The Member of Parliament for the Obuasi West Constituency, Hon. Kwaku Kwarteng has explained the Electronic Addressing Program as the main catalyst to Revolutionize and modernize the country’s economic climate.
He explained this on Friday, 9th August,2019 when he was speaking to fifty (50) NABCO Staff in Obuasi chosen for the National Residence Tackle Tagging Task.
Hon. Kwaku Kwarteng who also doubles as the Deputy Finance Minister in charge of Income, took time to make clear the rationale powering the Nationwide Home Addressing Method to the recruits. He stated the System will help Govt to track profits and also increase earnings era ability of the MMDAs.
He described the actuality that some MMDAs can survive without Government’s assist. This he claimed can be obtained as a result of a productive implementation of the Electronic Tackle Process which will help the MMDAs rake in a lot more income by home fee and also decrease wastage.
He praised the Govt for the implementation of the Nations Builder’s Corp. The NABCO Programme he said, has brought hope to a whole lot of graduates and has addressed the dreary graduate unemployment that poses threats to the country’s protection.
On his component, the Municipal Main Govt for Obuasi Hon. Elijah Adansi-Bonah promised the personnel of the Assembly’s aid in the course of the physical exercise.
He yet again encouraged the staff to take care of the workout with all the seriousness it justifies to make it a success.
The Municipal Information and facts Officer, Mr. Sampson Manu also took the staff by means of ideas of community engagement and questioned them to reveal the technique to the community when they get to the communities.
The 1st stage of the Electronic Addressing exercising starts in a fortnight time and its predicted to final for 6 months.
Deputy Standard Secretary of the New Patriotic Party (NPP) Nana Obiri Boahen has blamed the initially President of the Republic of Ghana, Osagyefo Dr Kwame Nkrumah as the brain powering the country’s economic woes and underdeveloped position soon after independence.
In accordance to him, though the United Gold Coast Conference (UGCC)
opted for non-public participation in creating the country’s financial ability,
the former leader insisted he will adopt socialist process of federal government.
In accordance to Law firm Obiri Boahen, among 1962 and 1963 the
Danquahs’ had been telling Nkrumah “look never allow us undertake the government method
of the Russians and China let’s undertake the Japanese and South Koreans due to the fact
personal participation is the key”.
“At the time Kwame Nkrumah and his followers didn’t pay attention.
Now most private institutions are accomplishing superior, he extra observing that if the state experienced adopted personal
participation, today’s Ghana would have been a effectively-produced country.
Commenting on the Founders’ Working day celebration and its
associate improve in date, he laid the blame of the country’s economic challenges
62-many years following independence to the Dr Kwame Nkrumah.
Daughter of Dr Kwame Nkrumah, Madam Samia Nkrumah and other
political entities generally from the CPP and the NDC have nevertheless opposed the
thought of a adjust in working day
The NDC has vowed to adjust the date to its authentic working day
when voted into ability.
But Attorney Obiri Boahen chided the critics stating “they have often disturbed us with this financial liberation and socialism. They need to give us a break”. He informed the NDC and the NPP in an interview with Kumasi based mostly Nhyira Fm monitored by MyNewsGh.com.
President Akufo-Addo pushed a new Holiday break Modification Act in
Parliament which proposed September 21 (Nkrumah’s birthday and Founder’s working day) to
be observed as Kwame Nkrumah Memorial Working day in its place of Founders Working day which
honoured him as the founder of the country.
The President stated August 4th will now be the new founders’ working day.
In accordance to government, it (August 4th) is “obviously the
most correct working day to signify our recognition and appreciation of the
collective endeavours of our forebears in the direction of the founding of a cost-free, impartial
Former President John Dramani Mahama did not only completed the meaty element of the Ghanaian financial state, he ensured that the bone was damaged and its marrow was similarly depleted, that is how vociferous New Patriotic Occasion (NPP) firebrand, Kennedy Agyapong describes the condition of affairs prior to Akufo-Addo took in excess of.
In accordance to the Assin Central lawmaker, the former Nationwide
Democratic Congress (NDC) wreaked a ton of havoc to the Ghanaian financial system which
is why the latest administration is battling to put it back again on a audio footing.
“The NPP did not have an understanding of the statement by John
Mahama when he reported that, we have eaten all the meat and left with bones. The
consolidation of the banks by the current administration is a massive plus for the reason that
the condition at hand would have been deadly “, the lawmaker cum
businessmen unveiled in an interview he granted to an on line radio station in
Amsterdam monitored by MyNewsGh.com.
In accordance to Hon. Kennedy Agyapong, it was only following the NPP took about the helm of affairs of the state in 2017, the federal government received to know the realities of the Ghana’s financial system opposite to the photo painted by the former government.
