Full transcript: Mahama's 2014 State Of The Nation address

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Aidoo isaac. 11 years ago

All is ghana needs better governance and prosperity so mr.president we need your maximum support.

All is ghana needs better governance and prosperity so mr.president we need your maximum support.
PRINCE KWASI ADADE 11 years ago

It’s been over two weeks now since representatives of the Chinese Development Bank (CDB) arrived in Ghana to renegotiate the US$3billion loan deal.

The team has since left, but there is still a complete silence on whatev ...
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It’s been over two weeks now since representatives of the Chinese Development Bank (CDB) arrived in Ghana to renegotiate the US$3billion loan deal.

The team has since left, but there is still a complete silence on whatever transpired between them and the Government of Ghana officials they met with.

But it is reported that the Chinese are asking for an additional 2,000 barrels of crude oil over the earlier 13,000 barrels a day agreed between them and government.

China initially got Ghana to use part of its share of crude from the Jubilee Oil Field as collateral for the US$3billion loan. But they now want an upward adjustment of the daily quota from 13,000 barrels to 15,000 barrels. This is because of on-going downward pressure on international oil prices and thus the value of the amount of oil originally agreed. Besides the fall in both Ghana’s gold revenues and its cocoa revenues [leading to US$1.3 billion in foregone foreign exchange revenues in 2013] has made the loan riskier than the Chinese originally thought.

It is still unclear whether Ghana would agree to the additional demands by the Chinese. Another problem delaying the disbursement of the bulk of the loan is that out of the 12 projects to be funded by it, only two have fully completed feasibility studies that confirm their economic viability. As one source close to the Chinese lenders puts it: “We want to be sure the money will be put to good use.”

Parliament gave its assent to the agreement in February 2012 under the leadership of the then Deputy Speaker and now Speaker Right Honourable Edward Doe Adjaho.

Only US$600million has so far been released and Ghana is still expecting about US$1.6billion to come from the Chinese loan this year at least to fund infrastructural projects planned in this year’s budget.

Former Finance Minister in Ex President Kufuor’s Administration, Dr Anthony AkotoOseihas called for the renegotiation of the US$3billion China Development Bank (CDB) loan as well as the cancellation of the commitment fee attached to the facility.

He has called for a cutback on what he terms the “complicated” disbursement mechanism. “I think the commitment fee should be completely cancelled,” Dr. Osei tells Business Finder “It is not typical for commercial loans. They need to also renegotiate the conditions for disbursement.

“If you look at our domestic expenditure, over US$4billion or so is foreign-financed, and the majority is coming from the Chinese loan. So if it does not come, those investments will not happen,” he observed. According to the former finance minister, “any further delay means that all those projects cannot materialise. It does not help us.”

Ghana is reported to have paid some US$54million already as commitment fee when only US$600million of the US$3billion loan has been secured since the agreement was signed in 2012. However proponents of the still-awaited loan accuse Dr Akoto of politicking, pointing out that the loan, which incorporates a long grace period before repayments start, also carries a well below market interest rate of 2.5% per annum and so is a concessionary, rather than a commercial loan.

Delays in releasing a US $75million component of the gas infrastructure project in the Western region has forced contractors to postpone the date of completion a number of times.

The situation forced President Mahama to ask the Finance minister a couple of months back to explore other sources of funding for the gas project, which is needed to boost gas supply to the power sector.

Meanwhile, the Member of Parliament for Dormaa Central is urging the government of Ghana to throw in the towel and request for the cancellation of the deal, pay the penalty and save Ghana from sinking further.

“If you look at how things are going, it would be prudent for the government to cancel it instead of renegotiating which would put extreme pressure on the economy of Ghana,” he said on ‘Burning Issues’ on Adom FM.

“If the government wants to opt out of the deal, it can give 10 days notification to the other party,” the MP said.

According to him, things would get worse because of the exchange rate and interest accruing on the loan by the day.

“Government’s intention of renegotiation of the deal should come before the Parliament,” he said.

