By
Kofi Henaku
The
Institute for Fiscal Studies (IFS) established in March 2013 has been inaugurated
in Accra. The Institute is an NGO which is to act as an economic think tank
and whose mission is to undertake innovative research to enable it contribute
to the fiscal and micro-economic management Policy of Ghana.
Its
main focus will be on growth and development.
It
is also non-partisan policy think tank which will create a platform based
upon informed research to disseminate information and encourage vigorous
debate on public finance, policy and economic management, build capacity,
organize training on economic issues for public sector officials.
The
IFS was founded by Dr. Kwabena Duffour a former Finance Minister and Governor
of the Bank of Ghana.
The
chairman of the governing Council is Mr. Alex Ashiagbor former governor of
Bank of Ghana and among its members are Mr. K.B. Asante, a former diplomat
and Minister, Mrs. Kate Quartey Papafio a notable economist amongst others.
The
Executive Director is Professor
Newman Kusi, an academic and former economic advisor at the Finance
Ministry. The council will also include both the Chairman and the Ranking
member of the Parliamentary sub-committee on Finance.
In
his remarks the Executive Director said amongst others, the Institution
intends to produce a book on the economic management of
Ghana from 1957 to date.
The
founder Dr. Duffour stated that IFS has been founded to contribute to the
economic discourse of Ghana. It also aims to do research on the fiscal
challenges and input into public finance and fiscal management of the
economy.
It
will also do research and put out its findings for debate.
It
will engage in capacity building and training of personnel for the management
of the economy.
Mr.
K.B Asante asserted that the truth must always be told and it was important
that a comprehensive book on the economic management of the country is to be
written as it will be a reference point for the economic management of our
country by Policymakers.
Editorial
BURKINA
FASO
Strange
things happen in politics and one is unfolding in Burkina Faso.
Under
pressure from the Economic Community of West African States (ECOWAS) and the
so-called international community, a diplomat has been imposed on the country
as interim President.
The
problem is that this diplomat was not involved in the mass mobilisation which
eventually led to the removal of President Blaise Campoare from power.
He
may not even have an understanding of the real motives for driving Campoare
out of the Presidential Palace.
Indeed,
the new President for all we know was a Campoare loyalist who took orders
from the departed head of State and contributed to the mess.
What is even more surprising is the fact
that another Campaore is being imposed on the Burkinabe people under the
guise of democracy.
Strange
times indeed!
Kan Dapaah on
budget statement
Mr
Albert Kan Dapaah, former chairman of the Public Account Committee of
Parliament has urged government to do more to ensure easy comprehension and
transparency of annual budget statements.
He
said this would enable the citizenry offer constructive inputs and critiques
on how revenues have been utilized to the benefit of the entire masses.
This
he noted is the way to go to give opportunity to the people to exercise their
democratic rights to demand accountability and prudent management of state
resources which the government holds in trust for economic development.
He
said the current exclusion of the citizenry in the planning of the country’s
budgets could partly be blamed for the prevailing mismanagement,
misappropriation and unbridled dissipation of public sector funds which has
led to higher fiscal deficits.
The
former MP for Afigya-Kwabre-North and Executive Director of Financial
Accountability and Transparency FATS-AFRICA, a civil Society Organisation
(CSO), was leading a discussions at a media sensitization workshop in Kumasi.
Dubbed
“Road show on Citizens’ Budget”, it was put together by penplusbytes, a media
organization committed to upgrading the knowledge of journalists on the use
of Information Communication and Technology (ICT) to boost their work.
The
Penplusbytes also creates ICT platforms for CSOs, public and private
institutions and also works to facilitate citizens’ participation in
governance through ICT platforms.
The
event was used to introduce an abridged and simplified booklet on budget
statement and the economic policy of the Government of Ghana for 2014
financial year published to facilitate the public’s participation in
governance.
Mr.
