BUDGET SPEECH
Budget Statement and Economic Policy
of the
Government of Ghana
for the
2011 FINANCIAL YEAR
Presented to
PARLIAMENT
On
18
th
November, 2010
By
DR. KWABENA DUFFUOR
MINISTER OF FINANCE AND ECONOMIC PLANNING
On the authority of
H. E. PROF. JOHN EVANS ATTA MILLS
PRESIDENT OF THE REPUBLIC OF GHANA
REPUBLIC OF GHANA
2011 Financial Year Budget Speech
2
BUDGET SPEECH
Budget Statement and Economic Policy
Of the
Government of Ghana
for the
2011 FINANCIAL YEAR
2011 Financial Year Budget Speech
3
Theme: “Stimulating Growth for Development and Job Creation”
THE BUDGET STATEMENT AND ECONOMIC POLICY FOR FISCAL
YEAR 2011
1. Madam Speaker, I beg to move that this august House
approves the Budget Statement and Economic Policy of the
Government for the year ending 31
st
December, 2011.
2. Madam Speaker, in accordance with Article 179 of the
1992 Constitution, I have the singular honour and privilege
to stand before this august House and the people of Ghana
to present the 2011 Budget Statement and Economic Policy
on behalf of the President, His Excellency, Prof. John Evans
Atta Mills.
3. Madam Speaker, this presentation is an abridged version of
the Budget Statement. I would like to request the Hanzard
Department to capture the entire Budget Statement and
Economic Policy tabled and circulated for your information
and action.
4. Madam Speaker, on 18
th
November, 2009, I presented to
this House the second Budget Statement of the NDC
Government. The Budget was based on government‟s
vision of a “Better Ghana”, in which growth and economic
prosperity are anchored on creating opportunities for
improved standard of living for all Ghanaians.
5. Our “Better Ghana” agenda is to be achieved through the
implementation of sound and prudent economic policies
intended to ensure continuous stability and to stimulate
growth within an environment of good governance.
2011 Financial Year Budget Speech
4
6. Madam Speaker, I am pleased to report that, two years
on, despite the challenges, we have made significant
progress. The economy has shown strong resilience and
stability, as indicated by all the key macroeconomic
indicators as follows: -
GDP growth of 4.1 percent in 2009 compared
to the sub-Saharan Africa growth of 2.0
percent;
The fiscal deficit reduced significantly from 14.5
percent of GDP on cash basis at the end of 2008
to 9.7 percent of GDP in 2009;
Inflation has trended downwards in sixteen
(16) consecutive months from 20.74 percent
at the end June 2009 to reach 9.38 percent in
October 2010, the lowest in the last two
decades;
Gross international reserves of US$3,973.0
million at the end of October 2010 has
exceeded three months of import cover
compared with reserves of US$2,036.2 million
at end December 2008 which could barely cover
2 months of import; Công ty Luật Minh Gia www.luatminhgia.com.vn THE GOVERNMENT Decree No 66/2015/ND-CP dated August 12, 2015 of the Government on regulations on aviation authorities Pursuant to the Law on organization of Government dated 25 December 2001; Pursuant to the Law on Civil Aviation of Vietnam dated 29 June 2006 and the Law amending and supplementing a number of articles of the Law on Civil Aviation of Vietnam dated 21 November 2014; Pursuant to Decree No 107/2012/ND-CP dated 20 December 2012 of the Government defining functions, duties, power and organizational structure of the Ministry of Transport; At the request of the Minister of Transport, The Government issues this Decree defining the aviation authorities, Chapter I GENERAL PROVISIONS Article Scope of regulation This Decree provides for the organ which performs functions of aviation authorities, duties, powers and conditions to ensure the activities of the aviation authorities Article Subjects of application This Decree applies to Vietnamese and foreign organs and organizations operating their civil aviation in Vietnam Article Organ performing functions of aviation authorities The Civil Aviation Authorities of Viet Nam under the Ministry of Transport as aviation authorities directly performing duties and powers of aviation authorities under regulations of law and international agreements in which the Socialist Republic of Vietnam is a member When performing duties and powers, the aviation authorities shall use the seal of the Civil Aviation Authorities of Viet Nam and the international transaction name as “Civil Aviation Authorities of Vietnam” Chapter II DUTIES AND POWERS OF AVIATION AUTHORITIES LUẬT SƯ TƯ VẤN PHÁP LUẬT 24/7: 1900 6169 Công ty Luật Minh Gia www.luatminhgia.com.vn Article Issuing directives and precepts and taking emergency measures in civil aviation Issuing directives and precepts to ensure the compliance with regulations on aviation safety, security and maintain synchronous