`Stop EPA (fin) read by ho
Story: Boahene Asamoah & Ras Liberty Amewode
SOME Civil Society groups across the African Continent have reiterated their calls on their governments not to sign the Economic Partnership Agreements (EPAs) with the European Union (EU).
According to them, the signing of the agreement would mortgage the future of Africans to the Europeans.
Regional blocs made up of countries in the African, Caribbean and Pacific (ACP) Countries, such as the Economic Community of West African States (ECOWAS), the Eastern and Southern Africa (ESA) and the Southern Africa Development Community (SADC) and their EU counterparts are supposed to sign the EPAs by December this year.
In an interview after the opening of a three-day Africa-wide Civil Society meeting on EPAs in Accra yesterday, Mrs Aulline H. Mabika from Zimbabwe, said “the signing of the EPAs would mortgage the future of our generations.”
Civil Society groups from about 15 African countries and Europe are attending the meeting, which is to strategise the final lapse of the campaign to “Stop EPAs”.
Mrs Mabika said there was the need for a comprehensive trade agreement that would involve all stakeholders and respect the needs of Africans, saying the EPAs as they stood neither were consultative enough nor had strong development agenda for African countries.
“The issues of social services, poverty eradication and health are not properly addressed,” she stated.
Mrs Mabika stated that all the regions in Africa were not adequately prepared for the EPAs as the continent lacked the capacity to address the issues inherent in the trade agreement.
She said for Zimbabwe the issues were critical as the country was being made to sign the agreement under ESA instead of SADEC.
Mrs Mabika stated that the country would then have to determine under which customs treaty it would operate if the country went ahead to sign the agreements under ESA.
She said what continent needed was strong negotiators and ensuring that the process towards the signing of the agreement involved the ordinary people of Africa.
For his part, the Head of Programmes of Third World Network, Mr Tetteh Hormeku, said the signing of the agreement would spell doom for most African countries.
He said at the moment some countries were requesting for draft agreements, excuses he said were a confirmation that the various blocs were not ready for the agreements.
Mr Hormeku said persuading their various governments not to sign the EPAs was as much a challenge as getting the people who would directly bear the brunt of the agreement to be active players in the attempt to stop the EPAs.
The Co-ordinator of the Third World Network, Dr Yao Graham, said the meeting would afford participants to draw up strategies to ensure that they intensified their activities as the time drew closer.
Dr Graham called for the active involvement of the media to ensure that the objectives of stopping the EPAs was achieved.
African, Caribbean and Pacific (ACP) countries are negotiating for EPAs which are aimed at defining the future trade and economic relations between the EU and regional blocs such as ECOWAS and ESA, when the Cotonou Agreement expires in 2007.
The Cotonou Agreement was signed in June 2000 to replace the various Lome Conventions, through which the ACP countries accessed EU markets for almost three decades tariff and quota-free.
Negotiations on the EPAs started in September 2002 and are supposed to be concluded by the end of this year.
The need for the EPAs came in the wake of complaints from non-ACP countries in 1994 that the preferential and non-reciprocal trade that existed between ACP and EU countries was not in accordance with the World Trade Organisation (WTO) rules, which the WTO agreed with, saying the ACP countries will have unfair advantage.
Monday, September 17, 2007
Economy still reobust, inspite of crisis
Story: Boahene Asamoah
THE Centre for Policy Analysis (CEPA), a policy and research think-tank, has said that in spite of the energy crisis the economy looks poised for a take-off of a sustained accelerated growth which could bring about the much needed development.
However, CEPA warned that some inherent problems such as the over-blotted wage bill and the inability to meet revenue targets and the government’s expenditure could derail the process.
Speaking at the yearly launch of CEPA’s “Current State of the Ghanaian Economy” in Accra yesterday, the Executive Director of CEPA, Dr Joe Abbey, said the cornerstone of Ghana’s macro-economic stability has been prudent and complementary to fiscal macroeconomics stability”.
He added that “this must continue if Ghana is to reduce interest rates, increase private investment and continue to receive favourable investment ratings and continued donor support.
Dr Abbey however, stated there was the need to deal decisively with the main short term threats to fiscal prudence and called for the urgent improvement in the framework for the management of the public sector wage bill.
“Failing that, budget implementation would continue to weaken as the wage bill progressively crowds out other important areas of public spending not to mention the possible adverse consequences for employment in the formal sector”, he stated.