“We now obtained to know that it was not just the meat chewed,
they ate the bones and the marrow in the bones as well”, the outspoken
lawmaker additional insisting Akufo-Addo should be hailed for his intervention in
conserving the financial state from a total collapse.
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Ghana is to change and diversify its overall economy by advertising personal investment decision and business advancement in the non-resource base sectors as a result of an integrated program to create the country’s competitiveness and supply sustainable work underneath the Ghana Economic Transformation Venture (GETP).
The $200 million funded assignments from the Worldwide Advancement Association (IDA)* was authorised by the Planet Financial institution Board of Executive Directors today. The GETP will support improvements in the business surroundings and construct capacity for investment decision attraction and retention as properly as spatial growth this sort of as Specific Economic Zones (SEZs) to deal with constraints to obtain industrial land.
The project will also help entrepreneurship and SME advancement by strengthening the entrepreneurship guidance ecosystem, and it will involve early-stage financing for growth-oriented entrepreneurs.
“Ghana requirements to devote a lot more, diversify, and raise productivity if it is to attain the Government’s present approach of reworking the overall economy by bigger, inclusive and sustainable progress with the non-public sector as the major driver,” stated Pierre Laporte, Planet Lender Region Director for Ghana, Liberia and Sierra Leone. “This operation instantly aligns with the Government’s technique and with the Planet Bank’s Africa regional strategy, which lays out financial transformation as a system to make sustainable and inclusive progress.”
The GETP will help the Government’s system of transforming the Ghanaian financial system to attain inclusive and sustainable development, with the non-public sector as the primary driver to create the most small business-friendly economic system in Africa and foster the competitiveness of Ghanaian firms.
“This undertaking applies the World Lender Group Maximizing Finance for Progress method, maximizing the Govt of Ghana’s means and will enable make sure that IDA funding leverages and appeals to complementary personal funding,” reported Douglas Pearce, Follow Manager Finance Competitiveness and Innovation World Exercise.
The interventions under the challenge are complementary to initiatives of other development partners focusing on the financial commitment local climate, capabilities enhancement, industrial parks, obtain to finance, agricultural value chains and climate innovation. The interventions underneath this job will contribute to the World Lender Group’s twin objectives by supporting possibilities for business development and occupation development in non-resource-centered sectors.
“This is an bold non-public sector task and involves a higher amount of coordination and possession to ensure a profitable implementation.” stated Errol Graham, Plan Chief EFI.
The Planet Bank’s Intercontinental Growth Association (IDA), established in 1960, assists the world’s poorest international locations by offering grants and minimal to zero-curiosity loans for tasks and courses that raise financial advancement, lower poverty, and increase lousy people’s lives. IDA is one particular of the most significant resources of guidance for the world’s 75 poorest international locations, 39 of which are in Africa.
Resources from IDA provide favourable adjust to the 1.5 billion people today who live in IDA countries. Considering that 1960, IDA has supported improvement operate in 113 nations. Yearly commitments have averaged about $18 billion above the very last three many years, with about 54 p.c likely to Africa.
Director of Diaspora Affairs at the presidency, Akwasi Awua-Ababio has said that the Ghana diaspora celebration and homecoming summit is anticipated to lure traders who will enable condition realise the Ghana Past Assist eyesight.
Talking to enjoyment curator, Kelly Nii Lartey Mensah at his place of work at the Jubilee Dwelling, Mr Awua Ababio share his optimism about the monumental effects the celebration
and summit would have on the country’s GDP.
Ghana partners AFdB, Planet Bank to lower cost of remittances
According to the business of the Diaspora Affairs at the presidency, government intends to decrease the expense of remittances by some 9 per cent in the coming decades.
The shift is section of endeavours at attracting extra remittances from abroad to fuel economic progress.
The world average price of sending $200 remained large, at around 7 percent in the very first quarter of 2019, according to the Entire world Bank’s Remittance Costs Globally database.
Cutting down remittance charges to 3 per cent by 2030 is a world-wide target under Sustainable Advancement Objective (SDG) 10.7.
“Remittance charges throughout many African corridors and modest islands in the Pacific keep on being above 10 percent” — Director of Diaspora Affairs at the Presidency, Kwasi Awuah-Ababio defined to a problem from Starr Enterprise reporter at a press conference ahead of the 2019 Year of Return Diaspora Property Coming.
He spelled out that governing administration is functioning with the African Development Bank and the Planet Financial institution to craft steps to make the price tag of remittances more cost-effective for Ghanaians overseas.
“When the determine will come down we think it will encourage a lot more remittances. We want it to appear down by 9 to 8 p.c. The Globe Bank nevertheless have a amount they are operating with” Mr. Awuah-Ababio reported.
