Seth Terpker Blames Ghana's Economic Crisis On US Economy

Seth Terpker Blames Ghana's Economic Crisis On US Economy

Finance minister, Seth Terpker has revealed the current economic crisis befallen Ghana can largely be attributed to the strength of the US economy. Ghana's major currency the cedi is feared to have depreciated by over 40% in 2016 but Seth Terkper reveals major macro-economic interventions as fiscal prudence and discipline thorough the IMF programme will help stabilize the cedi.

Live Updates :

We are focused on fulfilling the promises of John Dramani Mahama in the 2012 Manifesto. (11: 20)

The Electoral Commission will be furnished with appropriate funding for 2016 elections. (11: 22)

We will resist the temptation to overspend in the election year. (11: 23)

Despite setbacks, the country has experienced economic growth over the past 30 years (11:25)

We see brighter prospects ahead mainly from our energy sector (11: 27)

The GSS estimates that GDP will grow substantially, World Bank and others estimate future high performance (11: 28)

The pace of public debt accumulation has slowed down in the year (11:29)

The 15 year tenure of our sovereign bond is the first by any country in Sub-Saharan Africa (11:30)

Ghana continues to win the confidence of development partners, investors and donor support groups (11: 32)

We have made significant Improvement in all sectors of the economy (11:32)

We are considering expanding the aviation sectors (Kotoka and Metro Mass Transit) (11:36)

The fixed and mobile connections at at August 2015 stood at 17 million and 23 million respectively (11: 36)

About 18,000 houses are nearing completion by the close of the year - a proof of efforts to bridge the housing gap (11:38)

Government is wary of the risks involved in the slow-down in oil stock prices worldwide (11: 39)

Our economic crisis is largely due to upgrading of the US economy over the past two years. It has taken our fiscal resilience to forestall the setback (11:41)

5.3% of budget deficit in GDP as bridged by the IMF has made us alert as government (11: 42)

Our approach is not to offer excuses, Mr Speaker, we have resolved to find innovative ways to tackle our fiscal challenges (11: 44)

We would continue to find challenges in tackling our debt refinancing if we fail to learn from countries who have succeeded through the hard times. (11: 44)

The 2016 budget will be based on restructuring the economy towards economic growth to champion Ghana to meet its target of becoming a full middle income status country (11: 46)

The fall in crude oil price worldwide has had a less impact on our benchmark oil pricing modalities (11:50)

Ghana's exports to ECOWAS has improved. Our trade exports to Nigeria has increased from  210.7 million cedis in 2014 cedis to 365 million cedis in 2016. (11: 52)

The cedi generally weakened against major currencies with 14.8% on the inter-bank market. (11:54)

Public debt to GDP ratio is 16.1 billion cedis in 2014 (11: 56)

The need for budget discipline is key (11: 57)

Overall Budget to GDP Target for the medium term will be 5.3% (12: 01)

Rate of inflation is expected to slow by 3% by the end of 2018 (12: 01)

We propose a petroleum coast of 53.05 per barrel in line with the IMF programme (12: 03)

Total tax revenue is expected to increase to 29.9 billion cedis thus 18.9% of GDP by 2016 (12: 06)

Taxes on Goods and Services are estimated at 11.3 billion cedis for 2016 (12: 06)

Total arrears is estimated at 20.9% of GDP by 2016 (12: 07)

Compensation in the public sector is estimated at 14 billion cedis or 8.9 of GDP (12:08)

Transfers to other government units is estimated at 9.3 billion cedis. (12: 08)

Our Overall Budget Deficit in 2016 amounts to 8.4 billion cedis that is 5.3% of GDP (12: 09)

We continue to improve in the access of health care services - Most hospitals are scheduled to be completed in 2016 (12: 11)

Government completed the school of health and allied sciences at its new site in the Volta Region - Mahama will commission the university next week (12: 19)

Work is ongoing to purely decentralize education in Ghana and this would be sustained accordingly (12: 20)

The maiden edition of resit education to give students the second chance to improve their results saw over 1000 students gain due chance to senior schools ( 12: 21)

Government social intervention programmes are on-course, under the LEAP project, 116,000 households are expected to be expanded to 250, 000 households in 2016. ( 12:24)

Government is partnering with the Spanish government to institute the irrigation and food research programme (12:25)

Government has not been unmindful of the energy crisis. We are treading cautiously in order not to make delicate mistakes (12: 33)

The Kpong water project has been completed to produce over  I million gallons of water to the  Greater Accra Region (12: 35)

We will continue to make successes in urban roads construction as have been seen with the ongoing project at the Kwame  Nkrumah Cirle. (12: 40)

Plans are far advanced to expand the Tema rail ways from 4 ways to 6 ways by the end of 2016. (12: 41)

Rural electrification project is far advanced and should be completed by 2016 (12: 43)

Ghanan has been admitted member of the OECD (12: 52)

Issues involving Tax exemptions must first be raised with the Finance Ministry before filling to parliament. (13:02)

Government is planning on the instituting of technological records for the progress made in tax collection (13:03)

Government is bent on punishing all agencies who flout the Ghana Customs and Excise Laws (13: 08)

We are planning implementing a fair wage regime (13: 08)

Government is implementing upgraded pay-roll payment system to an electronic mode in order to delay the payment of salaries. (13: 10)

Government will be implementing an e-travel card for all public officials in order to eliminate the carrying of huge cash by government officials (13: 13)

Our fiscal policy is not a ''bankrupt'' policy (13: 17)

The 2016 budget is about following through the fiscal policies and discipline of government (13: 32)

We are learning from the mistakes of the world (13: 33)

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