigration and the Military, and the two IGPs, two CDSs and Comptroller-General that have served during the period.

I pay homage to the pharmaceutical and textile industries, and to the many corporate bodies that made generous donations, and rallied to the call for enhanced domestic production of medical supplies. The Ghana Airport Company must be mentioned for the hard work of its staff. The Ghana Education Service and the Director-General that saw us through the school closures and re-openings, thank you. And thank you to its sister body, the Ghana Health Service and its dynamic Director-General, both of whom gave such impressive accounts of themselves during this crisis.

It would be greatly remiss of me not to place on record my appreciation to the National Ambulance Service and its workers. They worked well and we are proud of them. I acknowledge the fact that digital technologies and drones helped very much in getting vaccines and medications to hard-to-reach areas, and I am glad they have become an integral part of our health delivery system. If we were still looking for any proof, we found that the high use of mobile phones and the digitalization agenda helped in the surveillance process, particularly with contact tracing and patient follow-up.

I am indebted to the Ministers of State, officials of the Presidency, led by the Chief of Staff, the Parliament and the Judiciary, and all the members of the brilliant COVID-19 Taskforce. I must make special mention of the Vice President, Dr Mahamudu Bawumia, who was my reliable source of support in the darkest and most trying moments.

And to the many who advised me publicly and privately, supported and prayed for me, I say thank you.

The emergency is over. Unfortunately, the consequences are very much still with us, especially in terms of the economic devastation it has left in its trail.

It would be recalled that I said, right at the onset of the pandemic, that we would do whatever it took to protect the lives of the Ghanaian people. In the now often quoted statement, I said “we know what to do to bring the economy back to life, but what we do not know is how to bring people back to life”. The clear implication was that we would protect lives even if it was at the risk of harming the economy.

I knew that the pandemic and the measures we were taking to keep us alive would have a devastating effect on the economy, but I believe I had the support of the Ghanaian people to concentrate on protecting lives at any cost; but I do not think anyone, anywhere, imagined the effect would be so widespread, so destructive and so deep.

I owe it to you, my compatriots, and to myself to go to any length to bring back the economy to the rude health it was in before the onset of the pandemic. When things came to the state where I concluded that we had to go to the International Monetary Fund to access a facility for budgetary support, I gave directives to the Minister for Finance to start the process.

It was a painful decision for me to take, because going to the IMF was not part of the economic transformation agenda I had been pursuing, especially as my government had gone the extra mile to bring to a successful end the IMF programme we inherited from the previous government. But who would have imagined that President Akufo-Addo would order the closure of airports, offices, factories or schools. We were in extraordinary times and we took extraordinary measures, and when faced with the realities of the economic crisis last year, I accepted the challenge that the economy required a similar attitude, including the sacrifices many of us have made in recent times.

Luckily, the International Monetary Fund has been most supportive, and we have ended up with having our programme approved in record time, culminating in the formal approval by the IMF Board on 17th May. As I am sure we have all heard by now, the details of the programme have been explained by officials of the Fund and by our Minister for Finance and the Governor of the Bank of Ghana.

The first tranche of six hundred (600) million US dollars has been credited to our national account, out of the three (3) billion US dollars that we have negotiated to receive within a period of thirty-six (36) months.

Fellow Ghanaians, access to the IMF facility will not spell the immediate end of the difficulties we are in presently, but the fact that we have been able to negotiate such a deal sends a positive message to our trading partners, creditors and investors; a positive message that will be underpinned by the discipline, hard work and enterprise with which we execute the programme.

It should lead to the restoration of confidence and the reopening of avenues that had been closed to us this past year and a half. It should also lead to the resumption of many of the infrastructural projects that have stalled.

Fellow Ghanaians, we got ourselves out of a pandemic in which there were no precedents on which to rely, and where even the experts admitted they had no clear-cut solutions. We did it by being resolute, being focused and working very hard, and by accepting that we had to stick together.

With a similar frame of mind and attitude, we shall overcome the economic difficulties as well, sooner rather than later. I have no doubts at all in my mind that we are on the right path, and we would soon start to see significant improvements in the economy and in the living standards of Ghanaians.