THE GHANA HOMECOMING SUMMIT
The Ghana Diaspora Celebration & Homecoming Summit 2019 (GDHS’19) is a four-day event recognizing and celebrating the immense contributions to nation setting up by the Ghanaian Diaspora.
The occasion will not only highlight past contributions but will aim on present contributions as nicely, whiles furthering the advocacy for political, financial, and all other units and policies that would facilitate upcoming contributions by the Ghanaian Diaspora.
And in mild of the fourth centennial commemoration of the arrival of enslaved Africans in the western hemisphere, this function acknowledges that the Ghanaian Diaspora extends beyond Ghanaian citizens or nationals and their rapid family members.
It also incorporate other folks outside the borders of Ghana, with roots to, or a solid vested desire in the place.
This recognition, is primarily based on the want and wish for a extensive-phrase engagement among Ghana and her important stakeholder constituency. It is accompanied by the Ghana Government’s open-arm policy to all men and women of African descent.
President Nana Addo Dankwa Akufo-Addo has reported his administration, given that assuming office environment in 2017, has leveraged on technological innovation to help reform and strengthen Ghana’s institutional and regulatory procedures in the direction of the creation of a digital financial state.
In accordance to President Akufo-Addo, the digital financial state that has been established, as a result, “is supporting sustained financial advancement, and increasing the wellbeing of our citizens.”
Speaking at the 26th Modern society for Worldwide Interbank Money Telecommunication (SWIFT) African Regional Convention, held at the Kempinski Lodge, Accra, on Tuesday, the President highlighted the huge possible of technological improvements in direction of the transformation of economies across the earth.
Outlining the initiatives rolled out by his Federal government to the generation of the electronic economic climate in Ghana, the President indicated that the countrywide identification process, which demands, amongst many others, that, a citizen has a digital assets address, is currently being rolled out.
“These biometric countrywide ID cards are remaining connected to other identification methods and databases, these as social protection, driver’s license, and passports, to ensure we have a credible countrywide database,” he said.
Secondly, President Akufo-Addo mentioned that Authorities has now accomplished the cycle of cellular income payments by linking cellular cash wallets to lender accounts and the e-zwich card.
“This has made a stage participating in industry for folks with or with out bank accounts to carry out economic transactions, and is swiftly endorsing economical inclusivity in Ghana,” he stated.
The President continued, “The fiscal field is witnessing considerable progress, and with cellular funds penetration in Ghana getting the second greatest in Africa, evidenced in cell money transactions well worth GH¢213 billion in 2018, up from GH¢78.5 billion in 2016, we foresee that, with continued reforms to our payment devices, Ghana will have a powerful aggressive edge in the area for monetary innovation and access to credit.”
Also, he discovered that Authorities has committed alone to acquiring electronic systems manage all government receipts and payments by 2020.
With caterers employed less than the Nationwide University Feeding Programme, beneficiaries of the Livelihood Empowerment From Poverty (LEAP) programme, and recipients of nurses and teacher trainee allowances, amongst other folks, the President mentioned that this mode of payment is guaranteeing performance in the delivery of federal government companies.
As these new developments unfold, and with the emergence of new payment streams in help of the digitisation agenda, the President indicated that measures have also been taken to strengthen the regulatory setting.
It will be recalled that the Financial institution of Ghana not too long ago reviewed, amended and consolidated all present payment process regulatory frameworks into the new “Payment Systems and Expert services Act” 2019, an Act which the President assented to past 7 days.
The new legislation is to be certain that banking institutions, non-banking monetary institutions, and, particularly, rural and group banks, offer solutions that will provide banking and economical transactions even closer to the general public.
President Akufo-Addo mentioned that his Government’s agenda of developing a digital financial state has obviously been prolonged to other sectors of the financial state, with the introduction of the paperless port procedure, the e-justice system, and the digitising of land administration expert services.
Just as technological know-how provides prospects to mature our economies and bring progress to our peoples, the President pressured that there are legal syndicates who will often be bent on exploiting it for their selfish interests, which, he explained, have to be relentlessly fought.
With SWIFT working with Ghana to decrease vulnerabilities to these external challenges, President Akufo-Addo urged the Bank of Ghana to make positive that Ghana’s economical sector stays fit for international integration, by making sure compliance with intercontinental requirements.
In addition to the establishment of the Countrywide Cyber Safety Centre (NCSC) to oversee and coordinate Ghana’s nation’s cybersecurity programmes, the President noted that “we have created the Personal computer Unexpected emergency Response Groups (CERTs) ecosystem, and instituted cybersecurity awareness programmes and other initiatives, which have established Ghana on the route to producing a strong nationwide cybersecurity process.”