remuneration to public sector workers increased from GHC 2 billion to GHC 5 billion. This is not only impacting efficient budget execution and macroeconomic stability, it is also affecting delivery of quality public expenditure in such vital services as education and health. 3.1 Standards and Codes The country has signed the following conventions: - The International Coffee Agreement, 2007 - Voluntary Partnership Agreement (VPA) on Timber Trade and Development Cooperation with the European Union - Convention between the Republic of Ghana and the Swiss Confederation for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital gains A number of local laws were also passed: • Petroleum Revenue Management Act, 2011 (Act 815) • Tourism Act, 2011 (Act 817) • Petroleum Commission Act, 2011 (Act 821) OBJECTIVE 1: DESIGN AND IMPLEMENT ECONOMIC POLICIES FOR SUSTAINABLE DEVELOPMENT It is important that economic policies are formulated and implemented to ensure that economic growth and expanded opportunities create wealth, generate employment and raise living standards without excessive costs to the environment, to the economic Sixth Annual APRM Progress Report: January – December 2011 44