Ghana receives $4.2bn in remittances

The Ghanaian economy is fast enjoying an economic rebound after experiencing some shocks from the financial meltdown that plunged many markets around the globe in 2008/09.
According to balance of payments data, total private inward transfers to the Ghanaian economy for January – May, 2010, amounted to US$4.2 billion, representing a 22.2 per cent increase over the corresponding period in 2009.
Of the total transfers, US$626.2 million accrued to individuals, compared with US$604.8 million during the same period in 2009.
First Deputy Governor of the Bank of Ghana (BoG), Dr. H. A. K. Wampah disclosed this at the launch of the Ecobank’s ‘Rapid Transfer’ in Accra on Wednesday. The ‘Rapid Transfer’ an instant money transfer product which provides a fast, convenient and reliable way to transfer across and within countries where Ecobank operates.
Global remittances average about US$300 billion per year, with Africa getting about US$400 million, according to a 2009 report on remittances by the International Fund for Agricultural Development (IFAD) and the African Development Bank (AfDB) titled ‘Sending Money Home to Africa’.
Due to the economic crises, remittances for the year 2009 decreased by 6 per cent but were expected to increase at 6.2 per cent in 2010 and 7.1 per cent in 2011, according to report on migration and remittances trends 2010 by Dilip Ratha, lead economist at the World Bank.
The strategic importance of the remittance business to the Ghanaian banking sector is underpinned by the fact that all the banks in the country serve either as agents or sub agents to giants in the remittance business, such as Western Union, Moneygram and Vigo.
However, Dr. Wampah said with the introduction of Ecobank’s ‘Rapid Transfer’ product, “a new dimension has been added onto the financial market, especially, as it focuses solely on Africa”. He described the new product as one of the manifestation of Ecobank’s vision of building a Pan African Bank focused on facilitating the economic integration of Africa.
“It is a clear indication of Ecobank’s commitment to contribute to the development of Africa using its platform to facilitate the transfer of funds within and across African countries where the bank has a presence”.
The Ecobank Rapid Transfer comes across as a fast and reliable means of money transfer through which one can send or receive money at all 750 branches of Ecobank in more than 30 African countries. Also, payments of receipts are in the Ecobank affiliate’s local currency, subject to local exchange control regulations. Above all, the risk of carrying money across borders is eliminated.
Commenting on the new product, the Managing Director of Ecobank Ghana, Mr. Samuel Ashitey Adjei said “the Ecobank Rapid Transfer is aimed at making the transfer of money simple and fast. Sending and receiving money across Africa has been made easier”.
The Board Chair of Ecobank Ghana, Mr. Lionel Van Lare Dosoo said the Ecobank Rapid Transfer product will serve as one stop solution to the transfer of money in the African continent. Dean of the Diplomatic Corps in Ghana, Jean Pierre Gbikpi also commenting on the product said “the Pan-African idea of the Ecobank Rapid Transfer product is moral boosting in the African continent”.

Ban ‘disappointed’ at Israel’s move not to extend settlements moratorium

Secretary-General Ban Ki-moon today voiced disappointment at Israel’s move to not extend the moratorium on the building of Jewish settlements in the occupied Palestinian territory, and expressed concern over provocative actions taking place on the ground.

He recalled last week’s statement by the of Middle East Quartet – the United Nations, the European Union, Russia and the United States – which he said reflected the united call of the international community urging Israel to extend the settlement restraint policy.

Mr. Ban reiterated that settlement activity in the occupied Palestinian territory, including East Jerusalem, is illegal under international law. He urged Israel to fulfil its obligation under the Roadmap obligation to freeze settlement activity.

“The Secretary-General supports ongoing efforts to find a way to continue peace talks in an environment conducive to progress. This is the only route to a viable Palestinian State living in peace with a secure Israel,” a statement issued by his spokesperson said.

Last Tuesday, the Quartet – UN, European Union (EU), Russia and the United States – urged Israel to continue its settlement moratorium in the occupied Palestinian territory in the interests of resumed negotiations between the sides and called on Arab States to support the talks.