Dapaah said the government owed the people the responsibility to explain how
Revenues- monies collected through taxes or grants were spent-Expenditure,
adding that a budget statement is all about Revenues and Expenditure.
Mr.
Jerry Sam, Projects Director for Pensplusbytes, outlining some of the reasons
for the revision of the Budget Document for the period under review, said it
was to ensure continued pursuits of economic growth as well as adjust to
accommodate higher interest costs caused by rising interest rates, higher
borrowing and exchange rates depreciation.
He
said other factors that informed the revision were; higher foreign financed
capital expenditure due to exchange rate depreciation, higher subsidies for
utilities and petroleum products,
upward compensation payments to public sector workers as well as lower
tax revenues and grants.
Mr
Sam said the booklet also captures figures on the 2012-2013 budgets to serve
as reference point or comparative figures for the 2014 budgets.
Credit:
GNA
What I saw in Gaza
Throughout my
career at the World Bank, and at the UN, I have come across many war zones
but none compare to this.
By
Inger
Andersen
Last
week, I visited the Palestinian territories. I wanted to hear firsthand from
the people of Gaza and understand the scope and magnitude of the recent
conflict.
I
am now back from Gaza with a prevailing feeling of disbelief and sadness.
Throughout my career at the World Bank, and at the United Nations or even
before, I have come across many war zones but none compare to what I have
just seen in Gaza: no scene of destruction, desolation and despair I have
witnessed is equal to the tragic stage of Gaza.
Today, I feel obliged to add my voice for the voiceless and to plead that none of us forget the Palestinian people. It is our collective and historic responsibility to step up support and mobilise a response commensurate to the needs of the Palestinian people.
As
development professionals, we deplore the level of violence and destruction
and urge all sides to make determined efforts to find a permanent end to
these recurrent hostilities, whether incursions, missile attacks or bombings.
This will require access to imports and freedom of movement in Gaza and the
West Bank, as well as mutual assurance of security in both Palestinian
territories and Israel. Our response needs to address both the urgency of now
- the humanitarian imperative - and to pave the way for a sustainable
development of the Palestinian economy - the development imperative.
Humanitarian tragedy
The
conflict and humanitarian tragedy in Gaza has made an already struggling
Palestinian economy worse and put further stress on the fiscal situation of
the Palestinian Authority. Recession hit the Palestinian territories in the
first quarter of 2014, with levels of consumption and donor assistance
declining significantly. Donors' assistance in the first half of 2014 has
fallen by more than $200m compared to 2013.
The
economic decline has resulted in growing unemployment: one in six in the West
Bank, and nearly every second person in Gaza. Poverty has reached 26 percent
and is twice as high in Gaza than in the West Bank.
Growth
increases when restrictions ease. As documented in last year's World Bank report: Area C and the Future of the
Palestinian Economy, political uncertainty and restrictions on
movement and access are the main reasons why the Palestinian economy is
unable to take off.
The
Bank estimates that $3bn is lost annually due to restrictions imposed on 60
percent of the West Bank (the so-called Area C).
Even
before the conflict, these constraints were more binding in Gaza, where the
economy suffered from recurring violence as well as blockades on exports and
imports and where two-thirds of the population was receiving food assistance.
Because
growth increases when restrictions ease, and inversely, growth slows when
restrictions are greater, the ongoing negotiation between Israel and the
Palestinians on the new mechanism allowing construction materials to go into
Gaza is a step in the right direction. But it is only an inch in a journey of
miles.
I
am convinced that the World Bank Group can play a transformational role in
the Palestinian territories, as it should in most fragile and conflict
affected settings. As a development institution, it is both a mandate and a
responsibility.
Since
the Oslo Accords, the World Bank Group has provided nearly $1bn and has
leveraged four times more. Our Board of Directors recently approved
additional support, and we will be front-loading a $62m emergency package
consisting of budget support and investment projects in such key sectors as
water, electricity and municipal services. These are areas where the needs
are immense and where the Bank Group has a competitive edge.