Twi,

Anuanom, Nyame adom, Covid Yare3 no a 3to hy33 yen so, na 3de )haw bebree br3 yen no, Nyame adaworoma, y’atumi atu ase3. Me sr3 mo, mo mma y3n nyinaa nda Nyame ase, na y3n k) so hw3 y3n ho so yie

Ga,

Anyemim3, Nyonmor dromo naa, COVID hela niba wono, ni eke hawmo babaoo ba, nyonmor 3joo wo, wo nye wofal3shi.

Wo f33 woda nyomo shi ni wokw3 woh3no ojogban.

We are a God-fearing and a God-loving nation, and that is why throughout my presidency, I have consistently stressed that the Battle is the Lord’s. Thus, three years ago, when the pandemic first hit us, I asked for a National Day of Prayer and Fasting for God’s help to be observed on 25th March, 2020. Now that the Lord has heard our prayers and seen us through this COVID trial, I would respectfully ask that next Friday, i.e. 2nd June, all Muslims should say a special prayer of gratitude for our nation’s health, and that next Saturday and Sunday, i.e. 3rd and 4th June, all Christians should do the same. Fellow Ghanaians, we shall overcome our present economic difficulties. The Battle is indeed the Lord’s. Goodnight, and may God bless us all and our homeland Ghana, and make her great and strong. I thank you.

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It is always a great pleasure to be in the company of Organised Labour on the occasion of the International Workers Day of Solidarity, May Day. Ghanaian workers, ayekoo.

The vice President, who has always been present at May Day celebrations since 2017, has asked me to convey his apologies to you for not being able to make it today. He is welcoming the Prime Minister of one of Ghana’s most important partners, Japan, who is arriving this morning in Accra for a two-day official visit. He is the second Japanese Prime Minister ever to visit our country. God willing, next year, the Vice President will be with us again on May Day.

Secretary-General, ladies and gentlemen, it is good to be back in Bolgatanga, the city chosen for this seventh May Day celebration of my presidency, and I am happy the leadership of Organised Labour continues to rotate the hosting of this all-important event for workers between the regions. It mirrors the now-established practice of rotating the venue of our Independence Day celebrations. Long may these traditions continue.

Since the onset of COVID-19, whose effects have been exacerbated by the Russian invasion of Ukraine, one of my major preoccupations continues to be the protection of lives and livelihoods. Indeed, this is a responsibility bestowed on me by the Constitution, and I want to reassure you that the Government will do whatever it takes to protect your incomes and pensions in these challenging times.

When we met last year at the Black Star Square, in Accra, I assured you of the Government’s commitment to protecting the jobs and incomes of workers. Not only did we demonstrate this over the course of the year, but we also proceeded to improve on the existing incomes of workers and pensioners alike.

Organised Labour appealed to the Government for the payment of Cost-of-Living Allowance (COLA) for public sector workers to cushion them against the difficult economic conditions. In response, the Government and Organised Labour reached an agreement for the payment of fifteen percent (15%) COLA to public sector workers. As a sign of goodwill for workers in the private sector, the National Tripartite Committee agreed to the payment of fifteen percent (15%) Cost-of-Living Allowance (COLA) for them, in addition to the ten percent (10%) upward adjustment of the 2023 National Daily Minimum Wage.

In spite of the difficult challenges Government and employers face, this was made possible through consensus building, to ensure businesses attain high levels of employment to hasten economic recovery. This is no mean feat, as it is the first time in the history of the determination of the National Daily Minimum Wage that the parties agreed to the payment of COLA, after wage adjustment for the year has already been agreed upon. This is an indication of our collective resolve to protect workers and their standards of living.

You would also recall that this year began with Government and Organised Labour concluding negotiations on the 2023 Base Pay and Pay Point Relativity for Public Sector Workers in January 2023. Following a series of consultations and consensus building within the Public Services Joint Standing Negotiating Committee, the base pay on the Single Spine Salary Structure was increased by thirty percent (30%) over the 2022 figure, effective 1st January 2023. Indeed, the thirty percent (30%) increment of the 2023 base pay is the highest since the introduction of the Single Spine Salary Structure in 2010, and was made possible by the 2.5 percentage point increase in VAT. This increment will help mitigate the difficulties workers are facing, largely arising from the effects of global inflation. I urge Organised Labour to continue to work with the rest of the Tripartite Body to conclude negotiations of public sector salaries and the minimum wage for the 2024 financial year as soon as possible.