operation of air transport lines in the following activities: a) Operation, maintenance and repair of aircraft; b) Operation of airport; c) Flight activity assurance; d) Air transportation; dd) General air activities; Taking emergency measures, including: a) Deciding the suspension of flight activities at airport in case of necessity due to natural disaster or airport emergency; b) Suspending the operation of aircraft operator and specialized aviation services; suspending flight and operation of aircraft, specialized aviation means and equipment in case of threat of air safety or aviation security; c) Suspending operation of aviation staff in case of breaching regulations on ensuring aviation safety and security or hindering aviation transportation activities d) Directing units of aviation sector to take other emergency measures to serve the national defense, security and national emergency Controlling the Port Authorities’ temporary closing of airport; implementing the airport closing decision of the competent state authorities Article Monitoring civil aviation activities Monitoring of aircraft operation and maintenance, including: a) Maintenance of flight conditions of aircraft; b) Maintenance sufficient capacity and safe operation conditions of aircrafts; c) Maintenance sufficient capacity, maintenance and repair conditions of aircrafts Monitoring of management and operation of aviation infrastructure, including: a) Maintenance of sufficient capacity and conditions for aviation management and operation; LUẬT SƯ TƯ VẤN PHÁP LUẬT 24/7: 1900 6169 Công ty Luật Minh Gia www.luatminhgia.com.vn b) Implementation of plan and procedures for construction, renovation, operation, maintenance, suspension or introduction to operation of aviation works c) Technical inspection of specialized aviation means and equipment Monitoring to ensure the flight activities, including: a) Organization and management of flight activities; b) Maintenance of sufficient capacity and conditions of flight services for flight activity assurance Monitoring and maintaining sufficient capacity and conditions of aviation operation and transportation, provision of specialized aviation services of units in aviation sector, including: a) Vietnam airlines; b) Airport enterprises; c) Joint aviation business enterprises; d) Enterprises providing aviation services at airport Organizing the inspection, survey and assessment of quality of specialized aviation services; recommending the remedy to ensure the interests of users of aviation transportation services and specialized aviation services at the airport Monitoring and directing the activities of aviation security control forces; controlling quality of aviation security: implementing and monitoring the issue of card, permit and sample of aviation security control card and permit Coordinating with organs and units of the Ministry of Defense and relevant organs in ensuring flight activities; assigning task of flight calibration of aviation navigation equipment to ...EN EN
EUROPEAN COMMISSION
Brussels, 14.3.2012
COM(2011) 612 final/2
2011/0274 (COD)
CORRIGENDUM:
Annule et remplace le document COM(2011) 612 du 6.10.2011
Concerne: toutes les versions linguistiques
Proposal for a
REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
on the Cohesion Fund and repealing Council Regulation (EC) No 1084/2006
{SEC(2011)1138 final}
{SEC(2011)1139 final}
EN 2 EN
EXPLANATORY MEMORANDUM
1. CONTEXT OF THE PROPOSAL
On 29 June 2011, the Commission adopted a proposal for the next multi-annual financial
framework for the period 2014-2020: a budget for delivering the Europe 2020 strategy. In its
proposal, the Commission decided that cohesion policy should remain an essential element of
the next financial package and underlined its pivotal role in delivering the Europe 2020
strategy.
The Commission therefore proposed a number of important changes to the way cohesion
policy is designed and implemented. Concentrating funding on a smaller number of priorities
better linked to the Europe 2020 Strategy, focusing on results, monitoring progress towards
agreed objectives, increasing the use of conditionalities and simplifying the delivery are
among the major hallmarks of the proposal.
This Regulation sets out the provisions governing the Cohesion Fund, and repealing
Regulation (EC) No 1084/2006. It draws on the work undertaken since the publication of the
Fourth Cohesion Report in May 2007 which outlined the main challenges facing regions in
the next decades and launched the debate on the future cohesion policy. On 9 November
2010, the Commission adopted the Fifth Cohesion Report which provided an analysis of
social and economic trends and outlined orientations for the future cohesion policy.