Budget support
But
more is needed. As discussed with Finance Minister Shukri Bisharra, budget
support is essential to ensure institutional strengthening and provision of
services. More is needed to anchor reforms and services and sustain a viable
economy. The two pillars of the Bank Group strategy are effectively designed
to contribute to respond to this challenge: Strengthen the institutions of a
future state to ensure service delivery to citizens; and support private
sector-led growth that increases employment opportunities.
For
the Palestinians struggling daily, equally critical is the access to water,
electricity and municipal services. I saw the destroyed water reservoir in Al
Monttar area (Shujayea) which would have serviced 250,000 people. I walked
into the shell-struck electricity storage facility that now resembled a lunar
landscape. While visiting al-Shifa hospital, I discussed with doctors the
dire need for medical equipment and supplies, staff and fuel, all severely
strained by shortages and outages.
Numbers
fail to capture the human realities of the daunting scenes I witnessed at the
hospital. As winter sets in, the partial or total destruction of 60,000
housing units has led to 100,000 people without shelter.
On
October 12, the international community came together in Cairo
to voice strong support for the Palestinians and for the reconstruction of
Gaza, and pledged resources. This is encouraging but we need to ensure that
these are new resources and are effectively committed and disbursed in order
to mitigate the tragic impact of the Gaza conflict and to unleash the
economic potential of the Palestinian territories.
In
cooperation with the Palestinian Authority (PA), and in coordination with the
EU, UN and other international partners, the World Bank Group intends to play
its full role and assist the Palestinians in mobilising the resources with a
view to short and long term needs.
Unfulfilled
promises are a sword of Damocles. An economy cannot live under siege, nor can
the tragic cycle of destruction-reconstruction be sustained. It is not too
early to strengthen the institutions that will eventually contribute to
greater peace and security. It is not too late to ensure a viable economy
that will foster a just and sustainable development for all Palestinians.
Because
Palestinians have often given the region its tempo and have always served as
a cause or as an excuse, because Palestinians are on the cutting edge of Arab
minds and of the world's collective imagination, and because Palestinians
will remain at the heart of the Middle East, a breakthrough on the path of
stability and prosperity would have far-reaching consequences and a positive
impact on the rest of the region. Would it not be the best way to fight
sectarianism, violence and extremism? I'm just back from Gaza and this is
still my hope.
Inger
Andersen is responsible for World Bank strategy and operations throughout the
Middle East and North Africa region. She assumed her position shortly after
the start of the Arab Spring and led the realignment of Bank engagement with
the region to meet emerging needs and priorities.
Credit: www.aljazeera.com
Government
committed to promoting culture, tourism
Alhaji Amidu Sulemani, the Upper West Regional
Minister, has said the government was committed to promoting culture,
creative arts and tourism to enable Ghanaians to derive the maximum benefits.
Alhaji
Sulemani who is also the Member of Parliament for Sissala West said this was
evident in the creation of two separate Ministries to reinforce chieftaincy,
tradition, culture and creative arts.
Alhaji
Sulemani was speaking during the Regional Cultural Festival organise by the
Centre for National Culture under the theme: “The Creative Arts and Tourism
Industry: A Platform for National Development”.
The
celebration formed part of the Region’s preparations towards participating in
the 2014 National Festival of Arts and culture (NAFAC) to be held at Sunyani
from 29th November to 7th December.
Alhaji
Sulemani thanked the Minister for Tourism, Culture and Creative Arts, Mrs.
Elizabeth Ofosu-Agyare, for her lead role in reviving the National Festival
of Arts and Culture which had not been celebrated for some time now.
He
said the celebration of the festival was dear to the hearts of many lovers of
culture particularly traditional rulers who not just custodians of culture
but also partners in its exhibition to the outside world.
Alhaji
Sulemani congratulated artists and exhibitors for their efforts at preserving
their culture and urged them to develop their skills and make a living out of
it.
