The Executive Director of the Danquah Institute, Gabby Otchere-Darko, has stated that industry experts estimate that every day that Ghana either flares gas or is unable to utilise the associated natural gas from Jubilee for power translates into $1.2 million a day in lost revenue.

“This means that for this year the avoidable delays in the development of the gas infrastructure will cost the country a minimum of $638 million”, Gabby said.

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The Danquah Institute has described the $3 billion China Development Bank loan contracted by the Mills-Mahama led National Democratic Congress government as an illegality as it breaches sections of the Petroleum Revenue Management Act passed by parliament this year.

DI is therefore calling for the cancellation and subsequent curing of this loan facility and has urged the parties to the contract to take note of this and proceed to cure it or proceed to their own detriment.

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The Danquah Institute has stated that Ghana National Gas Company, headed by Dr George Sipa-Yankey, is operating illegally as it was not created by an Act of Parliament and currently appears to be breaching the Ghana National Petroleum Corporation Act, 1983 (PNDCL 64), which set up the Ghana National Petroleum Corporation.

The Executive Director of the Danquah institute, Gabby Asare Otchere-Darko made this known at a press conference organised by the Institute and held at the Ghana International Press Centre on Wednesday 21st December 2011.

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Friends of the media, the Danquah Institute called you here to the Accra International Press Centre today, Wednesday, December 21, 2011, for a very good reason. First, Ghana is positioned to be the world’s fastest growing economy this year and this has been made possible by the singular fact that 2011 marks Ghana’s maiden full year as an oil-producing economy. Beyond the lifting of crude oil, Ghana stands to build a multi-billion dollar petro-chemical industry from the monetisation of its natural gas.

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Other Stories

Business Re-Engineering In A Global Recession
The causes of the late 2007 Global financial crisis which degenerated into a full blown recession by mid 2008 have been argued and discussed extensively. Whatever the causes, it is a fact that by the middle of 2008, the world economy was engulfed in a severe crisis of confidence. The classic signs of a recession were evident as stock markets crashed. Growth rates plummetted in all major economies and unemployment soared. Companies collapsed and financial markets were in turmoil. As two successive quarters of negative growth in GDP occurred in economy after economy, the academic definition for a recession was fulfilled. The IMF definition of annual growth of less than 3% was also fulfilled by the end of 2008.
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.
Dzi Wo Fie Asem: Rhetoric and the Politics of Expediency
On 7th January 2011, His Excellency the President, in a face to face encounter with the media, used a proverb that has now become a household expression: Dzi wo fie asem. The incident could be considered as only a trigger for this evening’s talk, which centers on the character of political rhetoric within Ghana’s contemporary history. There appears to be a growing sensitivity to political communication in this country: specifically the norms of communication, or standards of propriety in speech comportment. There is a collective realization that the spoken word may have done a lot to shape our political fortunes. Throughout our contemporary history, the spoken word has been so important in our political life, that not only is free speech enshrined in the constitution; care has also been taken to integrate speaking regulations within governance forums, from parliamentary discourse, through discourse in the law courts, to executive discourse at cabinet meetings, and to presidential discourses of engagement
The Wuaku Commission report, submitted in November 2002, stated: “Having considered the totality of evidence before the Commission, we have come to the conclusion that the events that took place in Yendi on 25th, 26th, and 27th March, 2002, were criminal acts of an act of war fought between two Gates for which individuals from both Gates are blameable.”It further found that “the illegal stockpiling of arms and ammunitions by both Abudu and Andani royal families and sympathisers made it easier for them to resort to violence.” History tells us that in the 14th century Na Gbewaa established the ancient Kingdom of Greater Dagbon with Pusiga as the capital. His death resulted in a power struggle which saw one of his sons, Zirli murdering his brother, Kufogu in order to assume the skin. That historical account informs us that the killing of Prince Kufogu led to a full-blown war, which ended in the break-up of the Greater Dagbon Kingdom.
The government announced a 30% increase in ex-pump price of petroleum products with the build up covering crude oil price, TOR debt recovery levy, BOST levy, markerting and distribution margins. There is likely not to be cheap conventional oil any longer . for the past decade, global crude oil output has hovered between 62 million barrels per day and 65 million barrels except in 2006 when it reached 67 million barrels before falling to 65 million barrels and has remained there. At the same time upstream investments are not matching the global supply requirement during to increasing demand. The recent global recovery led by Asia and to some extent Latin America has further put pressure on supply. Global demand is ever increasing and will increase further with the growing global economy. Countries are therefore bracing up to the phenomenon of high oil prices. Some are increasing their efforts at alternative energy mainstreaming and others are introducing conservation programmes.
IMANI Update: STX – What’s the Way Forward?
There is no doubt that the vaunted STX project is beset with funding challenges. It is also clear that the company that was awarded the project – STX Engineering & Construction Limited (STX E&C) – is on the verge of falling apart, if it hasn’t already. The evidence clearly shows a complete breakdown of trust amongst the directors of the company, with one faction having formally reported the other to the Police on suspicion of criminal conduct. Civil lawsuits by both parties are also pending.
I was glad to read the announcement made by World Bank President, Dr. Jim Kim, at the start of this year’s UN General Assembly meetings, about the Bank’s projected financing support through the end of 2015 to help developing countries reach the Millennium Development Goals (MDGs) for women and children’s health. As we move toward the culmination of the MDGs in 2015 and beyond, preventing maternal and child deaths should be seen by all government delegations and their partners in the international development community as a clear yardstick to measure their commitment for creating more just and inclusive societies. But as evidence has shown across the globe, to effectively address the insidiousness of this challenge, a broad multi-sectoral paradigm for action is needed. In some countries, particularly in resource-poor settings and among certain population groups, there are social and cultural norms that need to be better understood to deal with myths and misconceptions surrounding pregnancy, childbirth and proper care of the newborn. There are also geographical barriers, as in rural communities high in the Andean mountains of my native Ecuador, or in the Caucasus mountain range in Georgia and Azerbaijan, where the poor state of roads in a challenging terrain, or the unavailability of transport to a health facility, contribute to preventable maternal deaths.
Mr President, it is the people that give second term, not the constitution- Nana Addo
Nana Akufo-Addo, the flagbearer of the New Patriotic Party, (NPP) is accusing the president of grossly misrepresenting the Constitution of Ghana by insinuating that the constitution gives every candidate two terms. Nana Akufo-Addo told Joy News that such a misrepresentation from no less a person than the president is worrying.
HON. OSEI KYEI-MENSAH-BONSU TO ADDRESS 3RD LIBERTY LECTURE
The Danquah Institute will on Tuesday, November 12, 2013 hold its 3rd edition of its flagship event, the Liberty Lecture, with the Minority Leader in Parliament, Hon. Osei Kyei-Mensah-Bonsu delivering a paper on the theme “The Deficit in Parliamentary Scrutiny in the Fight Against Corruption”. The lecture takes place at the Auditorium of the British Council at 5:00pm.
Monetary Policy Committee Statement: February 2012
The Committee has assessed developments in the economy for 2011 and I am happy to present highlights of recent economic developments and their implications for macroeconomic stability and growth, leading to the positioning of the Monetary PolicyRate. Recent policy discussions have centred on the Euro zone crisis and the challenges it poses for global economic recovery, a crisis that has pushed the global economy into a difficult phase of significant downside risks. Click here for full report