Cohesion policy is an important expression of solidarity with the poorer and weakest regions
of the EU – but it is more than that. One of the greatest successes of the EU has been its
capacity to raise living standards for all its citizens. It does this not only by helping poorer
Member States and regions to develop and grow but also through its role in the integration of
the Single Market whose size delivers markets and economies of scale to all parts of the EU,
rich and poor, big and small. The Commission's evaluation of past cohesion policy spending
has shown many examples of added value and of growth and job creating investment that
could not have happened without the support of the EU budget. However, the results also
show the effects of dispersion and lack of prioritisation. At a time when public money is
scarce and when growth enhancing investment is more needed than ever, the Commission has
decided to propose important changes to cohesion policy.
The Cohesion Fund helps Member States whose GNI per inhabitant is less than 90% of the EU27
average in making investments in TEN-T transport networks and the environment. Part of the
Cohesion Fund allocation (€10 billion) will be ring-fenced to finance core transport networks
under the "Connecting Europe" Facility. The Cohesion Fund can also support projects related EN EN
EN
EN EN
EUROPEAN COMMISSION
Brussels, 2.6.2010
COM(2010) 289 final
2010/0160 (COD)
Proposal for a
REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
On amending Regulation (EC) No 1060/2009 on credit rating agencies
{SEC(2010) 678}
{SEC(2010) 679}
EN 2 EN
EXPLANATORY MEMORANDUM
1. CONTEXT OF THE PROPOSAL
Experience of the financial crisis has exposed important failures in financial supervision, both
in particular cases and in relation to the financial system as a whole. The European
Commission has piloted a fundamental overhaul of financial supervision in Europe with the
objective of establishing a more efficient, integrated and sustainable European system of
supervision. This builds on the findings of the group of high level experts, chaired by Mr
Jacques de Larosière, former general director of the International Monetary Fund, and
mandated by President Barroso to make recommendations to strengthen European supervisory
arrangements,. The Group presented its report on 25 February 2009 and its recommendations
were endorsed by the Commission in its Communication to the Spring European Council of
March 2009
1
.
The key elements of the reform proposed by the Commission are :
1. Establishing a European System of Financial Supervisors (ESFS), consisting of a
network of national financial supervisors working in tandem with new European
Supervisory Authorities (ESAs), created by transforming the existing European
supervisory committees
2
in a European Banking Authority (EBA), a European
Insurance and Occupational Pensions Authority (EIOPA), and a European Securities
and Markets Authority (ESMA), thereby combining the advantages of an
overarching European framework for financial supervision with the expertise of local
micro-prudential supervisory bodies that are closest to the institutions operating in
their jurisdictions, and
2. Establishing a European Systemic Risk Board (ESRB), which shall monitor and
assess potential threats to financial stability that arise from macro-economic
developments and from developments within the financial system as a whole. To this
end, the ESRB would provide an early warning of system-wide risks that may be
building up and, where necessary, issue recommendations for action to deal with
these risks.
In particular, concerning credit rating agencies, the De Larosière Group was of the view that it
would be far more rational to entrust the Committee of European Securities Regulators
(CESR) with the task of licensing credit rating agencies in the EU, monitoring their
performance, and in the light of this imposing changes.
In its Communication of 27 May 2009 on European Financial Supervision
3
, the Commission
therefore proposed that a European Supervisory Authority should be given the responsibility
for the authorisation and supervision of certain entities with pan-European reach, e.g., credit
rating agencies. These responsibilities could include such powers as those of investigation,
on-site inspections and supervisory decisions. These responsibilities would be defined in the
1
Commission Communication on Driving European Recovery of 4.3.2009, COM(2009) 114 final
2
These are the Assembly Bill No. 38
Passed the Assembly August 31, 2011
Chief Clerk of the Assembly
Passed the Senate August 29, 2011
Secretary of the Senate
This bill was received by the Governor this day
of , 2011, at o’clock m.
Private Secretary of the Governor
CHAPTER
An act to add Division 18 (commencing with Section 40001)
to the Financial Code, relating to banking development districts.
legislative counsel
’
s digest
AB 38, Bradford. Banking: underserved communities.
Existing law provides for various programs and activities in the
development of economic opportunities for businesses in the state.
The California Small Business Financial Development Corporation
Law establishes small business financial development corporations
and provides for their regulation by the Business, Transportation
and Housing Agency. Existing law, the Banking Law, provides
for the regulation of banks by the Department of Financial
Institutions.
This bill would require the department to work with local
agencies to compile a list of underserved communities. The bill
would require the department to post that list on the department’s
Internet Web site.