The
Regional Minister commended the chiefs and people of the region for continued
celebration of festivals notably the Kobine (Lawra), Kakube (Nandom), Parri
Gbielle (Tumu), Bongo (Jirapa) and Dumba (Wa) among others which served to
showcase their culture and reunite the people to reflect on their development
agenda.
Alhaji
Sulemani said the Region was also blessed with a number of tourists’
attractions notably the Wechiau Hippopotamus Sanctuary, the Gwollu Slave
Defense Wall, the Wulli Mushroom Rocks, the Wa Naa’s Palace among others
which if well harnessed could be a source of wealth creation for the people.
He
said he was not happy about the manner in which the impact of technology was
gradually overriding the way of life of the people.
“Television,
mobile phone and the internet are exposing our young ones to foreign
cultures, some of whom are regrettably demeaning to our cultures,” he said.
He
said dance and music were gradually fading away and that it was common
knowledge that in most educated homes the children could hardly express
themselves in their mother tongues.
Alhaji
Sulemani therefore called for the study of local languages at the primary and
junior high school levels to enable the children express themselves fluently
in their mother tongues.
Mr.
Nuhu Issahaku Putiaha, the Municipal Chief Executive, said tourism promised
to be the number one foreign exchange earner and also an avenue for
employment and income generation for a good number of Ghanaians.
He
said it was his conviction that the celebration of the festival would whip up
the consciousness of the people to develop more interest in the sector.
Mr.
Mark Dagbee, the Regional Director, Centre for National Culture, said
cultural events such as this gave the people especially the youth to learn
and appreciate each other arts and aesthetics.
Credit:
GNA
Tanzania’s Masai face homeland eviction…so Dubai
royals can hunt
Masai
people living in northern Tanzania are facing eviction from their historical
homeland, as the government has reportedly reneged on a promise and is
proceeding with plans to remake the land into a hunting reserve for Dubai's
royal family.
There
are about 40,000 Masai people living on the 1,500 square kilometer “wildlife
corridor” bordering Serengeti National Park. They are known for their
semi-nomadic ways and have their own distinctive culture.
The
original proposal by a company based in the United Arab Emirates to turn the
land into a commercial hunting park was turned down last year.
But
the deal seems back on track now and the Masai people were notified to leave
their ancestral lands by the end of the year, the Guardian reported.
Tanzania’s
prime minister, Mizengo Pinda, is scheduled to meet with the Masai’s
representatives, who will speak out against the decision.
In
their view, the sale of the territory will in some way or another impact the
lives of at least 80,000 people and will leave those residing on the land without
their heritage or livelihood, as Masai are reliant on the livestock living on
the land.
In
return for the sale, the government has proposed to offer an investment of
one billion shillings (US$590,000) into socio-economic projects, which the
Masai people have refused.
“I
feel betrayed,” co-ordinator of the local Ngonett civil society group, Samwel
Nangiria, told the Guardian. “One billion is very little and you cannot
compare that with land. It’s inherited. Their mothers and grandmothers are
buried in that land. There’s nothing you can compare with it.”
Nangiria
revealed his suspicions that the government probably never intended to back
down from the proposal. “They had to pretend they were dropping the agenda to
fool the international press.”
Those
who speak out publicly against the deal in Tanzania get killed by local
authorities, Nangiria said, adding that his life was threatened as well. “For
me it is dangerous on a personal level. They said: ‘We discovered you are the
mastermind, you want to stop the government using the land.' Another said:
‘You have decided to shorten your life. The hands of the government are too
long. Put your family ahead of the Masai.’”
Last
year, an international media campaign against the hunting reserve proposal
was led by the online activism site Avaaz.org.
The
organization was behind the ‘Stop the Serengeti Sell-off’ petition, which
gathered more than 1.7 million signatures. It also organized protests against
the move.