He said IMF analysis of the country’s economic performance stated that after years of sustained consolidation, the fiscal deficit including grants widened to 7.7 per cent of GPD in 2006 from 2.3 per cent of GDP in 2005.
On government revenue, he said tax revenue was on target, however non-tax revenue was the area which recorded significant shortfalls in collection and added that “ there has been significant volatility in revenue mobilisation in this category of government revenue.
Dr Abbey said on account of this situation the total tax revenue could fall short of budgetary target by almost five per cent.
On government expenditure, Dr Abbey stated that contrary to the out-turn for 2006, reported in the 2007 budget, the year ended with a much wider deficit than planned resulting in substantial domestic borrowing by government instead of net repayment.
He said the revenue shortfalls and the additional expenditures would mean large deficits that must be appropriately financed in macro-economics stability whichwas to be sustained as required by the GPRS II.
Dr Abbey said the government’s successful issue of a sovereign bond of $500 million was seen in financial circles as a “hugely important step for a sub-Saharan African country” other than South Africa to have entered the international capital market.
He said given the B+ sovereign rating, mobilisation of loan finance on reasonable terms does not appear to pose much challenge to the country.
Dr Abbey proposed the setting up of a special fund to be named Jubilee Development Fund (JDF) to ensure that all loan proceeds as well as any such identified and dedicated resources mobilised in support for the accelerated growth and development objective would be deposited into the account.
“This is to ensure transparency and accountability”, he added.
THE Centre for Policy Analysis (CEPA), a policy and research think-tank, has said that in spite of the energy crisis the economy looks poised for a take-off of a sustained accelerated growth which could bring about the much needed development.
However, CEPA warned that some inherent problems such as the over-blotted wage bill and the inability to meet revenue targets and the government’s expenditure could derail the process.
Speaking at the yearly launch of CEPA’s “Current State of the Ghanaian Economy” in Accra yesterday, the Executive Director of CEPA, Dr Joe Abbey, said the cornerstone of Ghana’s macro-economic stability has been prudent and complementary to fiscal macroeconomics stability”.
He added that “this must continue if Ghana is to reduce interest rates, increase private investment and continue to receive favourable investment ratings and continued donor support.
Dr Abbey however, stated there was the need to deal decisively with the main short term threats to fiscal prudence and called for the urgent improvement in the framework for the management of the public sector wage bill.
“Failing that, budget implementation would continue to weaken as the wage bill progressively crowds out other important areas of public spending not to mention the possible adverse consequences for employment in the formal sector”, he stated.
He said IMF analysis of the country’s economic performance stated that after years of sustained consolidation, the fiscal deficit including grants widened to 7.7 per cent of GPD in 2006 from 2.3 per cent of GDP in 2005.
On government revenue, he said tax revenue was on target, however non-tax revenue was the area which recorded significant shortfalls in collection and added that “ there has been significant volatility in revenue mobilisation in this category of government revenue.
Dr Abbey said on account of this situation the total tax revenue could fall short of budgetary target by almost five per cent.
On government expenditure, Dr Abbey stated that contrary to the out-turn for 2006, reported in the 2007 budget, the year ended with a much wider deficit than planned resulting in substantial domestic borrowing by government instead of net repayment.
He said the revenue shortfalls and the additional expenditures would mean large deficits that must be appropriately financed in macro-economics stability whichwas to be sustained as required by the GPRS II.
Dr Abbey said the government’s successful issue of a sovereign bond of $500 million was seen in financial circles as a “hugely important step for a sub-Saharan African country” other than South Africa to have entered the international capital market.
He said given the B+ sovereign rating, mobilisation of loan finance on reasonable terms does not appear to pose much challenge to the country.
Dr Abbey proposed the setting up of a special fund to be named Jubilee Development Fund (JDF) to ensure that all loan proceeds as well as any such identified and dedicated resources mobilised in support for the accelerated growth and development objective would be deposited into the account.
“This is to ensure transparency and accountability”, he added.
Lets develop home grown policies
Story: Boahene Asamoah
THE Chief Adviser to the President, Mrs Mary Chinery-Hesse, has said that there is the need for the country to develop what she termed “home-grown” development policies that suited the countries peculiar development paradigm.
That, she said, was critical because the country could not always rely on the prescription of its development partners.