There are indications that government is indeed looking at alternatives to the Chinese loan. Although it has by no means given up all hope that the rest of the loan will come through, it is already devising a fall-back position. Top of the pack in this regard is a resort to the Eurobond market which Ghana has already tapped successfully, and with little fuss, twice since 2007.

Government already has plans to return to the Eurobond market this year to top up last year’s US$1 billion issue with as much as another US$1.5 billion. Now some influential voices in government have started suggesting that it should forget about the Chinese loan and go for up to US$3 billion on the Eurobond market.

This would be easier said than done though. Asking for such a large amount at once would put Ghana’s sovereign credit worthiness ratings at risk, a situation which the credit rating agency Fitch would be only too happy to play on as the latest episode in its on-going feud with the Government of Ghana.

On the other hand, even though this would mean accepting an inordinately high interest rate for a larger than originally planned Eurobond loan, it would hold the attraction of not having to try so hard to convince the investors as to the efficacy with which it would be spent.
william 11 years ago

Making full transcripts of important statements available to readers is great. Keep it up.

Making full transcripts of important statements available to readers is great. Keep it up.
GHFUO, be serious & change ur MENtali 11 years ago

CHANGE IS IMMINENT!
"There are 31,530,000 seconds in a year, a thousand milliseconds in a second, a million microseconds, and a billion nanoseconds.
The one constant connecting nanoseconds to years is change. The universe, ...
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CHANGE IS IMMINENT!
"There are 31,530,000 seconds in a year, a thousand milliseconds in a second, a million microseconds, and a billion nanoseconds.
The one constant connecting nanoseconds to years is change. The universe, from atom to galaxy, is in a perpetual state of flux.
But we humans don't like change; we fight it, it scares us. So we create the illusion of stasis. We want to believe in a world at rest, the world of right now,
yet our great paradox remains the same. The moment we grasp the now that now is gone. We cling to snapshots, but life is moving pictures, each nanosecond different from the last.
Time forces us to grow, to adapt because every time we blink our eyes the world shifts beneath our feet. Every day, every moment, every nanosecond, the world changes.
Electrons bump into each other and react; people collide and alter each other's paths. Change isn't easy, more often it's wrenching and difficult, but maybe that's a good thing,
because it is change that makes us strong, keeps us resilient, and teaches us to evolve." – Jake Bohm
LIBRADIO.COM, www.p2p4u.net.
13.REVIVE Accra Race Course.
14. REGIONS N CITIES MUST HVE THEIR OWN LOTTERY. THE NLA IS ONLY FOR THE CENTRAL GOVT.
15. in this day and age,construction of dual carriage ways is the only way of reducing or controlling accidents,deaths and injuries.
TO REG TRANSPORT IN THE ASHANTI REGION, MIN ATTIVOR,... WHY HAS work on the construction of the Sofo line project in Kumasi been suspendeD?
Why should such a project of importance be suspended or stopped? Travel around the whole country and one can not find one single safe road.
How many unnecessary deaths on our roads have to occur before this all important problems are resolved? STEP YOUR GAME UP!