“The
Masai stare out from every tourism poster, but Tanzania’s government wants to
kick them off their land so foreign royalty can hunt elephants there,”
campaign director for Avaaz, Alex Wilks, said.
“Two
million people around the world have backed the Masai’s call for president
Jakaya Kikwete to fulfill his promise to let them stay where they’ve always
lived. Treating the Masai as the great unwanted would be a disaster for
Tanzania’s reputation.”
Meanwhile,
Tanzania’s authorities have denied the existence of renewed plans.
“It’s
the first I’ve heard of it. I’m currently out of the office and can’t comment
properly,” a spokesperson for Tanzania’s Ministry of Natural Resources and
Tourism said.
Credit: www.rt.com
G20 in Australia: Buffoons v the Global South
(L-R) Russian
President Vladimir Putin, Indian Prime Minister Narendra Modi, Brazilian
President Dilma Rousseff, Chinese President Xi Jinping and South African
President Jacob Zuma join their hands at a group photo session during the 6th
BRICS summit in Fortaleza July 15, 2014
By
Pepe Escobar
Here’s
the G20 in Australia in a one-liner: a tiny bunch of Anglo-Saxon political
buffoons attempts to drown out the Global South.
Countries
representing over 85 percent of the world economy get together to (in theory)
discuss some really heavy economic/financial issues, and virtually the only
thing pitiful Western corporate media blabbers about is Russian President
Vladimir Putin cutting an ‘isolated figure’.
Well,
Washington and its string of puppets did try to turn the G20 into a farce.
Fortunately the adults in the room had some business to do.
The
five BRICS member-nations – despite their current problems, the G5 that really matters in the world - did meet before the
summit, including the ‘isolated figure’. Economically, this G5 more than
matches the old, decrepit G7.
Brazilian
President Dilma Rousseff forcefully encouraged the G5 to turbo-charge their
mutual cooperation – as well as South-South cooperation. That includes, of
course, the BRICS Development Bank. The BRICS, stressing their ‘serious
concern’, once again called Washington’s bluff – perpetually refusing to
endorse much-delayed structural reform at the IMF.
The
IMF quota and governance reform package was in fact approved by the IMF’s Board
of Governors way back in 2010. One of its key resolutions was to increase the
voting power of emerging markets, the BRICS at the forefront. For Republicans
in Washington, this is worse than communism.
Chinese
President Xi Jinping added that BRICS cooperation should not only boost the
global economy, but also ensure global peace. Make trade, not tomahawks. The
over 120 nations of the Non-Aligned Movement (NAM) – beggars in the G20 banquet
- were paying very close attention.
So
much ‘aggression’
Now
compare the BRICS at work with EU heads of state meeting exclusively with US
President Barack Obama to define their ‘strategy’ - not to improve the global
economy, but to further demonize Russia.
And
this after British Prime Minister David Cameron told Putin in a “robust”
meeting he’s at a crossroads and about to be hit with more sanctions; Canadian
Prime Minister Stephen Harper complained he had to shake Putin’s hand; and
Australian Prime Minister Tony ‘Shirtfront’ Abbott got everyone to pose with
koalas – talk about animal abuse - after apparently backing down on
‘shirtfronting’ the Russian leader.
And
it was not only ‘Russian aggression’. Obama, Abbott and Japanese Prime Minister
Shinzo Abe also met separately to increase “military cooperation” and
“strengthen maritime security” in the Asia-Pacific. Against (what else?)
“Chinese aggression.”
(L-R) French
President Francois Hollande, US President Barack Obama, Britain's Prime
Minister David Cameron and Germany's Chancellor Angela Merkel take part in a
multi-lateral meeting on the sidelines of the G20 Summit in Brisbane on
November 16, 2014
Imperial
arrogance and buffoonery apart, Putin did meet with German Chancellor Angela
Merkel for over three hours. They discussed Ukraine, essentially. No leaks. So
Putin met and talked with all the adults that matter: the BRICS and Merkel.