At the launch of 2007 “Ghana Economic Review and Outlook” by the Centre for Policy Analysis (CEPA) in Accra yesterday, Mrs Chinery-Hesse advocated for the establishment of national policy think tanks in the country that would fashion out the country’s development agenda.
She said the new role of CEPA should be to focus on policy formulation instead of the current system where it criticises government’s economic policies.
The Chief Presidential Adviser said “it is good to be independent, but it is equally important that CEPA becomes part of the process that drives policy formulation”.
Mrs Chinery-Hesse, who is also a board member of CEPA, said the future of CEPA must be to partner the government, the National Development Planning Commission (NDPC) and other agencies and departments to ensure good development policies that would shape the country’s economic and development agenda.
She said CEPA had proven that it had the quality human resources and capability to undertake research, analysis and advocacy that was of international standards.
Mrs Chinery-Hesse recounted the establishment of the CEPA in 1994 by some development partners and which had grown to become a national asset of international repute.
She said there was the need to ensure that CEPA led the way in think tank organisations in the country by becoming a co-ordinating institution and called for greater collaboration of all such institutions to ensure that the country benefited from the ideas and specialisation of such institutions.
A Senior Research Fellow at CEPA, Dr Samuel Ashong, who launched the books, said over the past 10 years, the CEPA flagship had delivered authentic, unbiased and independent annual reviews of the state of the Ghanaian economy while providing concrete recommendations to improve economic management and governance.
He said “sound and critical economic analyses have always underpinned the information in these reports”.
He said the key medium-term challenges included decisive resolution of the energy crisis to enable real economic growth at an average rate of 6.5 per cent per annum, consolidating macro-economic stability and pursuing structural reforms, particularly in the financial sector, to bolster private sector-led growth.
Dr Ashong stated again that maintaining a competitive exchange rate to ensure that micro-level incentives for investments and growth were in consonance with the export-led growth strategy was also a challenge.
The CEPA Flagship, Ghana Economic Review and Outlook, is a 122-page comprehensive technical document tailored to the needs of professionals in the field of economic policy making, analysis and governance.
Five volumes were produced under CEPA’s selected economic issues series to facilitate dissemination of the findings in the flagship. They are Public Finance and Fiscal Operations: The Case for Fiscal Anchor, Monetary and Exchange Rate in the Large, Current State of the Ghanaian Economy, The Energy Crisis and Growth Performance of the Economy, Public Expenditure Management in Ghana: 2001-2006.
THE Chief Adviser to the President, Mrs Mary Chinery-Hesse, has said that there is the need for the country to develop what she termed “home-grown” development policies that suited the countries peculiar development paradigm.
That, she said, was critical because the country could not always rely on the prescription of its development partners.
At the launch of 2007 “Ghana Economic Review and Outlook” by the Centre for Policy Analysis (CEPA) in Accra yesterday, Mrs Chinery-Hesse advocated for the establishment of national policy think tanks in the country that would fashion out the country’s development agenda.
She said the new role of CEPA should be to focus on policy formulation instead of the current system where it criticises government’s economic policies.
The Chief Presidential Adviser said “it is good to be independent, but it is equally important that CEPA becomes part of the process that drives policy formulation”.
Mrs Chinery-Hesse, who is also a board member of CEPA, said the future of CEPA must be to partner the government, the National Development Planning Commission (NDPC) and other agencies and departments to ensure good development policies that would shape the country’s economic and development agenda.
She said CEPA had proven that it had the quality human resources and capability to undertake research, analysis and advocacy that was of international standards.
Mrs Chinery-Hesse recounted the establishment of the CEPA in 1994 by some development partners and which had grown to become a national asset of international repute.
She said there was the need to ensure that CEPA led the way in think tank organisations in the country by becoming a co-ordinating institution and called for greater collaboration of all such institutions to ensure that the country benefited from the ideas and specialisation of such institutions.
A Senior Research Fellow at CEPA, Dr Samuel Ashong, who launched the books, said over the past 10 years, the CEPA flagship had delivered authentic, unbiased and independent annual reviews of the state of the Ghanaian economy while providing concrete recommendations to improve economic management and governance.
He said “sound and critical economic analyses have always underpinned the information in these reports”.
He said the key medium-term challenges included decisive resolution of the energy crisis to enable real economic growth at an average rate of 6.5 per cent per annum, consolidating macro-economic stability and pursuing structural reforms, particularly in the financial sector, to bolster private sector-led growth.
