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Dr. John Kwakye, Senior Economist of the Institute of Economic Affairs (IEA), has cautioned the Bank of Ghana (BoG) to reduce its financial support to government.
That, he said, was necessary to reduce its adverse effects on the country’s economy.
Dr. Kwakye, who was speaking in an interview with the media, said BoG’s excessive financing of the deficit undermines monetary policy, fuels inflation, devalues the cedi and prevents the much-needed fiscal consolidation.
He said BoG faces a policy dilemma of bolstering its reserves of the cedi, stating that the BoG would have to continue to review its regulatory measures so as to boost forex flows into the economy, especially via formal channels. Read more...
Government has improved substantially on its management of petroleum revenues Act by complying with its mandate under the law, passed in 2011, according to a report.
The report indicated that government has also responded to some of the violations reported in previous reports through reforms such as the Capital gain tax, reporting on Saltpond royalties, and reporting on surface rentals.
The report, which is the first quarter of the petroleum management revenue act in 2014 budget was aimed at reviewing the budget and established the level of compliance or violation of the budget conducted by the Centre for Public Interest Law supported by STAR-Ghana, a multi donor-pooled organisation.
Dr Mohammed Amin Adam, Consultant for the study said the law has been implemented for the past three years and there has been a challenge which has led to the government decision to amend sections of the law.
He said the revenue streams defined in Section 6 of the Act 815 as sources of petroleum revenues included royalties, additional oil entitlements, surface rentals, other receipts from any petroleum operations and from the sale or export of petroleum. Read more...
Ghana is likely to miss the 76 per cent target set towards the achievement of the Millennium Development Goal (MDG) of providing safe water to rural communities by 2016.
Currently, the country has achieved 63 per cent coverage.
This is attributed to funding constraints and the lack of more donor support where some projects have to be scaled down.
Mr. Clement Bugase, Chief Executive of Community Water and Sanitation Agency, (CWA), revealed this when he joined some board members of the agency to inspect a number of completed and ongoing water projects in the Volta Region. Read more...
The development of every nation is based on the provision of quality education to its citizenry.
In Ghana, the proliferation of Private Universities makes it uneasy for students to choose the most credible and accredited institutions.
Sifting out the best for prospective students, Micjoy Advertising is expected to hold its 5th Educational Excellence Award in Kumasi at the Golden Tulip Hotel to Honour most distinguished Private Universities in Ghana on July 30, 2014. Read more...
More than 700 vehicles believed to have been smuggled into Ghana from neighbouring countries have been impounded by officials of the Customs Division of the Ghana Revenue Authority (GRA).
Out of the number, 500 were confiscated from March to May this year, while more than 200 were seized in the ongoing exercise dupped ‘anti-car smuggling operation’.
The latest confiscation, effected from June 26 to date, involve expensive vehicles, including 4x4s, which were seized from their owners at the various customs points throughout Ghana for which duties were not paid by their owners or the importers.
Out of the 200 vehicles, officials of the Customs Division at the headquarters in Accra impounded 55 cars, while customs officials in Sunyani confiscated 45. Read more...
An Accra Fast Track High Court on Wednesday sentenced Nana Akwesi Agyemang, the Head Pastor of Shiva Linga Church, Ghana, to 15 years imprisonment for defiling eight girls.
The girls were between the ages of three and 12.
This was after the court presided over by Mr Justice Charles Quist had found Agyemang guilty on all the eight counts of defilement. He was given15 years imprisonment on all the counts.
The sentences will, however, run concurrently.
Meanwhile, three parents of the victims, who were in court, registered their displeasure amidst tears over the number of years handed down on Agyemang. Read more...
Mr Gene Cretz, United States Ambassador in Ghana, has paid a courtesy call on the National Chief Imam, Sheikh Dr Osman Nuhu Sharubutu.
The visit is an annual tradition by the US Ambassador in the country to the National Chief Imam in every month of Ramadan to replicate the US President's engagement with Muslims back in the United States.
Welcoming the Ambassador, Sheikh Ishaq Abubakar, Senior Advisor of the National Chief Imam, said he and his advisers were happy for the visit, and very appreciative to the American Embassy for visiting the Imam in this holy month of Ramadan. Read more...
As of yesterday, a day before the second anniversary of the death of President J.E.A. Mills, preparations were underway at the Asomdwe Park in Accra, his burial place, for a memorial service and wreath-laying ceremony to mark the event.
Activities While the lush green grass at the place had been trimmed, some workers were at the site painting and erecting the dais for the memorial service when the Daily Graphic visited the park yesterday.
Other workers were busily beautifying the wall with banners of the late President Mills at work.
The park has been divided into two with a wire mesh — the place where Prof Mills was laid to rest and a portion that houses ostriches, geese and guinea fowls.
Commodore Steve Obimpeh, a presidential staffer, who was supervising the preparatory works, told the Daily Graphic that work would be finished by the close of day. Read more...
Ghana’s rap legend Obrafuor aka Michael Elliot Kwabena Okyere Darko, last week told Flex newspaper in an exclusive interview at DanceStardom that he is forgoing rap for now to enter into mainstream Highlife music.
The Sheanut and Soybean Suppliers Association of Tamale has expressed gratitude to the Nuts For Growth (N4G), a new nuts company that is being built in the Northern Region with the aim of creating more than 30,000 jobs.
The company is aiming at creating 30,000 indirect and 700 direct jobs to reduce unemployment in the Northern Region.
The Association said N4G was putting up a factory at Duuyin, a community along the Tamale/Salaga highway, to process sheanuts, maize and soya beans and appealed to the ministries of Gender and Social Protection and Trade and Industry to assist to ensure the success of the company.