Voicing support for the first face-to-face talks in 19 months, a statement issued after a high-level meeting of the Quartet reiterated the goal of ending the Israeli occupation that began in 1967 and creating “an independent, democratic, contiguous, and viable Palestinian State” living side by side in peace and security with Israel.

“Noting that mutual trust and confidence are critical to successful negotiations, the Quartet reiterated its call on Israel and the Palestinians to promote an environment conducive to progress, including by refraining from provocative actions and inflammatory rhetoric,” the statement said.

“The Quartet noted that the commendable Israeli settlement moratorium instituted last November has had a positive impact and urged its continuation. The Quartet recalled that unilateral actions by either party, including settlement activity, cannot prejudge the outcome of negotiations and will not be recognized by the international community,” it added. Credit: UN.

Welcome on board: UN kicks off drive to save more than 16 million wo...

Welcome on board: UN kicks off drive to save more than 16 million wo...: "Secretary-General Ban Ki-moon today began a massive drive to save the lives of over 16 million women and children, with more than $40 billi..."

UN kicks off drive to save more than 16 million women and children worldwide

Secretary-General Ban Ki-moon today began a massive drive to save the lives of over 16 million women and children, with more than $40 billion already committed to scale up health services worldwide.
“The 21st century must be and will be different for every woman and every child,” said Mr. Ban, who launched the Global Strategy for Women’s and Children’s Health at UN Headquarters on the margins of a high-level summit on the Millennium Development Goals (MDGs).
The MDGs, a series of globally agreed social and economic targets with a 2015 deadline, include a number of health objectives, such as Goal 4 on reducing the mortality rate for children under the age of five by two thirds and Goal 5 on slashing maternal mortality rates by three quarters, both from their 1990 figures.
Today’s launch, which included the private sector, foundations, international organizations, civil society and research groups, represents a major step towards filling the gap between the investment needed and what is currently provided for women’s and children’s health – with over $40 billion in resources committed over the next five years.
“We know what works to save women’s and children’s lives, and we know that women and children are critical to all of the MDGs,” the Secretary-General noted. “Today we are witnessing the kind of leadership we have long needed.”
The Global Strategy identifies the finance and policy changes needed, along with vital interventions to help improve health and save lives. It is expected to prevent, between 2011 and 2015, the deaths of more than 15 million children under five, as well as 33 million unwanted pregnancies and the deaths of 740,000 women from complications related to pregnancy and childbirth.
To help ensure that it is successful, several agencies, including the UN Children’s Fund (UNICEF), the UN Population Fund (UNFPA), the Joint UN Programme on HIV/AIDS (UNAIDS), the World Health Organization (WHO) and the World Bank are collaborating to mobilize ongoing political and operational support, including fighting for universal access to care for all women and children.
This team will identify and connect resources to the people who need them based on the priorities set by countries in their national health plans.
In addition, the Bill and Melinda Gates Foundation, the Global Alliance for Vaccines and Immunizations (GAVI) and the Global Fund to Fight HIV/AIDS, Tuberculosis and Malaria are working with this team to ensure integrated services and efforts across a range of health needs.
“The Global Strategy asks us to be smart, strategic and resourceful as never before,” said WHO Director-General Margaret Chan. “By integrating their actions, the eight international health-related agencies will strengthen capacities across the board, in ways that meet the comprehensive needs of women and children.” Source: UN

Welcome on board: UN agency welcomes $1.4 billion French pledge to f...

Welcome on board: UN agency welcomes $1.4 billion French pledge to f...: "France has pledged $1.4 billion to United Nations-backed efforts to combat HIV, in a move hailed by the world body’s agency coordinating th..."

Welcome on board: Least developed countries remain epicentre of deve...

Welcome on board: Least developed countries remain epicentre of deve...: "The United Nations Secretary General, Ban Ki-moon today warned that the world’s least developed countries (LDC’s) are still walloping in ab..."