Dr Ashong stated again that maintaining a competitive exchange rate to ensure that micro-level incentives for investments and growth were in consonance with the export-led growth strategy was also a challenge.
The CEPA Flagship, Ghana Economic Review and Outlook, is a 122-page comprehensive technical document tailored to the needs of professionals in the field of economic policy making, analysis and governance.
Five volumes were produced under CEPA’s selected economic issues series to facilitate dissemination of the findings in the flagship. They are Public Finance and Fiscal Operations: The Case for Fiscal Anchor, Monetary and Exchange Rate in the Large, Current State of the Ghanaian Economy, The Energy Crisis and Growth Performance of the Economy, Public Expenditure Management in Ghana: 2001-2006.
Africa will still have access to EU marketsIf it refuses to sign the EPAs
Story: Boahene Asamoah
CIVIL Society groups across Africa have said that African countries could still have access to the European markets if they do not sign the Economic Partnership Agreement (EPA) with the European Union (EU).
According to the civil society organisations, “the EU is bound by obligation under the Cotonou agreement, which has the force of international treaty with the ACP to maintain market access for countries that decide not to sign the EPAs.”
They described as false the European Union’s (EU’s) assertion that products from Africa would not have access to EU markets if African countries failed to sign the Economic Partnership Agreement.
“African countries do not need to sign EPAs to maintain their current market access levels to the European Union”, the civil society groups stated.
At a press conference, after a three-day strategic meeting in Accra, Civil Society Groups from about 30 African countries condemned the EU for abusing the December deadline to put unjustifiable pressure on African governments to concede to its terms.
Mr Thomas Deve, Project Officer for Mwengo, a Civil Society group from Zimbabwe, said African had everything to lose and nothing to gain by signing the Economic Partnership Agreements with the EU.
He said African countries could adopt the General System of Preference plus (GSP+) which would enable African countries to have access to EU market at levels similar to what they enjoy currently, adding that, “this can even be improved”.
He said “signing the EPA will trigger severe loss of jobs, threaten the peace of the continent, strangle Africa’s right to evolve and pursue its own agenda and lead to recolonisation of Africa by Europe.
Mr Deve added that the EPA, if signed would lead to the elimination of tariffs but any tariff reduction and elimination would necessarily involve huge fiscal costs and many costs of implementation for Africa and other African and Pacific (ACP) countries.
He said the EU promise of €2 billion under the European Development Fund (EDF) to help with the cost of adjustment under the EPAs was false, misplaced and at best self-serving.
He said the EU was also manipulating the expiration of the Cotonou waiver on December 31, 2007 to send panic waves to African leaders that African exporters will not have access to the European market after the deadline.
Mr Deve said
He expressed regret that in spite of the severe handicaps of the EPAs and the damage they would inflict on African economies and peoples, African leaders continued to negotiate for the EPAs, adding that “this is too much a price to pay”.
Mr Deve stated that the Cotonou agreement provided for countries not to sign on EPAs and said “African civil society organisations therefore call on our governments and negotiators to call the bluff of the European Union and reject the EPAs”.
CIVIL Society groups across Africa have said that African countries could still have access to the European markets if they do not sign the Economic Partnership Agreement (EPA) with the European Union (EU).
According to the civil society organisations, “the EU is bound by obligation under the Cotonou agreement, which has the force of international treaty with the ACP to maintain market access for countries that decide not to sign the EPAs.”
They described as false the European Union’s (EU’s) assertion that products from Africa would not have access to EU markets if African countries failed to sign the Economic Partnership Agreement.
“African countries do not need to sign EPAs to maintain their current market access levels to the European Union”, the civil society groups stated.
At a press conference, after a three-day strategic meeting in Accra, Civil Society Groups from about 30 African countries condemned the EU for abusing the December deadline to put unjustifiable pressure on African governments to concede to its terms.
Mr Thomas Deve, Project Officer for Mwengo, a Civil Society group from Zimbabwe, said African had everything to lose and nothing to gain by signing the Economic Partnership Agreements with the EU.
He said African countries could adopt the General System of Preference plus (GSP+) which would enable African countries to have access to EU market at levels similar to what they enjoy currently, adding that, “this can even be improved”.
He said “signing the EPA will trigger severe loss of jobs, threaten the peace of the continent, strangle Africa’s right to evolve and pursue its own agenda and lead to recolonisation of Africa by Europe.
