Events

 

News Page
In This Issue...Links to the News:  March 11, 2016

Sound economic management strategies yield positive results - Finance Minister
By Masahudu Ankiilu Kunateh, Ghanadot

Accra, Aug 25, Ghanadot - The Government’s sound economic management strategies have yielded positive results from the implementation of a number of policy initiatives outlined in the 2009 Budget, the Minister of Finance and Economy Planning, Dr. Kwabena Duffuor has observed.

These include Education: Quality education leads to quality life. This

Government believes that it is the right of every child and young person to have access to quality education for personal development and for building a prosperous Ghana for a better life for all.

The Capitation Grant, which is aimed at enhancing school enrolment has increased by 50 percent from GH¢3.00 to GH¢4.50. A total amount of GH¢15.8 million has been released for the 2008/2009 Academic Year.

Government has started discussions with the local textile industry towards the implementation of the free school uniform programme for basic schools in deprived areas.

This programme is expected to reduce the cost of education on parents and to increase primary school enrolment. In fulfillment of Government’s desire to support our local artisans, Government has instructed that sewing of the uniforms should be done by our own local tailors and seamstresses. The programme is expected to cost GH¢1.7 million, Dr. Duffuor told Ghana’s Parliament in Accra yesterday.

An amount of GH¢13.0 million has been released for the Ghana School Feeding Programme to improve nutrition of children of school going age and also enhance enrolment.

According to him, the government has accepted the proposal of the Anamuah-Mensah Committee report including the proposal that the duration for senior high school education be reduced from four years to three years.

The Government has therefore tasked the Ministries of Education and Finance and Economic Planning to work out the technical and administrative modalities for a

smooth implementation in 2010. The process for the reversal of the duration will begin this year with the review of the legislation on Education.

Health: In fulfillment of Government’s promise to control malaria, GH¢1.0 million required by the Noguchi Memorial Institute for Medical Research to conduct clinical trials has been released.

Agriculture: The Government has provided GH¢10.7 million to support the youth who are into farming of crops such as maize, rice, sorghum and soya beans. The regions that are to benefit from the programme include Northern, Upper East, Upper West, Brong-Ahafo, Ashanti, Central and Volta. The total hectares of land under cultivation are 14,000.

He stressed that the Government is committed to the cause of farmers in expanding agricultural production. In this regard, an amount of GH¢10.0 million has been released to support the 50 percent subsidy on fertilizer.

Forty-one dams are being rehabilitated in the three northern regions to support dry season farming. It is expected that farmers will take advantage of the investment that government is making, to increase food production.

In the area of fisheries, Government is tackling the issue of premix fuel. The National Premix Committee has been reconstituted. We have established Landing Beach Committees to supervise premix fuel sales and management at the landing

beaches. The supply of premix has increased and we assure our fisher folks that supply will be sustained.

In line with Government’s agenda to encourage commercial agriculture in mango production, the Export Development and Investment Fund (EDIF) has approved GH¢1.1 million for eight farmer-based organizations and associations in the Northern and Upper West regions. This will enable the associations cultivate 180 acres each of mango plantations, to be intercropped with annual crops like soyabeans, groundnuts and yams. It is anticipated that intercropping with the annual crops will ensure judicious use of land as well as increase in food output and improvement of household income in the short to medium term during the gestation period of the mango.

The Ministry of Food and Agriculture, under the Food Security and Emergency Preparedness Programme, is embarking on an extensive production of rice and maize in some strategic locations in the country.

To enable the Ministry implement this programme successfully, appropriate machinery and equipment for planting and harvesting will be required. An amount of GH¢3.6 million has been provisioned to support the procurement of these equipment.

“ I am happy to report that COCOBOD has paid outstanding bonuses of GH¢21.2 million relating to the 2008/2009 cocoa season. We wish to assure our hardworking farmers that the bonus due them for the 2009/2010 cocoa season will also be paid. COCOBOD has also arranged for a US$1.2 billion syndicated loan facility which is scheduled to be signed in September 2009 with 25 banks, for cocoa purchases during the 2009/2010 cocoa season. This happens to be the largest syndicated loan ever contracted to support the cocoa industry in Ghana, since the NDC Government introduced syndicated loans for cocoa purchases in 1993”, Finance Minister indicated.

Savannah Accelerated Development Authority (SADA): He announced that the preparatory work on the establishment of the Savannah Accelerated Development Authority (SADA) has begun. In this regard, Government has inaugurated the SADA Implementation Committee to chart a way forward.

Public Financial Management (PFM) Reforms:The PFM reforms which have remained on pilot basis for all these years will be implemented fully. The first phase of this programme has already taken off. It is expected that the reforms would improve the financial management of Ministries, Departments and Agencies (MDAs) and Metropolitan, Municipal and District Assemblies (MMDAs). As part of the reforms, the Ministry of Finance and Economic Planning is undertaking the following

programmes and activities: Treasury Single Account (TSA): The architectural framework for the introduction of the Treasury Single Account has been established with the Bank of Ghana and the Controller and Accountant General’s Department.

This has resulted in a daily compilation of the overall cash position of the Government.

Cash Management System: in March, 2009 the Ministry of Finance and Economic

Planning established a Cash Management System involving the monthly forecast of cash inflows and outflows with its required financing. The main objective of the system is to ensure that there is an efficient management of Government’s cash flow so as to avoid any wide fluctuations in Government borrowing that can undermine the conduct of monetary policy.

Establishment of National Revenue Authority: The revenue administration reforms have started and steering and project teams have been formed. The reform will incorporate some aspects of E-Government/E-Ghana.

Labour Issues:Government has successfully negotiated 2009 wage settlements with public sector workers. The roadmap for the implementation of the Single Spine Salary Structure (SSSS) is being pursued to ensure that the new salary structure is implemented in 2010.

Additionally, Government has paid the salary arrears of GH¢951,000 for June and July 2009 to Ghana Railway Corporation staff. Arrangements are far advanced to pay arrears to this corporation’s retrenched staff amounting to GH¢566,204. Public Safety.

In the 2009 budget, Government promised to improve the capacity of the security agencies to ensure personal safety and security of the citizenry. In fulfillment of this, government has increased the supply of logistics to the security agencies. This has led to a massive reduction in the crime rate.

Ghanadot

Finance Minister presents supplementary budget

Accra, Aug 25, Ghanadot/GNA – Finance Minister Dr Kwabena Duffuor, on Tuesday presented a supplementary budget to Parliament to appraise members on the performance of the economy and revise the budget estimates based on current information....More