MOFEP Report | Ministry of Finance and Economic Planning, Ghana

News and Events

Hon. Minister Of Finance Inaugurates Ghana Revenue Authority Board The Honourable Minister of Finance and Economic Planning, Dr. Kwabena Duffuor has inaugurated nine-member Ghana Revenue Authority (GRA) Board. (August 23,2010)

INFLATION RATE DROPS FURTHER AS GOVERNMENT SPENDING MOVES ABOVE 2008 LEVEL Inflation rate for July 2010 has dropped to a record 9.46 per cent despite the over 50 per cent increase in government expenditure in 2010.

September 26 � 2010 Census Date Hon Dr. Kwabena Duffuor today announced September 26, 2010 as the date for the beginning of the 2010 Population and Housing Census. (August 9,2010)

Public Input Into 2011 Budget Statement And Economic Policy The Ministry of Finance and Economic Planning wishes to inform the general public that the Budget Statement for 2011 will be read in November 2010. This is with the hope that Parliament will debate and pass it before it rises in December 2010. (July 21,2010)

Ghana Makes Strides in Five of Eight MDGs Ghana was yesterday commended for making tremendous strides towards the attainment of the Millennium Development Goals (MDGs) by 2015. (July 20,2010)

Accountant-General's Department to clean pay roll of ghost names Ghana�s rate of inflation has fallen to a single digit of 9.52 per cent in June, Dr. Grace Bediako, Government Statistician, has announced. (July 19,2010)

Ghana�s Inflation Rate Falls To Single Digit Ghana�s rate of inflation has fallen to a single digit of 9.52 per cent in June, Dr. Grace Bediako, Government Statistician, has announced. (July 15,2010)

GUIDELINES FOR THE 2011-13 BUDGET PREPARATION, Prepared and Issued by Ministry of Finance and Economic Planning 1.0 Introduction The year 2011 will mark a significant landmark in the history of Ghana as the country joins the league of oil producing countries. It is expected that part of the oil revenues accruing to government will be used in providing improved services in all the priority sectors of the economy in line with the Petroleum Revenue Management Law being proposed. (July 14,2010)

Ghana Receives Second Tranche of Economic Governance and Poverty Reduction Credit, As Government meets 5 of 6 agreed prior actions The Board of Executive Directors of the World Bank approved on June 25, 2010 the release of the second and last tranche (US$143 million) of the Economic Governance and Poverty Reduction Credit (EGPRC). A first tranche of U$150 million had been disbursed a year earlier in July 2009 after the Board approved the two tranche facility, aimed to support Ghanas efforts, in the midst of the global financial crisis, to restore budgetary discipline and (ii) tackle long-standing public sector and energy issues, while (iii) protecting the poor. (July 9,2010)

Ghana and India signs MoU for commercial production of fertiliser Ghana and India on Tuesday signed a Memorandum of Understanding (MoU) to capitalise on the nation's oil find to produce fertiliser to increase food production. (July 7,2010)

Ghana, China Congratulates Each Other Yesterday, July 5, marked exactly 50 years when Ghana and China established diplomatic relations. A statement issued by the Ministry of Foreign Affairs and Regional Integration said in furtherance of their commitment to strengthening and deepening relations, (July 6,2010)

Ghana, United States hold trade talks A U.S.A-Ghana Trade and Investment Framework Agreement (TIFA) Council meeting, opened on Friday in Accra to discuss primary impediments and strategies to remove barriers and expand bilateral trade between the two countries. (July 5,2010)

World Bank's Access to Information Policy Takes Effect The World Bank's new Access to Information Policy took effect on 1st July 2010 making more information available to the public than ever before, particularly on Board actions and projects under implementation. (July 5,2010)

Parliament endorses 17,000 pounds VTMIS project Parliament on Friday endorsed a credit agreement between Ghana and the BNP Paribas of the United Kingdom for the supply, installation and operation of Vessels Traffic Management Information System (VTMIS). (June 28,2010)

Cabinet approves ETTI to cover oil and gas Cabinet has approved the extension of the Extractive Industries Transparency Initiative (ETTI) to cover the Oil and Gas sector, Mr Seth Tekper, a Deputy Minister of Finance and Economic Planning has said. (June 21,2010)

ICT contribution to Ghana's GDP is difficult to estimate - Study Contribution of ICT (Information Communication Technology) sector to Ghana's real GDP (Gross Domestic Product) is difficult to determine despite some efforts to estimate that, a recent study has shown. (June 21,2010)

Management of Ghana Revenue Authority outdoors logo Ghana Revenue Authority (GRA), the body mandated to oversee and regulate activities of all revenue agencies has launched its vision statement and logo with a promise to effectively raise money for nation building.

