The start of commercial oil production in 2010 has helped promote Ghana into the ranks of the world's lower middle-income nations, fuelling hopes of ending a dependence on aid and forging a future as one of Africa's star economies. While President John Atta Mills's government is seen to have done well in knocking public finances into shape since 2008, elections are due in December and the country's deficit is being strained by a high wage and fuel subsidy bill.
The Bank of Ghana is tightening monetary policy to fend off mounting inflation pressures and stabilise the sliding cedi currency.
In a couple of weeks time fuel prices will go up, the PURC may announce new utility prices and with no immediate hope of processing Ghana’s wet gas into fuel for electricity, the bills are likely to go up, as well. Parents, many of them unemployed, may have to find money from any means necessary to pay for their kids’ second term fees. Poverty, unemployment, road traffic, personal insecurity and all the old ills of our impoverished society remain either unresolved or worsening.
But, forget about the traffic to buy LPG gas, the traffic to work and back, the traffic to fill job vacancies, the traffic, generally, to getting anything fixed or done in Ghana. The one traffic that appears to excite media and political attention is drug trafficking.
The Danquah Institute will on Wednesday, August 31, 2012 hold its inaugural annual liberty lecture with the 2012 Presidential Candidate of the New Patriotic Party, Nana Addo Dankwa Akufo-Addo delivering a paper on the theme “Building a Society of Opportunities in Ghana”.
The lecture takes place at the Ghana College of Physicians and Surgeons at 6:30pm, with Nana Akufo-Addo set to deliver his speech at 7pm.
Figures from the West African Examinations Council show that the pass-rate of students who sat for the Basic Education Certificate Examination has been on a constant downward decline since 2009. In sum, out of the total number of 1,121,817 students who sat for the BECE in the past three years, 574,688 failed to achieve the pass mark.
This means that more than half a million young people, with an average age of 15 years, have been thrown onto the streets with no employable skills in the past three years alone.
The belief in the power of institutions as a check on individual excesses, especially in the domain of politics goes back to antiquity. This is Brutus on the occasion of the coronation of his best friend, Julius Caesar: Crown him that, and then, I grant, we put a sting in him, That at his will he may do danger with. The abuse of greatness is, when it disjoins Remorse from power; and, to speak of conscience, Caesar, compassion I have not known when his affections swayed more than his reason.It is this same belief in the power of institutions as opposed to individuals in enhancing democratic governance which led President Barack Obama to admonish the Ghanaians during his visit to the country to strive to build stronger institutions to safeguard our nascent Democracy which was at that point becoming the envy of the world.
Nearly one-quarter of adults worldwide (24%) are "thriving," according to Gallup surveys in 146 countries in 2011. The percentage rating their current and future lives positively enough to be considered thriving ranged from a high of 74% in Denmark to a low of 2% in Cambodia.Read more>>>
In the past three months, the global recovery, which was not strong to start with, has shown signs of further weakness. Financial market and sovereign stress in the euro area periphery have ratcheted up, close to end-2011 levels. Growth in a number of major emerging market economies has been lower than forecast.
Partly because of a somewhat better-than-expected first quarter, the revised baseline projections in this WEO Update suggest that these developments will only result in a minor setback to the global outlook, with global growth at 3.5 percent in 2012 and 3.9 percent in 2013, marginally lower than in the April 2012 World Economic Outlook.
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Ghana’s Parliament has been given effectively two days (today (August 24, 2011) and tomorrow) to approve a $3 billion commercial loan called the Master Facility Agreement (MFA) from the state-owned China Development Bank (CDB). The MFA, once agreed, will be followed by subsidiary agreements (12 mega ones) dealing with a multitude of specific items that the facility is to fund. Government is expected to make its own contribution of15% of the total amount of $3 billion, representing $450 million.
Africa has seen an extraordinary rebound in economic growth over the past decade. Some of the world’s fastest growing economies are in Africa, and they have expanded even during the ongoing uncertainty in the global economy. This has brought a much-needed reduction in poverty in the region and a renewed sense of optimism about its future.
There is no doubt that economic growth is critical for human development, and it is imperative that growth be sustained.
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