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.

Read more...

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.

Click here for full statement

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.

Read more...

The Danquah Institute is organising a news conference at the International Press Centre, Ridge, Accra, on Wednesday, December 21, 2011 at 11am prompt.

The Danquah Institute will raise issues about the apparent lack of transparency in the Sinopec agreement for the gas infrastructural project, and its implications to the $3 billion CDB loan facility, and an estimated billion dollars of income losses to the state in oil and gas production as a result of policy decisions and inertia.

Read more...

Other Stories

Prez Mahama, please tell your surrogates to leave me alone for I’m but a simple pastor – Mensa Otabil
The General Overseer of the International Central Gospel Church, Pastor Mensa Otabil has responded in clearest terms yet to what he calls evil attempts to expose him to public ridicule “and the running harassment against my integrity.”He said the doctoring and manipulation of his sermons over the years to give them political twists was defamatory, unethical, criminal, malicious and evil.
Bank of Ghana Monetary Policy Committee Press Release
I wish to share with you the latest information available on the economy, the assessment of the Monetary Policy Committee on the state of the Ghanaian economy and the positioning of the Monetary Policy Rate Fiscal and sovereign debt problems continue to confront the economies of advanced countries. These problems continue to constrain the pace of global recovery. The delay of the US Congress in dealing with the US debt ceiling is also a matter of concern. However in Emerging and Developing Economies, growth continues to be brisk and prospects of sustained growth are high. Click here to read full report
Press Release: Bank of Ghana - Monetary Policy Committee
Ladies and Gentlemen of the Media, welcome to the press briefing of the 41st meeting of the Monetary Policy Committee.The Committee reviewed developments in the economy up to September as well as the domestic and external outlook. We reviewed global developments, domestic inflationary trends, the execution of the 2010 budget, growth prospects, business and consumer confidence, developments in the financial system and the external sector. more >>>
GOG has agreed to offer the following terms and exemptions to STX: GOG shall provide a sovereign guarantee to enable the STX E&C Ghana to raise over $1.5 billion as financing for the project. GOG has signed an off-taker agreement to purchase at least 90,000 housing units some of which may be allocated to the security services. GOG shall exempt the STX from tax for its imports of materials and machinery GOG shall exempt the Consortium from corporation tax Click Here for More >>>
“Ghana obtained independence from British colonial rule in 1957, the first African country, south of the Sahara, to do so. The country was full of promise and expectations of Ghanaians were high. In the words of Dr. Kwame Nkrumah, the first President, Ghana wanted to show the world that the black man can handle his own affairs. Some 53 years later, the optimism has somewhat waned and harsh reality has set in with the wide chasm between what is Ghana today and what could have been.” The above serves as the curtain opener to ‘Monetary Policy and Financial Sector Reform in Africa: Ghana’s Experience,’ written by Dr Mahamudu Bawumia. The book is a comprehensive, objective, concise history of Ghana since 1957, written by an Economist, to be precise a liberal economist, cast in the developmentalist mould of a Ghanaian nationalist. But, the book is not only a historical work, stretching from 1957 to 2008. More importantly, it provides information and models that are both historical and contemporary. It is detailed, easy to read, objectively factual and accurate. It is an excellent read for both set of persons who are new to economics and the others – Economics students, researchers, economists, bankers, politicians, and historians.
Ghana: What Are the Implications of Ghana's Transition?
The president of Ghana, John Atta Mills, has died at the age of 68. Although few details have been released about his death, there had been speculation about his deteriorating health for some time, and he had reportedly visited the United States for medical treatment in April. President Atta Mills was approaching the end of his first term in office, having been elected in 2008. Vice President John Dramani Mahama has assumed the presidency until the next elections, scheduled for December.
Government Officials Must Declare Their Assets Annually
The Danquah Institute has added its voice to calls for the policy on declaration of assets of public officials to be strengthened. Asset declaration is a measure whereby public officials (including members of the judiciary and the legislature) are required to periodically declare their personal income and wealth for scrutiny by a state authority. The policy think tank is calling for amendments to the law - The Public Office Holders (Declaration of Assets and Disqualifications) Act 1998 (Act 550) - which will require all those public officials captured under the law and their spouses and dependent children to file assets disclosure report annually, instead of at the beginning of a new government’s four-year term and at the end of it – and for those records to be accessible to the public and public agencies for scrutiny and monitoring purposes.
NDC chairman's attack on Judiciary is a threat to rule of law - Gabby
The Executive Director of the Danquah Institute, Gabby Otchere Darko has described comments by the National Chairman of the ruling NDC as “frightening, dangerous and a threat to the democracy of the country”.Dr. Kwabena Adjei, after a news conference in Accra on Tuesday August 17 to express outrage at recent court rulings which have all gone against the state, said the government will intervene and save the image of the judiciary from sinking further, if the Chief Justice fails to fight what he sees as growing rot within the judiciary.
The BOG Anti-Money Laundering-CFT Guideline
The world has experienced phenomenal growth of financial services over the last couple of decades. This globalization has led to increased cross-border activities enhancing global financial intermediation. Unfortunately, this development has been accompanied by a spate of transnational organized crime including Money Laundering and Terrorist Financing (ML/TF) perpetuated by underground economies. Money Laundering and Terrorist Financing affect whole economies, and therefore impacts negatively on economic, political and social development, posing serious challenges to all countries. Click here for full Report
Government’s decision to cut spending on capitation grant and other social interventions hurting education
The Danquah Institute is worried about the institutionalised nurturing of a future of hopelessness and uncertainties for an estimated 90 percent of Ghanaian children. The situation is being worsened by the policy decision of the current Government to slash funding in the critical areas of Capitation Grant, School Feeding, Teacher Training/Incentives, Textbooks, and the overall administration and investment areas of the Education Sector. The amount allocated under the new Social Intervention Programme (SIP) to Education of GH¢102.9 million is not enough to keep up with inflation. This would hurt the positive trend over the last six years or so which has seen more and more children from deprived backgrounds gaining access to education.