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

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

Implications of the Fall in Crude Oil Prices on the 2015 Budget

Following my appearance before this House in November 2014 and the subsequent approval of the 2015 Budget, the sharp decline in crude oil prices on the world market, has posed and continue to pose a challenge to the achievement of the 2015 economic programme. After careful consideration of these developments and the likely impact on revenues, Government has started to intensify the implementation of approved measures to ensure that MDAs and MMDAs remain within the lower than expected projected revenues. 

Payroll Clean-Up Plan Published By The Inter- Ministerial Committee On Payroll

In line with government’s commitment of addressing the payroll and Human Resource (HR) challenges in the public service holistically, a number of measures have been developed into a Payroll Cleaning Plan for implementation.
 
The Ministerial Committee on payroll was set up by Cabinet in 2014 with the mandate of identifying areas for further improvement in the payroll and HR administration and recommend measure to address them.

Report On Suspension Of Salaries Of Employees With Zero Bank Account Numbers On The Mechanized Payroll

In September 2014, the Controller and Accountant General’s Department, as part of measures to clean the mechanized payroll data, initiated an exercise to update the bank account details of employees on the mechanized payroll system. The names of employees with zero bank accounts were suspended from the mechanized payroll system pending the submission of the requisite information to the District offices of the Auditor General.

Report on the Validation Exercise on Suspended Salaries of Employees without Bank Account Numbers for the Months of September and October 2014 as at 27 February, 2015

The Audit Service per the press release was requested by the Controller and Accountant General’s Department (CAGD) to validate the documents of the affected employees whose salaries were suspended in September and October, 2014 due to zero bank account numbers for submission to CAGD to enable the department update their records for the payment of the suspended salaries.

Government and IMF agree on programme worth $940 million

Government has agreed a three-year programme with the International Monetary Fund (IMF) worth $940 million dollars aimed at overcoming the country’s economic challenges, supporting stronger economic growth and lower inflation.
 
The deal follows months of negotiations after government announced in August last year that it would seek assistance from the IMF.

Cabinet approves measures to adjust 2015 Budget

Mr John Dramani Mahama, President of Ghana, has assured the public that cabinet has approved supplementary measures to make adjustment to the 2015 budget due to the dramatic decline in crude oil prices.
 
He said this when he was delivering the state of the nations address at parliament on Thursday noting that Ghana stands to lose about seven hundred million dollars from oil exports if the price remains at current levels.
 
President Mahama said to achieve policy certainty and attain broad support for the Home Grown Economic Policies of Ghana an open discussion was held in August 2014 with the International Monetary Fund (IMF) for a three year Extended Credited Facility programme.

Consumer Sentiments Continue To Improve – BoG

The results of the latest Bank of Ghana (BoG) Confidence Survey conducted in January 2015 indicate that consumer sentiments continue to improve. According to Dr Henry Kofi Wampah, BoG Governor, the overall consumer confidence index increased to 89.9 in December 2014, up from 85.6 recorded in October 2014.

Producer Price Inflation Falls

The Producer Price Inflation (PPI) rate for December 2014 fell to 34.2 per cent, down from a revised 37.6 per cent recorded in November 2014, the Deputy Government Statistician Mr Baah Wadieh said on Wednesday.
 

Ghana signs $7bn contract with Eni to produce oil, gas at Cape Three Points

Ghana took another major step towards the attainment of energy and power security with the signing of an agreement for the development of the Offshore Cape Three Points ( OCTP) integrated oil and gas project. The $7 billion project, being undertaken by Italy's largest oil company, Eni Spa, in collaboration with Vitol Energy

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