Mr Deve added that the EPA, if signed would lead to the elimination of tariffs but any tariff reduction and elimination would necessarily involve huge fiscal costs and many costs of implementation for Africa and other African and Pacific (ACP) countries.
He said the EU promise of €2 billion under the European Development Fund (EDF) to help with the cost of adjustment under the EPAs was false, misplaced and at best self-serving.
He said the EU was also manipulating the expiration of the Cotonou waiver on December 31, 2007 to send panic waves to African leaders that African exporters will not have access to the European market after the deadline.
Mr Deve said
He expressed regret that in spite of the severe handicaps of the EPAs and the damage they would inflict on African economies and peoples, African leaders continued to negotiate for the EPAs, adding that “this is too much a price to pay”.
Mr Deve stated that the Cotonou agreement provided for countries not to sign on EPAs and said “African civil society organisations therefore call on our governments and negotiators to call the bluff of the European Union and reject the EPAs”.
Ghana, South Africa to strengthen eco ties
Story: Boahene Asamoah
GHANA and South Africa have agreed to strengthen trade links in agriculture, market access and investment in agro-processing.
The two countries also agreed to ensure technology transfer , co-operation in eco-tourism, infrastructural development and cultivation of forest plantation.
This was the outcome of a three-day technical meeting between the two countries on the Implementation of the Decisions on Trade, Investment, Tourism and Mining of the Permanent Joint Commission for Co-operation held in Accra.
Ghana and South Africa established a Permanent Joint Commission for Co-operation in Pretoria in May, 2007.
Following the establishment of the commission, a three-member delegation from the West African Bilateral Department of Trade and Industry of South Africa visited the country last week to begin a four-day technical meeting.
The South African delegation was led by Mrs Hester Obisi, the Director of the West Africa Bilaterals, Department of Trade and Industry of South Africa. The Ghanaian delegation was headed by the Executive Secretary of the Ghana Exports Promotion Council (GEPC), Mr Edward Collins Boateng.
A report issued at the end of the four-day technical meeting recommended the harmonisation of rules, regulations and standards for import and export of fauna and flora.
The report said Ghana reiterated the importance of the agro-processing sector to its economic development, and called for the deepening of Ghana-South African ties.
The delegates also agreed on exploring the possibility of accessing the Southern African Development Commission (SADC) markets through South Africa.
According to the report, Ghana invited South Africa to take advantage of opportunities in the agri-business and agro-processing industry to invest in the sector.
To that end, the two countries took note of the existing feasibility studies undertaken by the Federation of Associations of Ghanaian Exporters (FAGE) and the Post Harvest Technologies of South Africa for the establishment of an agro-processing factory in the country.
The report said the South African delegation was interested in learning from Ghana about some projects like the President’s Special Initiative, low cost housing, human resource development, bio fuels, transportation and communications infrastructure, tourism infrastructure, small business and co-operatives development and waste management.
The report said the two countries agreed on the need for an appropriate legal framework for preferential market access arrangements between the two countries, and also to speed up the legal process to ensure the coming into force of the bilateral trade agreement and the Memorandum of Understanding on economic co-operation.
GHANA and South Africa have agreed to strengthen trade links in agriculture, market access and investment in agro-processing.
The two countries also agreed to ensure technology transfer , co-operation in eco-tourism, infrastructural development and cultivation of forest plantation.
This was the outcome of a three-day technical meeting between the two countries on the Implementation of the Decisions on Trade, Investment, Tourism and Mining of the Permanent Joint Commission for Co-operation held in Accra.
Ghana and South Africa established a Permanent Joint Commission for Co-operation in Pretoria in May, 2007.
Following the establishment of the commission, a three-member delegation from the West African Bilateral Department of Trade and Industry of South Africa visited the country last week to begin a four-day technical meeting.
The South African delegation was led by Mrs Hester Obisi, the Director of the West Africa Bilaterals, Department of Trade and Industry of South Africa. The Ghanaian delegation was headed by the Executive Secretary of the Ghana Exports Promotion Council (GEPC), Mr Edward Collins Boateng.
A report issued at the end of the four-day technical meeting recommended the harmonisation of rules, regulations and standards for import and export of fauna and flora.
The report said Ghana reiterated the importance of the agro-processing sector to its economic development, and called for the deepening of Ghana-South African ties.
The delegates also agreed on exploring the possibility of accessing the Southern African Development Commission (SADC) markets through South Africa.