On the issue of pensions, the Government recognises the challenge posed by low pensions, resulting from the relatively low incomes workers receive during their working life. Because the Government is resolved to improve pension payouts, effective 1st January this year, all pensioners on the SSNIT pension payroll, as of 31st December 2022, have had their monthly pensions increased by twenty-five percent (25%). This year’s increase is a significant improvement over the 2022 rate of ten percent (10%), and also the highest increase of annual pensions since 2005, during the time of the Government of another NPP-President, His Excellency John Agyekum Kufuor. All these measures, put together, demonstrate to workers that the Akufo-Addo Government is a listening one, a government which is committed to improving the lot of workers and their dependents.

In the wake of the current global economic crisis, it has become even more imperative to protect workers. Our collective responsibility in achieving this objective is important, and it is for this reason that I consider the theme for today’s celebration, “Protecting Incomes and Pensions in an Era of Economic Crisis: Our Responsibility” as most appropriate.

Secretary-General, Organised Labour, it is evident that this current global crisis is the worst crisis the world has experienced in the past fifty (50) years. In spite of the damaging effect of the crisis, we have managed to protect lives, livelihoods and jobs, and kept the lights on. The crisis is having a profound impact on national economies and societies. Incomes, pensions and investment funds are equally being affected as a result of the multiplier effects of the multi-faceted crisis. Government’s policy responses have been targeted at restoring macroeconomic stability, ensuring debt sustainability from the short-term mitigation options, addressing the long-term structural challenges, and paving the way for sustainable and inclusive growth and development.

I acknowledge the fact that, over the past few months, the Ghanaian discourse has been dominated by the launch of the Domestic Debt Exchange Programme. I wish to emphasize that participation in the Domestic Debt Exchange Programme, voluntary as it was, was critical for the protection of the economy, and the enhancement of our capacity to service our public debts effectively and create fiscal space for our growth and development. In the midst of the current economic crisis, we cannot risk defaulting in the payment of our public debts, which would attract severe consequences – hence the debt exchange programme.

Despite the back and forth which characterised discussions with stakeholders on the Domestic Debt Exchange Programme, the Government is truly grateful for the overwhelming participation of bond holders. The support, cooperation, input and feedback the Government received to finetune eventually the Domestic Debt Exchange Programme were unprecedented and reassuring.

In undertaking the Domestic Debt Exchange Programme, we have been very mindful of its potential impact on pension funds of workers. We will not act in any way to short-change workers in protecting their pensions. It is for this reason that the Government, through an MOU signed with Organised Labour on 22nd December 2022, decided to grant exemption to all pension funds in the Domestic Debt Exchange Programme. At the same time, in the MOU, both Government and Organised Labour agreed to work together “to explore mutually beneficial options within debt sustainability limits and to also promote macroeconomic stability and economic recovery in the spirit of social partnership”. In this regard, within global risk management practice, the options should include diversifying the portfolio of pension funds from the current seventy percent (70%) in government paper to real sector investments including rail, housing, urban transportation, motorways and airports as is done by other pension funds. I am aware that both the Minister for Finance and the Minister for Employment and Labour Relations and their technical teams have been working with Organised Labour/Associations and Pension Fund Managers/Trustees to explore these mutually beneficial options. I would like to use this occasion to appeal to Organised Labour to work urgently with the Government to conclude the discussions within the spirit of social partnership and burden-sharing towards addressing our economic challenges, and providing a stronger base for our rapid growth and development.

We are also very much aware of the impact of the Domestic Debt Exchange Programme on the domestic financial sector, and steps are being taken to mitigate the impact of the Domestic Debt Exchange Programme on the sector. As has been announced by the Finance Minister, we are establishing the Ghana Financial Stability Fund (GFSF) to provide, amongst others, solvency and liquidity support to eligible financial sector institutions, which may be affected by the Domestic Debt Exchange Programme. In addition, the Bank of Ghana and the regulators in the financial sector space have provided some regulatory reliefs to support affected institutions. In keeping with our common objective, the Government, through the Financial Stability Council, will monitor continuously the impact of the Domestic Debt Exchange Programme on financial institutions to enable it to take remedial action, if and when necessary. This would ensure that measures put in place to safeguard incomes, deposits, pensions, investor funds and assets are effective.