IFC guarantees support to Ghana's development aspirations The International Finance Corporation, (IFC) has pledged its continued assistance to Ghana's development goals by supporting infrastructure for oil, gas, mining and telecommunication and other sectors. (June 17,2010)

Managements of GNPC, Tap Oil and others sign agreement Deputy Minister of Energy, Armah Kofi Buah, on Wednesday said government would ensure that companies operating in the oil and gas sector adhered fully to environmental laws governing the sector. (June 17,2010)

Controller and Accountant General proposes a test result for effective SSSS General, Mr R.K. Tufuor has proposed a two-month respite to enable the Controller and Accountant General's Department (CAGD) run a test result on the Single Spine Salary Structure (SSSS) to enable stakeholders make inputs for efficient pay roll under the policy. (June 14,2010)

Finance committee fails to approve 120 million dollar loan The Parliamentary Finance Committee on Wednesday failed to push a 120 million dollar loan motion for the lack of knowledge of the interest rate the loan would attract. (June 14,2010)

Ghana on course to achieving single digit as inflation drops Ghana is on course to achieving her stated objective of single digit inflation this year as inflation drops to a record 11.66 per cent in April, 2010. (June 12,2010)

Inflation Rate is 10.68 per cent, moves closer to single-digit The annual inflation rate fell to 10.68 per cent in May from 11.66 per cent in April, the eleventh monthly fall, moving the country closer to the single digit target, Ghana Statistical Service (GSS) said on Wednesday. (June 10,2010)

Gambia hosts Seminar on Economic and Financial Crimes for Judges Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) is to hold its third Seminar on Economic and Financial Crimes for Judges in West African English Speaking Countries in Banjul, The Gambia. (June 10,2010)

Vice President calls For Annual Review Of Utility Tariffs Vice President John Dramani Mahama has advocated annual review of utility tariffs to avoid rancour and bitterness that normally come between service providers and consumers. (June 10,2010)

Inflation slows for the month to 11.66 percent in April The annual inflation rate fell to 11.66 per cent in April from 13.32 per cent in March, the tenth consecutive monthly fall, the Ghana Statistical Service said on Wednesday. (May 12,2010)

Donors must work with government on oil industry Mr. Ben Eghan, Cabinet Secretary, on Monday asked the country's donors to work together with government to ensure that the country's oil resources are judiciously used for the benefit of the people. (May 9,2010)

Governance Round Table Towards Formulation Of A National Governance Framework Document Hon. Dr. Kwabena Duffuor, Minister of Finance and Economic Planning has disclosed that the NDC government has resolved to embark on new reforms of the Public Financial Management (PFM) systems as a demonstration of its commitment to good economic governance in pursuit of its better Ghana agenda. (April 9,2010)

Ghana Needs To Move Beyond Macro-Economic Stability-Governor Mr. Kwesi Amissah-Arthur, Governor of the Bank of Ghana (BOG), yesterday said Ghana's recent macro-economic stability and subsequent reduction in the policy rate are necessary for rebound in private sector activities. (April 1,2010)

Ghana, Brazil Sign Agreement To Boost Cassava Production Ghana and Brazil yesterday signed an agreement to help boost cassava cultivation, improve farmers' productivity and ensure food security. (April 1,2010)

Ghana, Germany Sign Agreement The Minister for Finance and Economic Planning, Hon. Dr. Kwabena Duffour, has signed an 11-million Euros loan financing agreement with Dr. Klaus Muller, First Vice President for West and East Africa of the German Development Bank to boost out grower schemes and improve the income of the target, especially small-scale farmers. (March 30, 2010)

Road Show On Pay Policy The Fair Wages and Salaries Commission (FWSC), has embarked on a nationwide road show to provide workers with information to deepen their understanding about the Single Spine Pay Policy (SSPP). (March 30, 2010)

One-Third Of Budget To Be Spent On Education The Ministry of Education (MoE) will spend about one-third of its estimated total budget on Education this year.(March 29, 2010)

IMF projects Ghana�s Economy To Grow by Four o Five Per Cent The International Monetary Fund (IMF) projects Ghana's economy to expand by four to five per cent this year, boosted by investments linked to the offshore oil sector, which will come on stream in 2011.(March 29, 2010)