According to the report, Ghana invited South Africa to take advantage of opportunities in the agri-business and agro-processing industry to invest in the sector.
To that end, the two countries took note of the existing feasibility studies undertaken by the Federation of Associations of Ghanaian Exporters (FAGE) and the Post Harvest Technologies of South Africa for the establishment of an agro-processing factory in the country.
The report said the South African delegation was interested in learning from Ghana about some projects like the President’s Special Initiative, low cost housing, human resource development, bio fuels, transportation and communications infrastructure, tourism infrastructure, small business and co-operatives development and waste management.
The report said the two countries agreed on the need for an appropriate legal framework for preferential market access arrangements between the two countries, and also to speed up the legal process to ensure the coming into force of the bilateral trade agreement and the Memorandum of Understanding on economic co-operation.
BoG-MiDA sign $82.4 agreement
Story: Boahene Asamoah
THE Millennium Development Authority (MiDA) and the Bank of Ghana (BoG) yesterday signed an $82.4 million agreement for the implementation of an agricultural credit and financial service activities under the Millennium Challenge Compact.
The amount comprise a revolving facility of $58.4 million under the Agricultural Credit Activity — which includes $40.7 million as credit and $17.7 million for capacity building — and $24 million for the financial services activity.
The Chief Executive Officer of MiDA, Mr Martin Esson Benjamin, said at the ceremony that the agricultural credit programme of the fund would be issued to support an on-lending facility for the production of high-value horticultural and staple food crops and to finance related value chain activities in the 23 districts covered under the Millennium Challenge Account (MCA).
The MiDA is the authority set up to manage Ghana’s $547 million MCA compact signed between Ghana and the United States of America (USA).
Mr Esson-Benjamin stated that under the agriculture credit programme, funds would be made available through participating financial institutions to be accredited by the BoG.
He said group loans would be granted to farmer-based institutions which graduated from MiDA-run training programmes and also to support micro and small enterprises engaged in production, transportation, storage, marketing, processing and related value added activities involving high value horticultural crops.
He said the financial services activity which was in two parts was aimed at improving the National Payment system.
MiDA is providing a grant for the cheque codeline clearing system and the automated clearing house system at the BoG as well as funding the review of the National Payment System laws, the CEO stated.
Under the financial services activity, MCA funds would be used to sponsor a three-year nation-wide public awareness campaign on the use of the payment systems available through the banking sector.
Mr Esson-Benjamin added that MiDA would also fund the computerisation and automation of all rural banks in the country and to some extent, savings and loans companies, in collaboration with the ARB Apex Bank.
The Governor of the Bank of Ghana, Dr Paul Acquah, said the agreement was in line with the bank’s financial sector strategy.
He said the central bank had started the Ghana Interbank Payment System, a comprehensive platform for the financial sector, which involved the use of a biometric smart card.
Dr Acquah said the system would ensure an electronic means of payment that would be used to reach a large majority of the unbanked in the country.
THE Millennium Development Authority (MiDA) and the Bank of Ghana (BoG) yesterday signed an $82.4 million agreement for the implementation of an agricultural credit and financial service activities under the Millennium Challenge Compact.
The amount comprise a revolving facility of $58.4 million under the Agricultural Credit Activity — which includes $40.7 million as credit and $17.7 million for capacity building — and $24 million for the financial services activity.
The Chief Executive Officer of MiDA, Mr Martin Esson Benjamin, said at the ceremony that the agricultural credit programme of the fund would be issued to support an on-lending facility for the production of high-value horticultural and staple food crops and to finance related value chain activities in the 23 districts covered under the Millennium Challenge Account (MCA).
The MiDA is the authority set up to manage Ghana’s $547 million MCA compact signed between Ghana and the United States of America (USA).
Mr Esson-Benjamin stated that under the agriculture credit programme, funds would be made available through participating financial institutions to be accredited by the BoG.
He said group loans would be granted to farmer-based institutions which graduated from MiDA-run training programmes and also to support micro and small enterprises engaged in production, transportation, storage, marketing, processing and related value added activities involving high value horticultural crops.
He said the financial services activity which was in two parts was aimed at improving the National Payment system.
MiDA is providing a grant for the cheque codeline clearing system and the automated clearing house system at the BoG as well as funding the review of the National Payment System laws, the CEO stated.
