You are welcome to this Press briefing. The Monetary Policy Committee (MPC) held its 58th meeting on November 25 to 27, 2013 to review the latest economic developments and the monetary policy stance. I present to you the outcome of the deliberations.

The latest projections by the IMF indicate a pickup in the pace of global activity from 2.9 percent in 2013 to 3.6 percent in 2014, driven largely by the advanced economies with the impulse to global growth expected to come mainly from the United States against weaker prospects in emerging market economies.

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As the 20th anniversary of the birth of democracy in South Africa, on April 27 2014, approaches, it seems a perfect opportunity to take a step back and get a long-range perspective on the important question: “So, what has Nelson Mandela’s South Africa done with its freedom?”

Goldman Sachs has produced this report in the hope of contributing to- wards a more balanced narrative on South Africa; one, which in the wake of 2012’s tragic events at Marikana, had become somewhat hysterical, short-term and often negative

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Mick MooreTaxation is zipping up the development agenda, but the discussion is often focussed on international aspects such as tax havens or the Robin Hood Tax. Both very important, but arguably, even more important is what happens domestically – are developing country tax systems regressive or progressive? Are they raising enough cash to fund state services? Are they efficient and free of corruption? This absolutely magisterial overview of the state of tax systems in Africa comes from Mick Moore (right), who runs the International Centre for Tax and Development (ICTD). It was first published by the Africa Research Institute.

Anglophone countries have led the way in reforming tax administration in Africa, considerably more so than their francophone peers. The reasons for this are numerous. Networks of international tax specialists are based mainly in English-speaking countries. Many of the modern systems that promote best practice within tax authorities were developed in anglophone countries, especially Australia. International donors, and particularly the UK’s Department for International Development (DFID), have directly and indirectly promoted a lot of reform of national tax authorities. In fact, this has been one of the success stories of British aid.

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Accountability and transparency initiatives hav e taken democratisation, governance, aid and development circles by storm since the turn of th e century. Many actors involved with them – as donors, funders, programme managers, implementers and researchers – are now keen to know more about what these initiatives are achieving.

This paper arises from a review of the impact and effectiveness of transparency and accountability initiatives which gathered and analysed existing evidence, discussed how it could be improved, and evaluated how impact and effectiveness could be enhanced. This paper takes the discussion further, by delving into what lies behind the methodological and evaluative debates currently surrounding governance and accountability work. It illustrates how choices about methods are made in the cont ext of impact assessment designs driven by different objectives and different ideological and epistemological underpinnings. We argue that these differences are articulated as methodological debates, obscuring vital issues underlying accountability work, which are about power and politics, not methodological technicalities.

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Other Stories

Ghana: lies, damn lies and estimates
New oil, Chinese investment, stable government, highest growth in the world: Ghana is a new success story. But be careful with the exact figures. While all countries revise their GDP numbers and other accounts, Ghana’s revision of the data takes some beating. The Q2 GDP figure was reported in September as 33.5 per cent. The new figure? 16.4 per cent, less than half. Other numbers given for individual sectors are even further reduced.
In the last five months alone, President J E A Mills has made two 3-day official trips to Equatorial Guinea and has on both occasions returned to Ghana with news of striking significantly different crude oil deals with his Equatorial Guinean counterpart, President Theodore Nguema Mbasogo. The Danquah Institute is also extremely disturbed by moves by the Government of Ghana to rescue a Korean company that is US$6.3 billion in debt, whilst thousands of Ghanaian companies are also in distress and would require only a fraction of that amount to stimulate them back into productivity and profitability. more >>>
KEY: C1: OVER VOTES BASED ON BALLOT ISSUED C3: BIOMETRIC VERIFICATION MACHINE NOT USED DS: SAME SERIAL NUMBER USED ON MULTIPLE REDSHEETS DP: DIFFERENT RESULTS FOR THE DAME POLLING STATION CODE NS: SIGNATURE OF PRESIDING OFFICER OR ASSISTANT MISSING UK: UNKNOWN POLLING STATIONS FOR POLLING STATIONS AFFECTED BY MULTIPLE VIOLATIONS &IRREGULATIONS, THE COMBINATION OF THE IRREGULARITIES ARE SHOWN IN THE "CAT" COLUMN Click Here for Full Document
DI: $265m STX Insurance is a Rip-Off, Gov’t Can Save $200m with MIGA
Thursday, July 29, 2010:- This week, the Ministry of Finance & Economic Planning submitted, what it termed, “Revised Memorandum to Parliament” and a revised supplier’s credit financing agreement between STX Engineering & Construction Ghana Limited (as ‘Supplier’ – not ‘Lender’) and the Government of Ghana in relation to the $1.5 billion financing of the Security Services Housing Project. In a press statement reacting to this new development after the agreement was withdrawn from the floor of Parliament recently, the Danquah Institute limited its comments to the fees and insurance premium, which it has condemned as “a total rip-off”.
"So you think that money is the root of all evil?" said Francisco d'Anconia. "Have you ever asked what is the root of money? Money is a tool of exchange, which can't exist unless there are goods produced and men able to produce them. Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value. Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it from you by force. Money is made possible only by the men who produce. Is this what you consider evil?
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 >>>
Advisory Paper - Ghana Gas Sector Master Plan
As a result of the discovery of commercial volumes of hydrocarbons in 2007, the Government of Ghana set an overall goal for the enery sector focussed on the "the development and sustenance of an efficient and viable energy sector that provides secure, safe and reliable supply of enery to meet Ghana's development needs in a competitive manner." Click here for report
DI raises issues over STX funding
The Danquah Institute is calling on Government to bring back the US$1.5 billion suppliers’ credit facility agreement with STX (Gh) Ltd for the construction of 30,000 housing units to Parliament since subsequent difficulties with efforts to raise funding and the ambiguity, changes and re-arrangements with sources of funding have altered fundamentally the integrity of the terms and conditions of the agreement which Parliament approved last year. Last year, the Government of Ghana reached an agreement with STX of Korea, through its subsidiary in Ghana, for the construction of 200,000 houses in Ghana within a period of five years at a total cost of US$10 billion.
The paper presents a base case economic analysis of the current East African regional integration processes. The fast track political federation processes which started in 2004, establishment of East African customs Union (EAC-CU) in 2005, and the recent 2008 renewed African Economic Community initiatives are part and parcel of the third generation regional integration economic and political reforms pursued by the partner states, and aimed at fostering both national and regional competitive social economic capacities. The paper notes that East African economies are small, but with regional integration, there is a possibility for opening up new business activities, markets, access to finance and technology. These aspects are crucial for maximum utilization of natural and human resources for sustainable economic growth and reduction of poverty. Also, the paper finds that standards of living in these East African countries are similar, below average African continental standards and declining in many areas. more >>>
NPP CHOOSES CHILDREN'S PARK TO DECLARE WINNER
Saturday, August, 7, nearly 15,000 delegates, about one out of every 78 Ghanaian voters, are expected to cast their votes to elect the 2012 Presidential Candidate of the New Patriotic Party. The election, which takes place simultaneously at 230 centres in all 230 constituencies in Ghana, will begin at 8am and end at 3pm. Already, the Electoral Commission, which will supervise the contest has dispatched ballot papers and boxes to all 230 centres.