Producer Price Inflation (PPI) Is 25.57% - Economic Statistics The Director of Economic Statistics at the Ghana Statistical Service, Mr. Ebo Duncan, has disclosed that the Producer Price Inflation (PPI) for February 2010 measures the average change over time in the prices received by domestic producers for the production of their goods and services.(March 25, 2010)

Ghana Association Of Bankers Announces New Exchange Rates The following are the average inter-bank exchange rate of the dollar and derived rates for the major currencies against the cedi as issued by the Ghana Association of Bankers yesterday, March 25, 2010.(March 25, 2010)

EU, Ghana Sign Development Fund Agreement The 10th European Development Fund (EDF) Country Strategy Paper and National Indicative (CSP/NIP) agreement was signed yesterday between Ghana and the head of European Union (EU) delegation to Ghana, his Excellency, Mr. Claude Maerten . (March 11, 2010)

Duffuor, Giddisu Tour Road Projects The Minister of Finance, Dr Kwabena Duffuor and the Minister of Roads and Highways, Mr Joe Giddisu yesterday undertook a tour of some of the major road project sites in the Greater Accra Region. (March 1, 2010)

BOG To Introduce new Notes The Bank of Ghana has decided to introduce a GH�2 denomination in response to the need for an intermediary banknote between the GH�1 and GH�5 banknotes. (February 27, 2010)

EU Supports Ghana�s Budget The European Union (EU) has allocated nearly GH�1billion to support Ghana�s budget for the period 2008 to 2013. (February 24, 2010)

The Crown Prince of Japan Visits Ghana The Government of Japan announced on 5 February, 2010 that His Imperial Highness, the Crown Prince of Japan will pay an official visit to the Republic of Ghana from 7 March to 10 March as his first call on a Sub-Sahara African Country. (February 24, 2010)

Mining Companies Are Partners in Development Hon. Alhaji Collins Dauda (MP), Minister for Lands and Natural Resources, has described mining companies operating in Ghana as key partners of government in the development of the nation in view of their common interest in enhancing living standards of communities in their areas of operation. (February 24, 2010)

MIDA To Fully Exhaust Programme Budget The Millennium Development Authority (MIDA) is on course to fully exhaust the entire programme budget of 547 million dollars within the five-year period, the Authority said in a statement yesterday. (February 24, 2010)

BOG Presents Policy Rate The Monetary Policy Committee of the Bank of Ghana (BOG), yesterday presented its findings on their policy rate in Accra. (February 22, 2010)

Ghana Hosts Business Forum On Liberia The Embassy of Liberia in Accra, in collaboration with the National Investment Commission (NIC), will hold a day�s business and Trade Forum at the Accra International Conference centre, on February 20, 2010. (February 15, 2010)

IMF Boss On Duty Tour The first Deputy Managing Director of the International Monetary Fund (IMF), Mr. John Lipsky, will be in the country from tomorrow Tuesday, February 16-17, 2009 for discussions with policy makers and opinion leaders on the country�s economic prospects. (February 15, 2010)

PBC-Facts Behind The Figures Review of the Produce Buying Company Limited (PBC) performance has revealed that turnover for cocoa operations increased from GH�242.324 million to GH�430.528 million, indicating an increase in the volume of cocoa purchased, as well as the producer price and the buyers take over. (February 11, 2010)

Focus on Diversify Economy Dr. Ngozi Okonjo-Iweala, Managing Director of the World Bank Group yesterday, urged Ghana to focus on diversifying her economy and use the expected revenue from oil and gas for socio-economic development. (February 11, 2010)

World Bank To Support Rice Farming Vice President John Dramani Mahama, yesterday announced that the government is negotiating with the World Bank to support Ghanaian farmers to increase rice production. (February 10, 2010)

Loan Protection Scheme for Students The student Loan Trust Fund (SLTF) yesterday introduced a Student Loan Protection Scheme (SLPS) in Accra. (February 10, 2010)

World Bank Group MD Visits Ghana The World Bank Group Managing Director, Ngozi Okonjo-Iweala, arrived in the country yesterday for an official visit. (February 9, 2010)

Be Good Ambassadors Of Ghana Vice-President John Mahama has asked Japanese volunteers serving in various parts of the country to project Ghana positively to the rest of the world after they have left the country at the end of their service. (February 8, 2010)

Money Laundering, Threat To Foreign Investment A Special Advisor to the Minister for Finance and Economic Planning, Professor Newman Kwadwo Kusi has said that money laundering and terrorist financing, undermines the integrity and stability of financial institutions and systems, discourages foreign investment, and distorts international capital flows. (February 8, 2010)