Under the financial services activity, MCA funds would be used to sponsor a three-year nation-wide public awareness campaign on the use of the payment systems available through the banking sector.
Mr Esson-Benjamin added that MiDA would also fund the computerisation and automation of all rural banks in the country and to some extent, savings and loans companies, in collaboration with the ARB Apex Bank.
The Governor of the Bank of Ghana, Dr Paul Acquah, said the agreement was in line with the bank’s financial sector strategy.
He said the central bank had started the Ghana Interbank Payment System, a comprehensive platform for the financial sector, which involved the use of a biometric smart card.
Dr Acquah said the system would ensure an electronic means of payment that would be used to reach a large majority of the unbanked in the country.
Inflation up by 0.3%
Story: Boahene Asamoah
THE Consumer Price Index (CPI), which measures the annual rate of changes in the prices of goods and services in the country, for the month of August this year, inched up by 0.3 per cent to 10.4 per cent, from the previous month’s figure of 10.1 per cent.
Announcing the figures at the press conference yesterday, the Deputy Government Statistician, Prof. Nicholas N.N. Nsowah-Nuamah, said the non-food group contributed to the upward increase of the CPI by 0.47 points.
The rate showed signs of easing off after dropping to 10.7 per cent in June from 11 per cent recorded in May. In the month of April the rate stood at 10.5 per cent
Earlier in the year the rate had fallen from 10.9 to 10.4 per cent between January and February 2007.
Prof Nsowah-Nuamah said under the non-food group, transportation contributed the highest of the CPI, with a gain of 0.21 points, and pointed out that the food and beverages group contributed negatively to the change.
In July, the National Petroleum Authority (NPA) announced an increase in the petroleum. Anaylsts believe that the upward move in the petroleum prices might have caused the increase in transportation.
Prof Nsowah-Nuamah said the health group under the non-food component also increased by 0.06 points, while housing, water, electricity, gas and other utilities accounted for 0.05 points increase.
He said within the food and beverages group, fish recorded the highest downward movement of negative 0.16 points to the change in the national index with smoked herrings, ‘kpala’ and dried fish contributing negatives of 0.17 points, 0.02 points and 0.01 points respectively.
The Ghana Statistical Service has re-based the CPI year to 2002 from the old base year of 1997, starting from January this year.
The new base year featured a number of changes as compared to the old one, which included the updates in the weights of the consumption basket from the 1991/1992 Ghana Living Standards Survey (GLSS) expenditure levels to the 1989/1999 GLSS expenditure levels”.
Additionally, the presentation of the CPI had been expanded to include indices on the 10 regions of the country.
THE Consumer Price Index (CPI), which measures the annual rate of changes in the prices of goods and services in the country, for the month of August this year, inched up by 0.3 per cent to 10.4 per cent, from the previous month’s figure of 10.1 per cent.
Announcing the figures at the press conference yesterday, the Deputy Government Statistician, Prof. Nicholas N.N. Nsowah-Nuamah, said the non-food group contributed to the upward increase of the CPI by 0.47 points.
The rate showed signs of easing off after dropping to 10.7 per cent in June from 11 per cent recorded in May. In the month of April the rate stood at 10.5 per cent
Earlier in the year the rate had fallen from 10.9 to 10.4 per cent between January and February 2007.
Prof Nsowah-Nuamah said under the non-food group, transportation contributed the highest of the CPI, with a gain of 0.21 points, and pointed out that the food and beverages group contributed negatively to the change.
In July, the National Petroleum Authority (NPA) announced an increase in the petroleum. Anaylsts believe that the upward move in the petroleum prices might have caused the increase in transportation.
Prof Nsowah-Nuamah said the health group under the non-food component also increased by 0.06 points, while housing, water, electricity, gas and other utilities accounted for 0.05 points increase.
He said within the food and beverages group, fish recorded the highest downward movement of negative 0.16 points to the change in the national index with smoked herrings, ‘kpala’ and dried fish contributing negatives of 0.17 points, 0.02 points and 0.01 points respectively.
The Ghana Statistical Service has re-based the CPI year to 2002 from the old base year of 1997, starting from January this year.
The new base year featured a number of changes as compared to the old one, which included the updates in the weights of the consumption basket from the 1991/1992 Ghana Living Standards Survey (GLSS) expenditure levels to the 1989/1999 GLSS expenditure levels”.
Additionally, the presentation of the CPI had been expanded to include indices on the 10 regions of the country.
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