Mr. Secretary General, I agree with Organised Labour when it says “Protecting Incomes and Pensions in an Era of Economic Crisis is Our Responsibility”. This is evidenced by the fact that, over the course of the year, the Government has kept every single public sector worker on the payroll. There have been no job losses. Every public sector worker continues to keep his or her job. Even at the peak of the dual global health and economic crisis of the last three (3) years, the Government ensured that no public sector worker was taken off the payroll as a result of the crisis. Government’s posture today, is the same, even in the difficult times we find ourselves in. We have demonstrated this through our commitment to increases in the national daily minimum wage, base pay, and pension payments, amongst others, in spite of their fiscal impact on the economy. Indeed, these increments have been made possible because the Government is very empathetic towards the people, as it should be, and is very much concerned about their plight and the future of our country. In so saying, I am aware the Ministries for Finance and Employment and Labour Relations are working on the payment to the retirees of 2020. SSNIT has completed the computation, and has forwarded it to the Minister for Finance, who has assured me that it will be effected this year.

It is important to emphasise that protecting incomes and pensions, in an era of economic crisis, is tied to increased productivity, enhanced revenue mobilisation, effective expenditure management, and, in particular, the effective and sustainable management of the public sector wage bill.

Today, the expenditure on compensation of employees, which comprises wages and salaries, allowances, pensions, gratuities and social security contributions, represents 56.01% of tax revenue, which is higher than the ECOWAS threshold of 35%, creating a serious fiscal crowd-out effect. This calls for immediate steps to increase productivity in the public service, as well as aggressively increase revenue collection by the Ghana Revenue Authority.

Given that growth in public expenditure far outstrips that of revenue, it behoves the Government to bring expenditures, including the public sector wage bill, to sustainable levels. Managing the public sector wage bill in a sustainable manner would inure to the protection of incomes and pensions, as it helps contain inflation. Mr. Secretary-General, we brought inflation to single digits, and sustained it for some time until the global crisis pushed inflation to its current highs. We have brought inflation to single digits before, and we will do it again.

Secretary-General, the quest to diversify the economy for greater macroeconomic outcomes has become more paramount than ever. The current crisis provides an impetus for diversifying trade and production, and exploring alternative income earning opportunities. As you know, we are committed to the policy of domestic food security and export-driven value addition. It is in our interest to patronise domestic goods and services to hasten economic recovery, create jobs for our peoples, and boost their incomes. Many a time, we overlook the national penchant for foreign goods and services, but are quick to blame the Government when it begins to have a toll on our foreign reserves. Government will continue to do what is within its control. However, consumer preference for goods and services must be deliberately championed by us all.

We must patronise the services of our own, support them to grow, support them to employ our fellow Ghanaians so that, together, we can contribute meaningfully to building the Ghana we all want. I urge everybody here to support the Region by patronising made-in-Ghana products, including food and drinks before departing to your respective destinations. This is one of the ways in which we can protect the incomes of people working and living here in Bolgatanga.

Secretary-General, ladies and gentlemen, dialogue, consultations, engagement in frank and open discussions remain very important routes through reaching consensus and proffering solutions for issues of national development. To this end, I would like to entreat the Tripartite, namely, Government, Organised Labour, and Employers Association to re-activate the Social Partnership Council that was inaugurated in April 2019, but whose mandate came to an end in December 2022. The Social Partnership Council offers a mechanism for building a sense of cohesion, trust, self-management and engagement in frank discussions with mutual sacrifices from all stakeholders to champion Ghana’s development. I am informed that the Government has already circulated a request for nomination for the reconstitution of the Social Partnership Council to the Tripartite. I call on the Tripartite to provide nominations for the immediate reconstitution of the Social Partnership Council. This is consistent with the Kwahu Declaration, from the National Labour Conference of March 2022, which called for the Social Partnership Council to be strengthened as a platform for building consensus on development policies and programmes.

Secretary-General, ladies and gentlemen, let me touch on a very important subject matter which is the status of the IMF programme negotiations. After achieving a Staff Level Agreement with the IMF in December, 2022 in record time, six months after beginning the negotiations in July 2022, we have continued to work tirelessly to complete all prior actions required to present Ghana’s Programme to the IMF Executive Board for approval. We have also made substantial progress on the debt exchange programme, as well as on our engagements with bilateral creditors to secure financing assurances required for the IMF Programme. We are assured that the next round of meetings of the Paris Club will result in the formation of the Official Creditor Committee, inclusive of China, and the provision of financing assurances. The IMF and the World Bank have been very supportive in this journey. With the progress made so far, we expect the IMF Board to consider Ghana’s programme for imminent approval, after the financing assurances are provided. I thank Organised Labour for the role they have played in this journey, especially their inputs into the preparation of the government’s Post COVID-19 Programme for Economic Growth, which underpins the IMF-supported Programme.