The people of the State of California do enact as follows:
SECTION 1. The Legislature finds and declares all of the
following:
(a) Too many Californians are disconnected from the financial
mainstream. National estimates show that 10 percent of households,
including nearly one-quarter of the minority population, are
“unbanked,” meaning they lack a basic checking or savings
account. In California, 12 percent of adults do not have a checking
or savings account, according to the United States Census. Recent
market research indicates that Fresno and Los Angeles have the
second and third highest percentages of unbanked residents in the
country. In San Francisco, the Brookings Institution found that
one in five adults, and half the city’s African Americans and
Latinos, do not have bank accounts. The unbanked are most likely
to be people who are less educated and have lower incomes.
(b) The unbanked poor pay more to conduct their financial lives.
Utilizing check cashing outlets and money order services to pay
95
— 2 —
AB 38
bills and expenses can have costly side effects as the result of fees
and service charges.
(c) Families without accounts often do not have a safe place to
keep their money. They may walk around with large amounts of
cash in their pockets, or keep it at home in a coffee can. Robberies
can be more prevalent around check cashing outlets. A burglary
or fire could cost them their life’s savings in a matter of moments.
(d) Lower income households often pay more for financial
services. According to a recent Brookings Institution study, a
full-time worker without a checking account could potentially save
as much as $40,000 during his or her career by relying on a lower
cost checking account instead of check cashing services. As a
result, without a checking account or lower cost checking account,
lower income families have added difficulty saving for and
investing in wealth-building assets, the investments they do make
are too often not in their best financial interest, and business
opportunities in lower income markets are unduly depressed.
(e) A bank account is also the first step to financial security and
asset building for many families. A bank account helps people
take the first step onto this path. Without an account, it is much
more difficult to get well-priced car loans, GOVERNMENT SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness No 175/2016/ND-CP Hanoi, December 30, 2016 DECREE ON AMENDMENTS TO CERTAIN ARTICLES OF THE DECREE No 86/2013/ND-CP DATED 29 JULY 2013 BY THE GOVERNMENT ON THE BUSINESS OF PRIZE-REWARDING ELECTRONIC GAMES FOR FOREIGNERS Pursuant to the Law of Government Organization dated June 19, 2015; Pursuant to the Enterprise Law dated November 26, 2014; Pursuant to the Law of Investment dated November 26, 2014; At the request of the Minister of Finance; The government promulgates the Decree on amendments to certain articles of the Government's Decree No 86/2013/ND-CP dated July 29, 2017 on the business of prize-rewarding electronic games for foreigners Article Amendments to certain articles of the Government's Decree No 86/2013/ND-CP dated July 29, 2017 on the business of prize-rewarding electronic games for foreigners Section and Section of Article as follows: “1 Operation of a prize-rewarding electronic game business without a certificate of business eligibility, except the companies defined in Article 51 of this Decree Operation of a prize-rewarding electronic game business in violation of the content of the business license issued by the competent state management agency pursuant to the laws.” Section of Article is amended as follows: "1 A company operating the prize-rewarding electronic game business (hereinafter referred to as the company) can operate prize-rewarding electronic games at solely one business location licensed by the competent state management agency pursuant to the laws." Section of Article 13 is amended as follows: “2 Gaming devices a) Prize-rewarding electronic gaming machines used at the business location shall be entirely new, adhere to the technical specification announced by their manufacturers and certified by independent certifying organization(s) operating in member state(s) of the G7; b) The programmed minimum flat rate of payout of a slot machine is 90% (inclusive of the accumulated prize) The payout rate, when changed by the company, shall not be lower than the minimum payout rate regulated; hence, the company shall have the machines re-certified prior to their resumption and specify the payout rate in the gaming rules.” Section and Section of Article 14 are amended as follows: “1 The companies possessing the certificate of business eligibility and those defined in Article 51 of this Decree are permitted to purchase tokens and prize-rewarding electronic gaming machines The purchase and importation of tokens and prize-rewarding electronic gaming machines pursuant to the legislation on import and export, relevant laws, this Decree and the guidelines of the Ministry of Culture, Sports and Tourism … The company has the right to maintain and repair the prize-rewarding ... of the International Civil Aviation Organization; The Director of Civil Aviation Authorities of Viet Nam shall perform the duties and powers of the aviation authorities Article 15 International... cooperation The aviation authorities are a focal point in international cooperation with the International Civil Aviation Organization, foreign aviation authorities, organizations and other international... for construction, renovation, maintenance, suspension or introduction for operation of aviation works c) Operation plan and general mode of aviation flight; d) Program and regulation on aviation