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Under her Model Petroleum Agreement (MPA), Ghana, a newcomer in the global oil industry has adopted the Royalty Tax System to govern the fiscal regime for the country’s petroleum sector. Even before production tentatively begins in 2010 when the agreement would be put to test, critics say that Ghana would obtain greater financial benefit under the terms of a production-sharing contract (PSC). This paper discusses Ghana’s MPA and contrasts this to the argument that the country would benefit from using PSCs. The paper describes the MPA, the advantages and disadvantages of an R/T system and those of the PSC System. The paper exceeds the argument that form matters, and points to the importance of either systems having to achieve a stable consensus between the main parties involved. more >>>
Petitioners Accuse EC Of Forging List Of Foreign Voters
The list of the 705 voters submitted by the Electoral commission as being names of Ghanaians registered in various diplomatic missions abroad to vote in the December 2012 polls, “was actually forged and contained several instances of multiple names and fake identities.” This revelation is contained in the main affidavit of the petitioners in the presidential election petition challenging the outcome of the December polls as declared by the Electoral Commission.
GHANA’S EMERGING OIL ECONOMY: - The good, the bad and the ugly
Enter December 15, 2010, commercial production of oil from Ghana’s Jubilee fields commences. The much awaited event is heralded by Ghanaians with much joy and hope…hope for an improvement in the general welfare and living standards of the average Ghanaian. Current production levels from the oil field are estimated to be approximately 55,000 barrels per day, a figure which is expected to more than double to 120,000 barrels per day within six months after the commencement of production. more >>>
Press Release: Govt Should Stop Creating ‘Propaganda Jobs’ and Focus on Real Job Creation
In his State of the Nation address this year, President John Mills admitted that his administration was yet to make any impact in the jobs market but expressed optimism. “As the measures we took to halt the decline in the economy last year such as lower interest rates and increased credit to the private sector begin to translate into a much more conducive employment generation environment, we expect a turnaround in the jobs market. Meanwhile I have directed all sectors to mainstream job-creation into their programmes and Ministers are required by the middle of the year to produce sector blueprints for the creation of jobs.” Yet, his Information Ministry has gone as far as to tell Ghanaians that the turn around in the jobs market has already begun in a big way even before the Government’s concerted policy on job creation has been formulated.
Civil society hails GH¢50m for Biometric Voter Register
THE Executive Director of the Danquah Institute, Asare Otchere-Darko, has welcomed government's decision to vote funds for the Electoral Commission to replace the voters register through a biometric registration exercise. This comes after months of uncertainty over the funding for the use of this technology for the 2012 general elections. Kwabena Duffuor made this announcement yesterday when he presented to Parliament the 2011 supplementary budget in his mid-year review of the 2011 budget statement.
The Economic Report on Africa 2011
The economic Report on Africa 2011, a joint publication of the United Nations Economic Commission forAfrica (ECA) and the African Union Commission (AUC),was prepared under the leadership of Abdoulie Janneh,ECA's Executive Secretary, and Jean Ping, Chairpersonof AUC, with the active involvement of Maxwell Mkwezalamba, Commissioner for Economic Affairs. Thereport team benefited from the guidance and supervisionof Emmanuel Nnadozie, ECA's Director of EconomicDevelopment and NEPAD Division (EDND) and RenéKouassi N'Guettia, Director of the Economic AffairsDepartment, AUC. Lalla Ben Barka, former Deputy Executive Secretary of ECA and Jennifer Kargbo, DeputyExecutive Secretary facilitated discussion of the themeof the Report. more >>>
Contribution of Minority Leader, Osei Kyei-Mensah-Bonsu, on budget statement 2012
Madam Speaker, thank you for this opportunity to contribute to the motion on the Budget Statement for 2012. The budget is the most important document that governments produce. It is a powerful tool in influencing economic and social development. The budget determines whether there is equitable access to services by different groups of the population such as women, children, the disabled, the poor and other minority groups. more>>
Opinion: Danquah Institutes must be cautious with E-Voting
We, the Grassroot Front Alliance (GRAFA), are in fact impressed with the kind of advocacy for information system (technology) integration into our democratic dispensation by the Danquah Institute (DI). We should have been supporting such a course considering our rich background in Information System Implementation, but we are very careful again against our background. There are a few things we would want to make clear to a few people who are disillusioned and might have fallen in love with DI’s fantasies about e-Voting. We have observed and read a number of articles from DI on their position of Ghana (not) preparing itself for e-Voting and citing in their recent article, countries like Kenya and India who supposedly have (or are on their way in the case of Kenya) implemented the system but failed to mention instances of some part of the USA where there has been some contentions and the Netherlands where on October 30, 2006 e-Voting was decommissioned and had to go back to the traditional paper-based voting barely 24hours to national elections.
In the highly volatile world of oil and gas contracting, the common law principle that all contracts entered into should be performed in good faith, often finds itself threatened by attempts by host governments to re-negotiate contracts, and in more severe cases, attempts at expropriation or nationalisation. The basis on which states are able to do this almost unflinchingly is the international law concept of State Sovereignty. One of the ways by which international oil companies have sought cover against such situations is by the inclusion of stabilization clauses (in whatever shape or form) in international oil agreements. How can Ghana ensure that, unlike the controversies in the mining sector, the stabilisation clauses in oil contracts strike a proper balance between investor interest and national interest?
After experiencing inflation of 40.5% plus in 1999-2000, inflation in Ghana is currently 9.08%. The current government is boasting that it has consistently brought inflation down from the highest of 22% from mid 2009. The NPP administration naturally credited itself for bringing inflation down from 40.5% to the 18% in 2008 when they left power. In this paper I intend to look at the policies both administration worked on to bring down the figures. In the developed economies, sound monetary and fiscal policies are the most important tools for maintaining low inflation. The central bank’s monetary policy committees are given an inflation target by the government. The first step is for the central bank to try and predict future inflation. They look at various economic statistics and try to decide whether the economy is overheating. If inflation is forecast to increase above the target, the central bank will increase interest rates. Most central banks have used interest rates to try and achieve inflationary target.