A NATION OR ORGANIZATION, BUSINESS THAT IS NOT TRANSPARENT. HAS NO VISION. LIFE IS ALL ABOUT CHANGE, INNOVATION N HAVING VISION. IF YOU ARE NOT TRANSPARENT & DISCIPLINED, YOU BECOME STUCK N PRIMITIVE.
16. AA, KEEP AT LEAST 1 WOMAN ON THE GBSTAR. A WOMAN WITH SOCCER INTEREST/KNOWLEDGE AS PHYSIO OR PSYCHOLOGIST. WOMEN HVE A UNIQUE WAY OF OBSERVING OR SEEING THINGS. MAVIS AMANOR, NANA YAA FROM ADOM TV..LOL
17. HOW DO YOU MAKE GH MORE ECONOMICALLY COMPETITIVE, U ASK?
A/upgrade and improve infrastructure: road systems,airports, ports, the entire infrastructure, and IT infrastructure IN GH IS LAGGING. IMAGINE THE JOBS THIS WILL CREATE FOR ALL THESE YOUTHS?
B/R&D:research and development being carried out within GH. GOVT MUST PROVIDE R&D tax credit for all companies who OPERATE/HVE operations within GH.
C/CORPORATE TAX BREAKS TO MULTINATIONALS WHO WISH TO USE GH AS THEIR HEADQUARTERS TO DO BUSINESS. THIS WILL HELP GH REMAIN globally engaged through trade and investment ACTIVIITES.
D/OFFER MORE CASH SAVINGS INCENTIVES FOR THE PPL OF GH THRU THE BANKS, MEDIA. DO THIS THRU FINANCIAL LITERACY CAMPAIGNS, CASH SAVINGS STRATEGIES WITH INTEREST E.G TFSA, RRSP, MUTUAL FUNDS, GIC'S, STOCKS/GSX ETC
E/FACTORIES: TURN MORE RAW MATERIALS TO FINISHED GOODS FOR EXPORT. IMPORT LESS.
IF GH WANTS TO RESOLVE ITS BUDGET DEFICIT, CHANGE THE MACROECONOMIC VARIABLES OF CONSUMPTION AND SAVINGS.
STRENGHTEN COMMERCE FACTORS SURROUNDING THE ECONOMY SO THAT THEY INDIRECTLY AFFECT THE POSITIVE STRENGTH OF THE CEDI. RATHER THAN TAKING SPECIFIC CEDI REVAMP MEASURES
F/I THINK ITS TIME THE BOG AND THE MIN OF FINACE MADE THIS ILLEGAL. IF YOU ACEPT FOREIGN CURRENCY AS LEGAL TENDER IN EXCHANGE FOR GOODS OR SERVICES IN GH. YOU THE ACCEPTEE MUST BE ARRESTED AND MUST SPEND AT LEAST 3MTHS IN JAIL,PLUS A FINE OF TRIPLE THE AMOUNT OF FOREIGN EXCHANGE YOU ACCEPTED.
THIS ALONE WILL CAUSE BUSINESSES LIKE HOTELS ETC FROM ACCEPTING OR PRICING IN DOLLARS OR ANY NON GH CURRENCY. THIS INCLUDES CHURCES TOO...LOL
G/WIDEN THE TAX BASE. CANT YOU SEE WAT WESTERN NATIONS ARE DOING?
H/CLAMP DOWN ON PUBLIC SECTOR CORRUPTION. WE NEED CORRUPTION COURTS IN GHANA LIKE MALAYSIA.
IF THE GOVT CAN NOT BE DISCIPLINED IN FOLLOWING THRU WITH THESE INITIATIVES. THEN FORGET IT.
PRESIDENTIAL LIBRARY/MUSEUM
BILL CLINTON JUST FINISHED BUILDING HIS LIBRARY MUSEUM IN HIS BIRTHPLACE OF LITTLE ROCK, ARKANSAS.
SO WHEN HE DIES, HE WILL BE BURIED THERE. I MAY SOMEDAY GO THERE TO READ ABOUT THIS GUY. IF NOT FOR THIS CLINTON MUSEUM. WHY WILL I EVEN THINK OF GOING TO ARKANSAS OF ALL PLACES?
WAT IS JJ, KUFFOUR AND MAHAMA DOING?
HAVE THEY STARTED DRAWING UP A FOUNDATION STRUCTURE FOR THEIR LIBRARY MUSEUMS. TO BE BUILT IN THEIR RESPECTIVE BIRTHPLACES?
WAT ARE THEY WAITING FOR WITH THEIR ARCHAIC MENTALITIES? OR DO THEY ALL WANT TO BE BURIED IN ACCRA?
NELSON MANDELA WAS BURIED IN HIS HOMETOWN IN S AFRICA, NOT PRETORIA OR JOBURG. IMAGINE THE TOURIST REVENUE, DEVELOPMENT THAT WILL GO TO THESE SMALL COMMUNITIES?
GHPPL WITH ENGLISH NAMES, WHY?
watch the winter olympics and even the chinese, japanese, koreans, russians, anglo saxons(brits, canadians, americans),
italians, polish, germans, ukranians, norwegians, finland, swedes, swiss, dutch, all have their native names.
THE POOR ARE INNOVATORS IN EVERYTHING!
PLS, REMOVE THAT TRAITOR'S NAME FROM THE ACCRA AIRPORT N NAME IT AFTER NKRUMAH. RENOVATE THE ACCRA AIRPORT OOO TOM!...
WAT WOULD TAKE 3 MTHS TO DO IN CANADA/US WILL TAKE 3 YRS TO DO IN GH. WHY? LESS TALK, MORE ACTION!
ns3mfoo 11 years ago

