Business in Ghana

We Understand the issues that make the News

Posts Tagged ‘Budget’

Looking Forward to a Forward Looking Budget

Posted by Business in Ghana on November 14, 2011

By Sydney Casely-Hayford,

This year’s budget must focus on generating enough revenue to meet our expenditures and more.  The 2011 budget targeted ghc10.6billion in revenue, adjusted in August with an supplementary ghc1.3billion to the end of the year.  On the flip side, expenditure was planned for ghc12.7billion and supplemented with ghc0.9million. This reduced the budget deficit gap by ghc0.5billion, leaving a financing gap of ghc1.5billion.  We plan for our friendly donors to help us finance the deficit.

This year must be different.  We have a lot more with which to plan. Read the rest of this entry »

Posted in Financial Services, Sydney Casely-Hayford | Tagged: , , , , , | Leave a Comment »

Ghana Government in Investment Chaos

Posted by Business in Ghana on October 24, 2010

From IMANI-Ghana ( & AfricanLiberty.Org

So that there is no room for ambiguity, we want to repeat that we support this and previous governments’ strategy of using public – private partnerships (PPPs)as a principal means of delivering major development-related capital investments.

We think PPPs offer an elegant and powerful approach of leveraging the profit-seeking impulses of private actors for public benefit through increased financial support for the provision of public goods like roads, utilities, schools and hospitals.

Since the mid-90s when plans for outright privatisation of major development infrastructure were bungled through the overreaching zeal of immature technocrats, we have as a nation come round to the belief that even those areas once held to belong to the exclusive jurisdiction of governments can do with some private sector efficiency. Read the rest of this entry »

Posted in Financial Services, Franklin Cudjoe | Tagged: , , , , , , , , , , | 1 Comment »

Ghana’s Open Budget Score Improves from 42 – 54….. says International Budget Partnership

Posted by Business in Ghana on October 24, 2010

The scores for 92 questions from the Open Budget Survey are used to compile objective scores and rankings of the relative transparency of each country’s budget process. These scores constitute the Open Budget Index (OBI). Ghana’s OBI 2010 score of 54 is higher than the score of any other country surveyed in West Africa and is higher than the worldwide average of 42. Ghana’s score increased from 42 to 54 from 2006 to 2010 largely because the government now publishes a Mid-Year Review, a Year-End Report, and an Audit Report. Ghana’s score, however, shows that the government still provides the public with only some information on the central government’s budget and financial activities during the course of the budget year. This makes it challenging for citizens to hold the government accountable for its management of the public’s money. Read the rest of this entry »

Posted in Financial Services, Uncategorized | Tagged: , , , , | Leave a Comment »

A Snap shot of the World Bank and IMF Annual Meetings: How to achieve a world without poverty!

Posted by Business in Ghana on October 18, 2010

By Franklin Cudjoe, Washington, D.C.,

The World Bank and the IMF have not had many friends in the developing world since post-Structural Adjustments days, when their advice and interventions, largely backed by aid yielded slow and negative growth.  It is the case though, that dealing with the two Bretton Woods institutions is like loaded dice. In one breadth they provide you with advice, and then in another, they continue to support countries that fail, even when their failure did not originate from bad advice, but essentially rooted in disrespect for the most basic institutions needed to effect real change.

Take Ghana, for instance.  Not all the IMF and World Bank’s involvement in our mostly self-inflicted tottering economy in the 1980s come to doom and gloom? There were significant gains, which could have been used to diversify our agrarian based economy- yet we watched politicians splurge most of the gains on the 1992, 1996 and 2000 general elections. And just when our strangling debts were paid off, with a promise to ‘taking off’ into the middle income bracket, we watered down the gains again in 2008, with a world record deficit of almost 20% to GDP- mostly incurred as a result of light-speed spending, mainly outside of the budget and ostensibly to chase political votes. Read the rest of this entry »

Posted in Financial Services, Franklin Cudjoe | Tagged: , , , , , , , , , | 2 Comments »