UN agency welcomes $1.4 billion French pledge to fight AIDS

France has pledged $1.4 billion to United Nations-backed efforts to combat HIV, in a move hailed by the world body’s agency coordinating the global AIDS response.
French President Nicolas Sarkozy announced yesterday that his nation will provide the funds to the Global Fund to Fight AIDS, Tuberculosis and Malaria at a General Assembly meeting in New York on progress made in realizing the Millennium Development Goals (MDGs).
Halting and beginning to reverse the spread of HIV and AIDS by 2015, as well as achieving universal access to treatment for the disease, are among the eight MDGs.
“At a time of difficult fiscal space, France has put the interests of people living with HIV first,” said Michel Sidibé, Executive Director of the Joint UN Programme on HIV/AIDS (UNAIDS), urging all other countries to follow France’s lead.
During a meeting with the UNAIDS chief yesterday, Mr. Sarkozy praised the agency’s approach to place the response to the pandemic as part of the broader health and development agenda.
More than 7,400 people are infected and 5,500 die from AIDS-related illnesses every day, and HIV remains the leading cause of death among reproductive-age women worldwide, according to the UN.
There are also nearly 10 million people living with HIV who urgently need treatment today.
UNAIDS data shows that new infections have declined by more than 25 per cent in the 22 countries most affected by the disease in sub-Saharan Africa, home to two-thirds of all people living with HIV.
“AIDS is a smart investment that is producing results for people holistically,” Mr. Sidibé said, stressing that “this is a time for scaling up, not scaling down.” Culled from UN website.

Least developed countries remain epicentre of developmental emergency-Ban

The United Nations Secretary General, Ban Ki-moon today warned that the world’s least developed countries (LDC’s) are still walloping in abject poverty.
His call comes just five years remaining until the deadline for achieving the Millennium Development Goals (MDGs).
According to Mr. Ban, though school enrolment has improved and strides have been made in reducing child mortality and expanding access to clean water in the LDCs, they remain the group facing the most severe challenging in realizing the eight MDGs.
Hundreds of world leaders are in New York for a three-day General Assembly gathering, which started Monday, to assess progress made so far in reaching the Goals.
“The LDCs represent the poorest and most vulnerable segment of humanity,” the Secretary-General said at a side event this morning focusing on the MDGs in these countries.
“They remain at the epicentre of the developmental emergency,” he added.
Countries are classified as LDCs if they meet three criteria: a low income; human capital status based on education, nutrition, health and literacy indicators; and economic vulnerability.
Currently, more than half of the 800 million in the 49 LDCs live below the poverty line, while only six of them have poverty rates under 30 per cent.
The LDCs are also made less competitive by their inadequate transport infrastructure and uneven power supplies.
“It is increasingly clear that economic infrastructure and productive capacity-building hold the key to generating decent jobs, especially for the large youth populations of these countries,” Mr. Ban underlined.
He noted that the LDCs have made efforts to improve economic management and political governance, stressing that the international community must continue to provide support.
“This is a moral commitment, first and foremost – a test of global solidarity,” the Secretary-General said.
Also speaking at today’s event was Assembly President Joseph Deiss, who pointed to three crises – economic, food and energy – that have severely impacted the LDCs.
“We have to focus on the specific needs and constraints of the Least Developed Countries if we want to alleviate suffering and raise their population out of poverty,” he emphasized.
Although progress made in achieving the MDGs is measured globally, the targets must be realized in every country, Mr. Deiss said.
At the start of the high-level MDG meeting yesterday, the Secretary-General urged world leaders to provide the necessary investment, aid and political will to end extreme poverty.
“There is no global project more worthwhile,” he said. “Let us send a strong message of hope. Let us keep the promise.”
Mr. Ban called on wealthy countries not to pull back from their previous commitments on official development assistance to poorer nations, which he described as “a lifeline of billions, for billions.”
Culled from the UN website
Pix: UN Secretary General, Ban Ki-moon

Mills borrows $3.2bn in 20 months!... as against $2.25bn by Kufuor in 8 years!

When it comes to delivering on their economic promises and their Better Ghana Agenda, the popular verdict appears to be that the Mills-Mahama led NDC government is slow.

When it comes to piling up external debt on the other hand, it is clear that the NDC has resumed the ‘Usain Bolt’ borrowing pattern that landed Ghana ignominiously into HIPC.

The lightning speed with which Ghana’s external debt has increased in the first 20 months of the NDC government should be a cause of concern for all, according to Asare Otchere Darko of the Danquah Institute.

