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It is a great pleasure to welcome you to the launch of guidelines on Anti-Money Laundering and the Combating of the Financing of Terrorism (AML/CFT) for our Banks and Non-Bank Financial Institutions. This document has been jointly prepared by the Bank of Ghana and the Financial Intelligence Centre.

This event follows on the launch of AML/CFT guidelines for capital market operators by the Securities and Exchange Commission on 20th December 2011.

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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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Let me say that at the very beginning I wasn’t going to talk about this case because having referred to EOCO I would regard it to be sub-judice. But I want to say one or two things. When this case first broke, I was in the US and I ordered the two ministries involved, at the Attorney General’s Department and the Finance Ministry, to give me a report, a report which I wanted to be published so that the world would know what happened.

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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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Other Stories

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.
Some Thoughts From Gabby On The Election Petition
The respondents in Ghana’s presidential election petition are, in short, saying, “Yes, we admit there were irregularities, but, whatever they are, whether over-voting, unknown polling stations or voting without biometric verification, they must be seen as nothing more than clerical, administrative or transpositional errors which must not affect votes cast by Ghanaians.”
Kenya Elections
While violence broke out sporadically, post-election Kenya is far from the domestic Armageddon that followed the 2007 elections. Uhuru Kenyatta, under indictment by the International Criminal Court (ICC) for crimes against humanity in the aftermath of those elections, will be sworn-in as president this month following the 2013 elections judged credible by the Supreme Court. His chief rival, Raila Odinga, has accepted the Court’s ruling, and has conceded. Why has 2013 been so difference from 2007?
Halt E190 and Hangar Deal for Proper due Diligence to be done
The Danquah Institute is calling on the Presidency to, as a matter of urgency suspend the acquisition of one (1) Embraer 190 aircraft at a financing cost of $105 million including the construction of a hangar at the cost of $17 million for the Ghana Air Force, to be financed by commercial loans. This is to enable an independent due diligence check to be carried out, in order to properly assess the value-for-money aspect of the two transactions and consider the appropriateness of the two acquisitions per their stated purposes as provided by Government.
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
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 >>>
Chapter One: The Propagandization of Ghana’s History By Gabby Otchere-Darko You may be forgiven in thinking that the First Republic has been revisited. Thus, we have returned to the era where it is sacrilegious to criticize Kwame Nkrumah and it is rewarding to denigrate the other founding fathers of Ghana.The Monday 11 October, 2010 editorial of The Insight newspaper of Marxist-Nkrumaist, Kwesi Pratt, was simply titled ‘GABBY OTCHERE-DARKO’. The short editorial is reproduced below for emphasis:We have no quarrel with Gabby Otchere-Darko, the Executive Director of the Danquah Institute over his decision to glorify the ideals of Dr J B Danquah, an icon of reactionary and neo-colonial politics in Ghana.
A policy approved by lawmakers in Ghana that governs how revenue from the nascent oil sector is spent may provide a credit-rating boost and increase lending to the West African nation, according to the International Monetary Fund. The law, passed on March 2, allows oil revenue to be used as collateral for loans in a “credit enhancement” program, said Wayne Mitchell, resident representative for the fund, based in Accra, the capital. The risk of default is reduced, which will lower interest rates, he said.
Ghana pays a premium as it sells $750 mln 10-year Eurobond
Ghana sold a $750 million 10-year Eurobond on Thursday in its second foray into international bond markets but paid a premium to investors wary of its fiscal and current account deficits.The West African producer of cocoa, gold and oil issued the bond at a yield of 8 percent. The order book was $2.2 billion, around three times the issue size, Finance Minister Seth Terkper told Reuters.
The Electoral Commission has said it is embarking on a nationwide kit swapping exercise for areas that reported faulty equipment in the ongoing biometric voter registration exercise. There have been several reports of faulty computers, cameras and batteries across the country since the exercise began on Saturday.