The official launch of the Annual General Meeting of the African Development Bank to be held in Accra from May 23 to 27 by the Minister of Finance, Kenneth Ofori-Atta yesterday is one of the leading stories in the Ghanaian press on Friday.
The Ghanaian Times reports that the Minister of Finance, Kenneth Ofori-Atta yesterday, officially launched the Annual General Meeting of the African Development Bank to be held in Accra from May 23 to 27.
The meeting, which would be held in Ghana for the first time since the inception of the bank and its allied agencies in 1963 would be under the theme: “Achieving Climate Resilience and a Just Energy Transition for Africa.”
It would be attended by ministers of finance, governors of central banks, leaders of local and international finance and development organisations, captains of industry, and civil society organisations from the 81 Member States of the AfDB; made up of 54 regional and 27 non-regional member countries.
The meeting would be formally opened by President Nana Addo Dankwa Akufo-Addo who would deliver the key note address and perform the closing ceremony.
As part of activities for the four-day event, there would be a Presidential Dialogue on the theme “Africa: Development challenges and opportunities,” four statutory sitting of the Board of Governors which would be in closed sessions and four knowledge events which would be in open sessions on: the launch of the African Economic Outlook Report, 2022.
Performing the launch, Mr Ofori-Atta said the mission of the bank was more relevant today than another looking at the current situation the global economy finds itself.
He noted that about 41 African economies have been severely affected by at least one of the three concurrent crises of rising food prices, rising energy prices and tightening financial conditions.
Mr Ofori-Atta noted that in the AfDB, the continent had a well-positioned institution with a convening power and a network of technical and financial resources to significantly contribute toward finding robust solutions.
He said it was therefore important for all to take advantage of this seminal AGM to advance discussions on building resilience, addressing financing gaps, and narrowing the continent’s physical and digital infrastructural deficits.
The newspaper says that the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana, predicts brighter future for Ghana’s economy in post-COVID-19 era, despite the challenges, Professor Peter Quartey, Director of the institute, has revealed.
That, he said, was dependent on government continuing with prudent measures put in place to enhance economic growth.
“Yes, the economy is growing in terms of Gross Domestic Product (GDP) growth but at the same time we face some challenges. Inflation, exchange rate and unemployment, among others are going up,” he said.
Though it was a global trend, he said, the government had to put in policies that would cushion Ghanaians against this external and internal shocks.
He said “Ghana is among the world fastest growing economy and I believe that if we manage our prospects well we can go far as a nation.”
Prof.Quartey was speaking during a stakeholder engagement organised by ISSER in collaboration with the Faculty of Social Sciences Education of the University of Education, Winneba (UEW) at Winneba.
The engagement was on the topic: “The State of Ghanaian Economy Report and Ghana’s Social Development Outlook.”
It was to discuss Ghana’s economy and get fresh and tap new ideas to strengthen the economy.
Prof. Quartey stated that, the nation’s GDP was growing steadily after COVID-19 but there were more things to be done to reduce the economic-related hardships among the large section of Ghanaians.
“The Government should pull breaks on Euro-Bond market and intensify revenue mobilisation in the country such as introduction of E-VAT and E-Poverty rate among others,” he said.
The Graphic reports that the Minister of Finance, Ken Ofori-Atta, has called for support for the Agyapa Deal to progress instead of it being abandoned.
Responding to a question about the deal at a press briefing in Accra yesterday, the minister described the deal as a “good one” that would help the country to raise resources and reduce its debt exposure.
Justifying the deal, he said: “It is not something that the country needs to drop, that is an asset”.
The question, Mr Ofori-Atta stated, should not be about whether monetising mineral royalties or listing the company was good or bad.
“Rather, if you have a problem with the process, let’s articulate that and cure it. Let’s not drop something that will be good for us and help reduce our debt exposure.”
The discussion, Mr Ofori-Atta said, should be about the processes involved in negotiating a better deal for the country under the Agyapa proposal.
The minister said it was his firm belief that capital markets were fertile sources of equity resources but the country was not leveraging it.
The Minerals Income Investment Fund (MIIF) recently stated that it was developing a new strategy to list Agyapa on the Ghana and London Stock Exchanges by the end of the year.
Mr Ofori-Atta hinted that the deal would be going back to the Office of the Attorney-General and Parliament for consideration.
The newspaper says that the Ghana Revenue Authority (GRA) has urged the public not to shun the use of mobile money and electronic transaction platforms in a bid to avoid the payment of the Electronic Transfer Levy, popularly known as E-Levy.
Rather, the Authority has asked the public to use mobile money and other electronic transaction platforms due to their convenience and safety.
The advice was given by the Commissioner of the Services and Support Division of the GRA, Julie Essiam, on May 12, 2022, when the authority engaged associations of traders in Accra on the Electronic Transfer Levy and get their buy-in.
They included the Ghana National Tailors and Dressmakers Association, the Ghana Hairdressers and Beauticians Association, the Association of Garment Makers, the Ghana Association of Garages, the Ghana Association of Electronic Services and the Ghana Electrical and Electronics Association.
At the event, GRA officials shared with the associations what the E-Levy is about, who the levy covers, those excluded by law, and how challenges experienced could be addressed.
Ms Essiam said the public must see the payment of taxes as their patriotic duty, adding that the government needed the support of all in realising the Ghana Beyond Aid.
She said there had been a number of erroneous information in the public domain about the E-Levy, emphasising that “as implementers of the levy we deem it important to continuously educate our cherished stakeholders on new policies and initiatives to obtain their support and buy-in.”
The Authority, she said, would need the support and co-operation of the public to enable it to achieve its revenue target of GH¢80.3 billion for the year.
GIK/APA