Speeches

Good Morning, and welcome to the 4th Press Briefing on the Economy this year. This is a buildup of our engagements on 20th January, 24th March and 12th May. These bi-monthly engagements have complimented the statutory update we provided on the Economy when we presented the 2022 Mid-Year Budget Review to Parliament on 25th July 2022.

I first came to your homes on Wednesday, 11th March 2020, five (5) days after our nation’s 63rd Independence Day celebration, a day before we recorded our first two (2) cases, with news of the measures Government was taking to limit the importation of the COVID-19 virus into the country.

Nana Chairman, this conference couldn’t have been held at a better time as the times we found ourselves in today need all-hands-on-deck to contribute towards a sustainable recovery from the devastating impact of the Covid-19 pandemic.

On Friday, 26th November 2021, the Parliament of Ghana was scheduled to sit and conclude the debate on the 2022 Budget Statement and Economic Policy of Government. After the closing statements from both the Majority and Minority leaders, the Speaker gave me the opportunity to make a statement to the House.

With less than 9 years to 2030 - the deadline for realizing the Sustainable Development Goals - the government of Ghana concurs with the United Nations on the need for accelerated action to enable us to realise these ambitious yet critical objectives that we have set for ourselves in the Sustainable Development Goals. The Pandemic has exacerbated the challenges of achieving the Global and Country level SDG Goals – but we cannot despair.

Thank you very much for coming to witness the occasion of the swearing-in the President-Elect, Dr Akinwumi “Akin” Adesina, of the African Development Bank Group. This ceremony is historic in the sense that this is the first time an electronic voting system has been used to elect a President of the Bank, the first time a sitting President seeking re-election has received a unanimous endorsement (obtaining a 100% from both regional and non-regional members of the Bank) and the first time a swearing-in has been telecast. Covid is forcing us to reimagine our future.

To increase our tax-to-GDP ratio from 13% to 20% to match our peers on the Continent requires challenging the status quo. It requires making tough choices which would force people to leave their comfort zones. It calls for having a Quality Assurance Unit. A Unit that will watch the watchman and protect the taxpayer from abuse by some tax officers in GRA. The current manual system has led to leakages resulting in revenue losses between GHS700 million to GHS1 billion (McKinsey, 2019).

Your Excellency, the President of the Republic of Ghana, Honourable Ministers, Honourable Members of Parliament, Traditional Rulers, Members of the Business Community and our able Farmers, the Media, Invited guests, distinguished Ladies and Gentlemen. Good Morning.   I am very excited to be here with you all for this historic inauguration of the operations of the Ghana Commodity Exchange(GCX). Today, a new market is born, an institution that will contribute immensely to the transformation of our economy, a regulated market that will see agricultural and other commodities take center stage in our endeavor to ensuring irreversible economic growth and development.

Afehyia Pa to you all. The end of the year is a great time to reflect on what we’ve done over the last eleven months – reviewing our achievements in the light of the vision and new direction set for our country by HE the President and reflecting on those things that didn’t quite go according to plan; but recognising the opportunities to re-assess and re-implement them having in mind all lessons learnt.

It is remarkable to see how the Ghana Securities Industry Association (GSIA) has evolved into such a strong and vibrant organization, with a strong commitment to ensuring the growth of the capital markets, promoting market education, and encouraging good ethical practices among players. I understand that the GSIA is currently responsible for organising this event, taking over from the SEC two years ago. I will commend you all for the great commitment to working together to shape the industry and most importantly to support government policy for the capital market.