There was nothing else to do, business-wise.
In
the Russian President’s own words: “It will take nine hours to fly to
Vladivostok and another eight hours to get to Moscow. I need four hours sleep
before I get back to work on Monday. We have completed our business.”
Oh
goodness. That was the cue for Western corporate media go absolutely bonkers
spinning the ‘isolated figure’ fled the G20 in shame.
When
in doubt, print money
Despite
the Anglo-Saxon political gang’s every effort to debase the summit, some –
minimalistic - work was done. Even Putin himself hailed the “constructive
atmosphere.” More like constructive wishful-thinking atmosphere.
In
the final communiqué, a promise was made to increase global GDP by
a whopping $2 trillion by 2018. The crux of the magic plan is to facilitate
investment in infrastructure, which creates jobs and improves global trade.
By
the way, that’s exactly what China has been doing – en masse. China and Russia
clinched two humongous gas deals worth $725 billion this year. The $40 billion
Silk Road Investment Fund will finance development projects in seven nations
across Central Asia. The ‘isolated figure’ has confirmed that Russia’s trade
with China and the rest of Asia will rise from 25 percent to 40 percent of
Russia’s GDP.
Moreover
Russia, China, Iran – and soon other Asian nations – are actively on their way
to establish their own currency-clearing systems, independent of the SWIFT
system and the US dollar. Russia-China trade and investments are increasingly
in rubles and yuan instead of USD. For the buffoons, this is worse than the
Apocalypse.
The
G20 communiqué also talks about a de facto, renewed neoliberal offensive – from
“deregulation” in the markets for goods and services to “flexibility” in the
labor market. A hazy global investment hub will be set up in Sydney, but no one
really knows how it will work.
The
G20 also insisted on the need to combat shadow banking. Pure wishful thinking –
as monster shadow players/speculators/outright financial gangsters will prevent
it. You’re not seriously going after sewage farms of the “pray to the US
dollar, kneel to the Crown” Turks & Caicos kind, are you, boys?
Not
surprisingly, every single reference about transparency in extractive
industries totally disappeared from the final communiqué. As for climate
change, more wishful thinking on “effective action” before the Paris conference
in December 2015. Casinos of laundry money could be bet that nothing
substantial will happen before or after the conference.
The
Wahhabis of neoliberalism obviously derided the attempt by “deadbeat” Argentina
to get the G20 to develop a supranational bankruptcy regime. After all, vulture
funds of the Paul Singer variety should always be able to act like vultures.
In
the end, the ‘isolated figure’ was back to heavy work Monday morning, Moscow
time. The EU is set to lose at least 15 percent of $330 billion in trade with
Russia in 2015 – while trade among the BRICS will double. The EU’s absolute
debacle will continue to be caused to a large extent by neoliberalism. And the
diktat by Washington/Wall Street elites that all instances of mixed economy in
the EU must be shattered.
While
the Fed ends its quantitative easing (QE), the ECB dreams of printing money
like crazy, Japan’s Central Bank prints money like crazy and Russia and China
buy oceans of physical gold. Under the print money smokescreen, the global
economy will keep suffering.
Still,
the Russian economy will keep integrating closer with China, Iran and
Kazakhstan. The center of global investment and the heart of the action will
continue to be – where else? – the Asia-Pacific. No wonder the G20 in 2016 will
be hosted by China.
In
other news, Pepe Mujica, Uruguay’s former president, did not go to the G20. But
let him have the last word. He is stepping out of power. It takes a second to
compare his personal dignity, honesty, humility, intelligence, courage,
altruism and sound policies with the reckless buffoonery of the Cameron, Harper
and Abbott mold.
There
are politicians, and ‘politicians’. Fortunately, the overwhelming majority of
global public opinion can see right through them.
Credit: www.english.pravda.ru
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Friday 21 November 2014
DUFFUOR SETS UP INSTITUTE
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