We are very confident that the approval of the IMF Programme will contribute significantly to the revival of confidence required to drive the successful implementation of the Post COVID-19 Programme for Economic Growth and the key structural reforms for economic recovery and sustained inclusive growth.

Already the progress we have made in securing the IMF Staff Level Agreement, in the debt exchange programme, and the implementation of key structural reforms, are yielding benefits. Inflation is decelerating, interest rates on government treasury notes are declining, the depreciation of the cedi is slowing down, and GDP growth for 2022 has performed beyond expectations. With the successful implementation of the Post COVID-19 Programme for Economic Growth, we expect growth to recover in the medium-term to over five percent (5%). The medium-term growth will be supported by key interventions to support improvements in the business environment and export competitiveness, promotion of entrepreneurship for private sector development, fast-tracking the implementation of key growth-oriented programmes under the Ghana CARES (Obaatan Pa) Programme, transitioning to a digital economy to boost productivity, tax collection, and the formalisation of the economy, and the strengthening of policies to adapt to and mitigate climate change for inclusive growth.

As I have said, on several occasions, Ghana will emerge stronger from this difficult period. I assure you that, by dint of hard work, prudence and creativity, we will turn things around. We will work to help return our economy to the days of high growth rates, and make our country, again, the best place to do business and the most attractive destination for investment in West Africa, like we were in March 2020, prior to the onset of COVID-19. We are confident of a rapid economic recovery, and my government will not relent in this regard. It is a solemn pledge I am making to you, my fellow Ghanaians, and one which I am determined to fulfill.

Before I conclude, there is a matter of great importance which I must address, and it has to do with the stability of our nation. In times of difficulties, there would be those who would seek to exploit the situation in order to jeopardise the hard-won reputation of our country as a beacon of democracy and stability in Africa, and, indeed, in the world, in order to gratify their personal ambitions. Their ambitions show little or no respect for the capacity of the Ghanaian people to change their government peacefully through the ballot box, something they have done on three (3) separate occasions in the thirty (30) year life of the 4th Republic. The great majority of us, who are committed to democratic values and democratic institutions, must continue to resist the claims of these adventurers, and employ all legitimate means in a democracy to maintain our free, open system of governance, which is respectful of human rights, the rule of law and the principles of democratic accountability.

My Government and I’s respect for fundamental human rights, which are guaranteed by the Constitution of the Republic, includes respect for the right of association, which entitles every citizen to join any lawful association of his or her choice. That includes the right to join trades unions, and, so long as I am President, we will continue to uphold that right. And I will do my part to ensure the completion of the review of the Labour Law. I need the active co-operation of Organised Labour to ensure that the right is respected.

In response to the appeal by the Secretary-General to intensify efforts at bringing peace to Bawku, I want to assure him and, indeed, the nation at large, that there is no higher priority for the Government on the agenda of national security than the resolution of the Bawku conflict. Not only are we enhancing, as we speak, the security deployment in the area to promote more strongly the rule of law, and hold accountable all who violate law and order in the area, we are also intensifying the efforts to find a solution to the customary tensions that underline the Bawku conflict, so that, hopefully, a final resolution of that conflict can be attained, just as it has been attained in Dagbon. Nothing will give me greater pleasure, in the concluding days of my presidency, than to help bring lasting peace to Bawku. May God grant me the wisdom to achieve that outcome.

In conclusion, I celebrate you, our gallant workers, once again, for your hard work, selflessness, sacrifice, patriotism and commitment to the development of our beloved nation. Your contributions will be duly recognised and rewarded, and I urge you to remain steadfast and focused in your pursuit of excellence.

On this august occasion, I appeal to all Ghanaians, including Organised Labour, to continue to build on the good rapport and excellent relations that exist among us. The peace we enjoy today should never be taken for granted, and we should cherish every single moment that allows us to advance our development, progress and prosperity, in conditions of peace and stability. I assure you of the Government’s utmost support and cooperation.

I thank you for your attention, and congratulations to all awardees.

Long Live Trade Union Solidarity!

Long Live Organised Labour!!

May God bless Organised Labour, and us all, and may God bless our homeland Ghana, and make her great and strong.

I thank you all for your attention.

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