FITCH Rating’s latest report on Ghana lays particular emphasis on the importance of Ghana’s democracy and stability to the country’s economic prospects. Whiles it gives a negative outlook based on how the economy is being run, Fitch makes the point that Ghana’s credit rating has not, however, fallen below ‘B’ because of the country’s “strong governance record and recent democratic history,” and that, this is “reflected in Ghana’s ability to attract foreign direct investment, which at 7% of GDP is well above that of Nigeria, Gabon, Zambia, Kenya and Angola.”

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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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The attention of the Danquah Institute has been drawn to a story making the rounds on social media and now on www.ghanaweb.com, as well, titled “Danquah Institute predicts 64.7% win for Kwabena Agyepong.”

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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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Other Stories

NPP to use oil revenue to fund Free SHS policy
Nana Addo Dankwa Akufo Addo, New Patriotic Party (NPP) presidential candidate, has said under an NPP administration, oil revenue would help fund the Free Senior High School policy that he has proposed. Speaking at the final presidential debate organised by the Institute of Economic Affairs, Akufo-Addo said that, “the most equitable manner in which Ghanaians would benefit from the oil revenue is to ensure that they are used on the two most critical aspects of our national life – education and health care.
What Our Politicians Can Learn From Thatcher: The Politics Of Conviction Not Indecision
On Saturday, I was driving through the University of Legon campus, in a four-wheel drive, when one of a small group of young men (about 8 in all) at a junction, shouted “Ghana money!” at me. I patiently got to a safer part of the road, turned the vehicle around and drove back to the students to have a small not-so-friendly chat. I told them how disappointed I was in their exhibition of envy as they prepare themselves for a competitive adult world. I told them that I was also once a student and worked hard to get to where I am today and continue to work hard to get better. I would hate for them to go through all that to be envied for trying to be successful through hard work. I advised them, in not so many words, not to equate success to corruption when they have no basis and to rather celebrate success, be inspired by it and aspire to it.
The Executive Secretary of the anti-corruption campaign group, Ghana Integrity Initiative, says President Mills must sanction all state appointees responsible for ensuring that the proper due diligence was done on the STX housing deal. President Mills yesterday ordered the withdrawal from Parliament of the controversial housing deal after it came to light the House had not been furnished with all relevant documents relating to the deal.
54 Members of Parliament have petitioned the Speaker of Parliament to recall Members for an emergency deliberation to set up an urgent enquiry on the District Assembly elections fiasco. The petition, signed by 54 MPs from the Minority side of the House, including Independent MPs, is in accordance with Article 112(3) and Order 38(1) of the Standing Orders of Parliament, which allows 15% of Members to request for a an urgent meeting of Parliament and for the Speaker to, within a week, summon a meeting of Parliament for the consideration of the urgent agenda.
In the case between the NDC (applicant for the joinder application) and NPP(respondent), the nine-member bench (Mr Justice William Atuguba (presiding Judge), Justice Julius Ansah, Mrs Justice Sophia Adinyira, Ms Justice Rose Owusu,Merr Justice Jones Dotse, Mr Justice Annin Yeboah, Mr P. Baffoe- Bonnie, Mr Justice N. S. Gbadegbe and Mrs Justice Vida Akoto-Bamfo) agreed to the argument raised by the applicant’s lawyers for joinder and granted the application a 6-3 majority decision. This paper provides information on the case and argues why theJudges decision is flawed and totally disconnected with law and jurisprudence.
Is The President Committing Treason?
There is little doubt that Kennedy Agyapong's statement calling on ashantis to "beat ewes and gas" is incendiary, indefensible, inexcusable and deserving of condemnation by all well meaning people. Having said that, I will also add that, as abominable as the statement is, it does not give the government the power to detain Agyapong, on trumped up charges in clear retaliation for exposing the President's role in the Woyome saga. Our Constitution does not just protect love-speech. Indeed, love-speech requires no protection at all. What the Constitution really protects is ugly speech, such as those uttered by the misguided Kennedy Agyapong. If speech does not lead to imminent danger, it must be protected, even if it highly offensive.
Press Release: Gov’t loses another landmark court case; reduce fuel prices, court orders
An Accra High Court (Cocoa Affairs, Court 11) presided over by His Lordship Patrick Baayeh has handed down a heavy judgement on the National Petroleum Authority (NPA) and Tema Oil Refinery (TOR) in a case in which three plaintiffs accused the NPAand TOR of inflating fuel prices and using the money for hidden purposes. more>>
World Bank warns against prospect of $3bn “White Elephant Projects”
The World Bank has urged Ghanaians to expand public discussions on the controversial record loan facility from China to focus more on interrogating the efficient use of the funds and the nature and scope of the projects selected in order to achieve the desired national development results. Speaking at a public forum on the $3 billion Chinese Development Bank loan for infrastructural development, organized by the Danquah Institute, the resident Chief Economist of the World Bank, Sebastien Dessus, warned against the pursuit of “white elephant projects.”
Expect fuel price hike soon
A recent decision by an Accra High Court could have misunderstood the use of the Ex-refinery price differential In the calculation of fuel pump prices and this may force Government to raise retail pump prices if the National Petroleum Authority (NPA) loses its appeal and Government is mandated to carry out the court order.
What about China?
But the U.S. is not alone in seeing Africa as a better bet to provide a secure source of energy. There is a new scramble for Africa’s raw materials, especially energy resources, brought on by China’s astonishing industrial growth and its deepening influence in the global economy. It is the second largest consumer of oil in the world behind the United States. Consistently high economic growth rates saw Asia’s formerly largest oil exporter switch to become a net importer of oil since 1993. The International Energy Agency projects China's net oil imports will jump from 3.5 million barrels per day in 2006 to 13.1 million barrels per day by 2030.