Poor government, u brought hardship to the state. U need to takle this and stop making big promises. Corruption has rear it ugly heads among your leaders, ministers, cabinet ministers. Our currency keeps depreciating every bl ...
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Poor government, u brought hardship to the state. U need to takle this and stop making big promises. Corruption has rear it ugly heads among your leaders, ministers, cabinet ministers. Our currency keeps depreciating every blessed day. U seem incompetent to me. Nana Addo could have done better. Was it not u who vehemently disagreed with the free SHS agenda barely 2 years ago and u turn round to endorse it now? etc. U seem so clueless, TWEAAAAAAAAAAAAAAAAAA in a twisted mouth.
Tony h 11 years ago

Another offspring of gorillas that had populated the Akan region that has formed into npp, nation of primitive people is speaking. Get over this die be die mentality. Your so called arrogant nana has put Gh into this economic ...
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Another offspring of gorillas that had populated the Akan region that has formed into npp, nation of primitive people is speaking. Get over this die be die mentality. Your so called arrogant nana has put Gh into this economic chaos with 8-9 mouths petition. What do you expect when the whole country was hijacked to watch TV for 8 or 9 mouths with no productivity in every sector? Ashanti fo is something replacing your brain????
KANE 11 years ago

QUOTE JOHN MAHAMA

"As a former Member of Parliament for twelve (12) years,...."

UNQUOTE.

SO THIS PRESIDENT WAS A MEMBER OF GHANA'S PARLIAMENT FOR 12 YEARS?

NO WONDER OUR COUNTRY IS ALWAYS DRIFTING BACKWARDS.

QUOTE JOHN MAHAMA

"As a former Member of Parliament for twelve (12) years,...."

UNQUOTE.

SO THIS PRESIDENT WAS A MEMBER OF GHANA'S PARLIAMENT FOR 12 YEARS?

NO WONDER OUR COUNTRY IS ALWAYS DRIFTING BACKWARDS.
KANE 11 years ago

I CAN IMAGINE WHAT WILL HAPPEN TO GHANA IF THIS MAN DRAMANI MAHAMA AND J.A. KUFUOR WERE PRESIDENT AND VICE PRESIDENT IN THE SAME GOVERNMENT IN GHANA AT THE SAME TIME.

THE WHOLE COUNTRY OF GHANA WILL BE TURNED UPSIDE DOWN.

I CAN IMAGINE WHAT WILL HAPPEN TO GHANA IF THIS MAN DRAMANI MAHAMA AND J.A. KUFUOR WERE PRESIDENT AND VICE PRESIDENT IN THE SAME GOVERNMENT IN GHANA AT THE SAME TIME.

THE WHOLE COUNTRY OF GHANA WILL BE TURNED UPSIDE DOWN.
PLUMBER 11 years ago

Going thru the transcript I was particularly impressed with the road sector. This is an area that has direct and immediate impact on the lives of all Ghanaians and the surest way of sharing the national cage. I live in Adenta ...
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Going thru the transcript I was particularly impressed with the road sector. This is an area that has direct and immediate impact on the lives of all Ghanaians and the surest way of sharing the national cage. I live in Adenta and am pleasantly impressed with a particular road in the Mame Dorkuno area that is being tarred and reshaped with gutters. It is reviving the whole area. Meanwhile one needs to visit the thE Ritz Junction to Adenta junction stretch of the six lane asphalt road to see how business activities have sprang up. Thanks to all three presidents, Kuffour, Mills and now Mahama for having the courage and political will to do this Legon Pantang road. Who says our country is not progressing? We need more of such massive road projects no matter the temporary hardships we may face.
ISSAHAKU AMIDU ALI 11 years ago

