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Live Updates: Ghana Economic Forum kicks off

gnpc 2A forum to diagnose the challenges confronting Ghana’s economy and proffer solutions is underway at the Movenpick Hotel in Accra.

Organised by the Business & Financial Times and Joy FM, the programme has brought together key public and private sector players for the two-day discussion.

CEO of the B&FT, Edith Danquah, says newspaper is happy to be part of search for solution.

The forum seeks to create a platform to debate and find solutions to the problems confronting the country.

Analysts have said donor-driven initiatives have not delivered the needed development to Ghana and Africa.

But how can Ghana wean itself of support from outside?

Ghana gained political freedom almost six decades ago, now is the time for economic freedom, she says.

Chief Executive of the Ghana National Petroleum Corporation, lead sponsors of the event, Mr. Alex Mould, said he was happy to be part of the programme because of its non-partisan nature.

Ghana must de-risk our various basins.

Local content in the oil industry means share investment with Ghanaian businesses. Importance of banks cannot be overemphasised.

Total savings in Ghana not enough for GNPC to participate in the oil industry so we are looking at foreign direct investments

The problem in Ghana is that we talk about how to solve problems and suggest solutions but the execution always remains lagging.

Ghana has some of the world’s most vibrant radio stations but we have execute all our discussions into projects that are viable.

This will bring public sector to speed.

Government cannot be relied on totally. public service must move from bureaucratic ways to performance-driven.

Deputy Finance Minister Mornah Quatey

Ministry is glad to partner the organisers for the event.

Economy in 13th consecutive year improvement.

Growth peaked in 2011 at 14 percent but slowed down to 4 percent because of gas shortages, cedis depreciation etc.

Inflation has eased slightly to 16 percent in 2015 but we expect a better growth going forward.

Recent economic challenges:

Government is very much aware of the challenges brought by fiscal imbalances, depreciating cedi, energy challenges, and so on

Our dependence on imports not helping.

Poor prices for commodities such as cocoa and gold harmed the economy.

Resultant effect is increase in the cost of borrowing.

Government is not looking at short-term solutions but a long-term view.

In 2014 government adopted ambitious home-grown solutions.

Objectives and policy measures of IMF programme align properly with government’s own home-grown solutions.

Government use fiscal space to expand social safety net spending in areas such as LEAP and basic healthcare.

Government is strengthening its risk management structures and reducing exposure to contingent spending.

Millions of dollars will acrue to government because of operations of Atuabo Gas plant.

Government committed to increasing electricity supply.

More private sector players submitted proposals which are being considered.

Confident that the growth and stability through policies being implemented by government will yield results.

In the medium term, Ghana’s economic outlook remains robust especially because of the potential of more oil exploration.

I wish you all the best in your deliberations.

Vice-President Amissah Arthur

Good ideas have been shared already and I have learnt.

Source: http://www.myjoyonline.com/business/2015/June-9th/live-updates-b.php#sthash.iuwGr5mT.dpuf

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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