According to Mr. Otchere Darko, in just twenty months (by close of September, 2010), the Atta Mills government would have contracted a whopping $3.2 billion dollars in debts, a far cry from the track record of the Kufuor Administration.

Explaining, Mr. Otchere Darko states that at the end of 2000, Ghana’s external debt stock stood at $6.1 billion (158.4% of GDP). Total Debt Service amounted to 24 expenditure and Ghana spent about a quarter of its total export proceeds just to service its debts. The resulting sustainable situation led Ghana adopting the HIPC initiative by the Kufuor government.

By the end of 2008, Ghana’s total external debt amounted to $4,035 million (27 percent of GDP), thanks to debt relief and a relatively prudent borrowing. At the end of 2008 Ghana used less than 5% of its export proceeds to service its external debts.

According to figures from the Bank of Ghana, during the eight-year period under President Kufuor (2001 – 2008), the total amount of external loans contracted by the NPP government amounted to $2.252 billion.

In stark contrast, says Mr. Otchere Darko, by the time Parliament went for recess at the end of last July (extended by one week to August 3 to approve more loans), the NDC, in just under 20 months of its return to office, had added, by the count of the Danquah Institute, an estimated $2.97.0 billion to the international debt they inherited in January 2009.

In fact, this figure leaves out several small loan facilities, says Mr. Otchere Darko.

He goes on to further state that it was announced, happily to Ghanaians on Thursday, September 8 that President Mills will sign a $273 million loan agreement with the EXIM Bank of China when he visits the Republic of China this month.

Thus, by the end of September, the NDC external borrowing portfolio will climb to 3.24 billion! Yes! In the first 20 months in office, the NDC government has contracted more external loans (44% more) than the NPP government did in 8 years!President Mills has quickly and surely overtaken his predecessor in public debt pile-up – the very thing that his government has spent the best part of two years condemning President Kufuor on!”Mr. Otchere Darko states.

Source: The Daily Searchlight/Ghana

UN members states call for strengthening of rights of persons with disabilities

A United Nations-backed conference aimed at advancing the rights of persons with disabilities concluded today with countries underscoring the need to continue building on recent momentum to ensure that the rights of the world’s estimated 650 million people with disabilities are protected and strengthened.
Hundreds of delegates and civil society representatives took part in the three-day conference at UN Headquarters in New York to see how to better implement the Convention on the Rights of Persons with Disabilities, which came into force in 2008.
The convention, among other elements, asserts the rights to education, health, work, adequate living conditions, freedom of movement, freedom from exploitation and equal recognition before the law for persons with disabilities.
The number of countries that have ratified it has jumped from 66 to 90 in the past year and the number that has signed has risen from 142 to 146.
Ambassador Claude Heller of Mexico, the President of the conference, told the closing session today that he hoped that “the number of signatures and ratifications continues to increase” and that ongoing efforts to promote the rights of persons with disabilities bear fruit.
He welcomed the enthusiastic participation of national delegations, experts and civil society representatives in the conference, which included interactive dialogues, round-table discussions and formal presentations.
Many of the discussions focused on the right to education for persons with disabilities, the need for measures for greater inclusion of persons with disabilities in society, and care provided during disasters and emergency situations.
Shuaib Chalklen, the UN Special Rapporteur on Disability, told the UN News Centre that the conference had an important “consciousness-raising” value for governments and policymakers to take action to ensure that the convention is implemented on the ground.
While the rising number of ratifications means more countries will have to report on what measures they are taking to meet their obligations, Mr. Chalklen said all too often this is failing to translate at the local level, both in rich and poor countries.
He cited education as an example, with administrators, principals and teachers at many schools often unaware of the barriers that can exist to prevent a child with disabilities from attending and fully participating in classes.
A pupil using a wheelchair or crutches may face stairs to get to class, a lack of appropriate bathrooms and a viewpoint that it is the child with the problem rather than the school.
“It’s an attitudinal problem and there needs to be a commitment to make it work… But unfortunately there is a lack of awareness,” Mr. Chalklen said.
The next conference of States Parties to the convention will be held in early September 2011. Culled from UN website.