THE PREZ RECKONED THE HASHIP WE GHANIANS ARE GOING THROUGH, HE HOWEVER DELIBERATED MEASURES TO ENSURING A HEALTHY GHANAIAN,AN EDUCATED ONE,A BRIGHTER FUTURE AND A SECURITY SCURED COUNTRY FOR ALL GHANAIANS

THE PREZ RECKONED THE HASHIP WE GHANIANS ARE GOING THROUGH, HE HOWEVER DELIBERATED MEASURES TO ENSURING A HEALTHY GHANAIAN,AN EDUCATED ONE,A BRIGHTER FUTURE AND A SECURITY SCURED COUNTRY FOR ALL GHANAIANS

Christopher 11 years ago

"Despite those successes, Mr. Speaker, there are key populations in which HIV infections remain much higher than the national average. Among sex workers the infection rate is 11.3%." Why not when the president cannot see and ...
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"Despite those successes, Mr. Speaker, there are key populations in which HIV infections remain much higher than the national average. Among sex workers the infection rate is 11.3%." Why not when the president cannot see and allow any big hips? Does he think those are not prostitutes? They are prostitutes some educated or opportunistic prostitutes gallivanting all over the flagstaff house, in the hotels with the officials etc.
Abu,USA 11 years ago

Thief,go away

Thief,go away
Blay 11 years ago

Oh NDC, So the gas project completion date has moved again from March to 2nd half of the year? this project may never be completed.

Oh NDC, So the gas project completion date has moved again from March to 2nd half of the year? this project may never be completed.
Mr amin 11 years ago

Nothing will work in this country if the depreciation of the continue, goverment should explain why ports and habour uthorities still charging in dollers.you cant call some ones mother you reall mother, pls charge in cedis.

Nothing will work in this country if the depreciation of the continue, goverment should explain why ports and habour uthorities still charging in dollers.you cant call some ones mother you reall mother, pls charge in cedis.
GENERAL DeGAULE 11 years ago

State of the Nation Address and he goes on about Mr Speaker Mr. Speaker!
Mahama lacks leadership conviction.

State of the Nation Address and he goes on about Mr Speaker Mr. Speaker!
Mahama lacks leadership conviction.
Kweku Addo 11 years ago

Mr speaker one hundred and seventy five times.

Mr speaker one hundred and seventy five times.
Akomadan Adjei Nkansah Belgium 11 years ago

HAHAHAHAHAHA,OH MAHAMA.HMMMMMMM,THE CORRUPT MAHAMA IS A THIEF,CRIMINAL,AKONFEM,GYEEDA,IOL,TREES,GHANA GOLD TO IRIAN,WATERVILLE,ISOFOTON,SADA.

HAHAHAHAHAHA,OH MAHAMA.HMMMMMMM,THE CORRUPT MAHAMA IS A THIEF,CRIMINAL,AKONFEM,GYEEDA,IOL,TREES,GHANA GOLD TO IRIAN,WATERVILLE,ISOFOTON,SADA.
ABUSUAPAYIN-GERMANY 11 years ago