Oil Revenue Not To be Lodged In Consolidated Fund Revenue from the country�s oil will not be lodged in the Consolidated Fund, President John Evans Atta Mills has disclosed. (February 8, 2010)

ECG To Increase Tariffs The Electricity Company of Ghana (ECG) is to increase tariffs to an appreciable level soon to enable it to meet its increasing cost of distribution and replacement of technical equipment. (February 8, 2010)

UNDP Reaffirms Support For Ghana The Country Director of the United Nations Development Programme (UNDP), Mr. K.K. Kamaludden says the United Nations (UN) system will continue to support and promote growth, good governance and democracy at all levels in Ghana. (January 27, 2010)

New Minimum Wage Announced The Tripartite Committee, comprising Organised Labour, Employers and the Government, has agreed on a new daily minimum wage of GH�3.11 effective February 1, 2010. (January 27, 2010)

Prices To Stabilise THE Bank of Ghana has confirmed a further stabilisation of the economy this year and given the assurance that adequate space will be created for businesses to plan. (January 27, 2010)

Govt. Spent GH�7.5M On Leap Year Government has spent GH�7.5 million on the Livelihood Empowerment Against Poverty (LEAP) programme between January and October last year. The amount was disbursed to 10,234 beneficiaries in 50 districts. (January 25, 2010)

Banks Link Customers Account To E-zwick Seven banks have completed the interoperability process that enables them to link their customers' traditional accounts to their e-zwich cards. With this successful integration, it will now be possible for bank customers to transfer cash from their accounts onto their e-zwich cards and vice versa. (January 25, 2010)

Australian Government Supports Grassroots Development The Australian High Commission in Ghana is working in partnership with 29 Non-Governmental Organisations (NGOs) and two others from Mali and Sierra Leone to implement development projects that will benefit a number of communities in the three countries. (January 25, 2010)

President Mills Appeals To Banks To Reduce Collateral On Loans President John Evans Atta Mills yesterday appealed to Commercial Banks operating in the Country, to reconsider their collateral demands in favour of small scale farmers, to boost agricultural production. (January 25, 2010)

GAB Announces New Exchange Rate The following are the average inter-bank exchange rate of the dollar and derived rates for the major currencies against the cedi as issued by the Ghana Association of Bankers yesterday, January 19, 2010. (January 19, 2010)

MoH Signs Accord To Build Hospitals The Ministry of Health (MoH) and EUROGET De-Invest of Egypt, a project management and financial group, have signed a loan agreement for US $339 million for the construction of two regional and six district hospitals in the country, a statement said. (January 18, 2010)

Seminar On Ghana Revenue Authority The Ghana Revenue Authority Act, 2009 (Act 791), which received Presidential Assent on December 31, 2009, is expected to transform the entire revenue system of the country to conform to internationally accepted standards and best practice. (January 18, 2010)

Inflation Further Declines Inflation rate fell to 15.97 per cent in December, a sixth consecutive decline and the lowest in 2009. (January 18, 2010)

Cheques To Clear Fast As CCC Goes Electronic Cheques throughout the country will now be cleared in two days, as the Codeline and Cheque Clearing system (CCC) becomes operational nationwide from January 15, the Ghana Inter-bank Payment and Settlement Systems(GhIPSS) has said. (January 15, 2010)

Germany Gives Support To Ghana The German Ministry for Economic Co-operation and Development has made a commitment of 130 million Euros to Ghana under its financial and technical co-operation with Ghana for the period 2009 to 2011. (January 13, 2010)

Work On Oil Starts Technical installations have started on the Jubilee Oilfields at Cape Three Point to pave the way for the commercial production of oil and gas by the last quarter of this year. (January 13, 2010)

Government Commended For Upward Cocoa Price Review Alhaji Alhassan Bukari, National President of Ghana Cocoa, Coffee and Shea nut Farmers' Association, yesterday commended the government for the upward review of producer price of cocoa to make life comfortable for cocoa farmers. (January 12, 2010)

EU Assists Ghana The European Union (EU) has disbursed about 35 million euros (an equivalent of 70 million Ghanaian cedis and approximately 52 million dollars), to Ghana for economic stabilisation. (January 6, 2010)

Government Allocates Funds Towards Census The Minister for Finance and Economic Planning, Dr. Kwabena Duffuor, yesterday, disclosed that Government has allocated an amount of GH� 37 million towards the 2010 Population and Housing Census. (January 6, 2010)

EU, UN Provide Funding The European Union (EU) and the United Nations (UN) have launched two projects for Ghana to promote the poultry industry and enhance community capacity building. (January 5, 2010)