WE´RE NOT GOING TO ALLOW THESE STEALERS(NDC)TO STEAL OUR CAMPAIGN MESSAGE COME 2016.THE FREE SHS BY NPP WAS CONTENDED WITH FALSEHOOD BY THE NDC,WHAT MAKES MAHAMAH AND THE NDC TO TURN AROUND AND ASSURE GHANAIANS OF ITS IMPLEN ...
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WE´RE NOT GOING TO ALLOW THESE STEALERS(NDC)TO STEAL OUR CAMPAIGN MESSAGE COME 2016.THE FREE SHS BY NPP WAS CONTENDED WITH FALSEHOOD BY THE NDC,WHAT MAKES MAHAMAH AND THE NDC TO TURN AROUND AND ASSURE GHANAIANS OF ITS IMPLENTATION IN 2015?NPP IS VINDICATED BUT AS THE NDC INTENT IS ALWAYS DIABOLIC,THEY SHOULDN´T TRY AND I REPEAT TRY TO STEAL THIS AS THEY DID TO PAA KWESI NDUOM´S "YE SESA MU",MTN´S SLOGAN,etc.SHAME UNTO NDC STEALERS.SHAME UNTO STUPID FOOL KWESI PRATT.
ABUSUAPAYIN-GERMANY 11 years ago

IMPLEMENTATION

IMPLEMENTATION
SHOOTER 11 years ago

The new mantra for 2016 by the NDC is going to be hinged on a supposed "change to propel Ghana forward". Have you, yes you, seen any change or Ghana in any transition, or on the cusp of any change, to improve your individual ...
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The new mantra for 2016 by the NDC is going to be hinged on a supposed "change to propel Ghana forward". Have you, yes you, seen any change or Ghana in any transition, or on the cusp of any change, to improve your individual circumstance, as compared to the family and friends looting NDC brigade, who just recently plundered merchant bank with Fortiz for their own change or transition to exciting new opportunities? The only change Ghana should make would be to vote the clueless, incapable and looting NDC gov't out in 2016, for Ghana to truly progress.

BRO DAN- TRC 11 years ago

BLESSED PEOPLE OF AFRICA, NOBLE ONES OF THE NATIONS OF THE WORLD, INNOCENT PEOPLE OF GHANA; YES, SPECIAL POSTING. MAY -'JOSHUA' THE PRESIDENT OF GHANA REMENBER THAT IT IS WRITTEN BY THE LORD GOD THE CREATER OF ALL MANKIND; " ...
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BLESSED PEOPLE OF AFRICA, NOBLE ONES OF THE NATIONS OF THE WORLD, INNOCENT PEOPLE OF GHANA; YES, SPECIAL POSTING. MAY -'JOSHUA' THE PRESIDENT OF GHANA REMENBER THAT IT IS WRITTEN BY THE LORD GOD THE CREATER OF ALL MANKIND; " FEAR THOU NOT; FOR I AM WITH THEE: BE NOT DISMAYED ; FOR I AM THY GOD: I WILL -STRENGTHEN- THEE; YEA, I WILL HELP THEE; YEA, I WILL UPHOLD THEE WITH MY RIGHT HAND OF MY RIGHTEOUSNESS". SELAH. HUMANITY, GOD IS NOT DEAD, HE IS ALIVE FOR THE SAKE OF YOU AND I. PULSE. A TIME TO THINK. FOR "IT IS FINISHED". "OCCUPY TILL I COME". SELAH.
TOGETHER WE CAN! WITH GOD, WE CAN!! GOD BLESS AFRICA TO "BE STRONG AND OF GOOD COURAGE" KNOWING, -GOD IS NOT DEAD, HE IS ALIVE. GOD BLESS -'JOSHUA' THE PRESIDENT OF GHANA; HIS EXCELLENCY -JOHN- DRAMANI MAHAMA TO "BE STRONG AND OF GOOD COURAGE" FOR "THE SCRIPTURES CANNOT BE BROKEN". SELAH. GOD BLESS YOU AND I AS WE HOLD ON TO -"THE WORD" CONCERNING YOU AND I, WHETHER DEATH OR LIFE. AND, GOD BLESS OUR HOMELAND GHANA.
NOTE
REGARDS TO GHANAWEB. AND TO "GYE NYAME RADIO".
Kofi Tukpleza 11 years ago

Why continue to address members of parliament as "honourable"? Membership of Parliament has no honour

Why continue to address members of parliament as "honourable"? Membership of Parliament has no honour
stev 11 years ago

As3m b3ba Dabi

As3m b3ba Dabi

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Full transcript: Mahama's 2014 State Of The Nation address

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