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Tag Archives: Ken Ofori Atta

Treasury Single Account to reduce govt’s borrowing – Ken Ofori Atta

Ken Ofori-Atta - Finance Minister

Government is hopeful the operation of a Treasury Single Account (TSA) should reduce its borrowing in the long term. The move which has seen the moving of some monies in accounts at some commercial banks is aimed at strengthening the financial sector where government borrows less to crowd out the private sector businesses. Under the TSA, government will be closing ...

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Banks’ NPLs to drop with govt intervention – Ken Ofori Atta    

Ken Ofori Atta - Finance Minister

Finance Minister Ken Ofori Atta has described as worrying the high non-performing loans recorded in the banking sector. Although the sector recorded strong performance in asset growth of 27.3% in May 2017 as against the 17.7% recorded in May 2016, it continues to face the threat of high non-performing loans. “As at April 2017, the banking sector comprised 33 universal banks ...

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Govt to pay all outstanding arrears by 2019


Government has set an ambitious target to complete payments of all arrears owed contractors by 2019. This follows a validation process to audit the arrears bequeathed the NPP by the erstwhile NDC administration. The Finance Minister, Ken Ofori Atta disclosed this during his midyear budget review to Parliament on Monday. According to him, the settlement of the debts should afford ...

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Midyear budget review comes off Monday

Ken Ofori Atta - Finance Minister

The Finance Minister, Ken Ofori Atta is expected to present his midyear budget review and economic planning to Parliament tomorrow, July 31, 2017. This is in fulfilment of the constitutional mandate requiring the Minister to give an account of the performance of the economy before the commencement of the second half of the year. Citi Business News understands tomorrow’s presentation ...

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NPP to miss budget deficit target if … – Terkper

Finance Minister, Mr. Seth Terkper

Former Finance minister, Seth Terkper has predicted that the NPP government will miss its budget deficit target for this year. He argues that the government’s efforts to ensure tax compliance and cut down some expenditure may yield little impact on the economic prospects. Mr. Terkper’s arguments are contained in an article where he impresses on the NPP not to cut ...

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3% VAT will simplify tax system – Ken Ofori Atta                                                                                

VAT on Fin Services

Finance Minister Ken Ofori Atta has pledged that government would work with stakeholders in the economy for a clearer understanding on how the VAT Flat Rate Scheme functions. According to him, the rationale behind the policy is geared towards simplifying the tax system and does not impose double or cascading tax. The implementation of the scheme has been met with ...

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US commits to doubling trade volumes with Ghana


The American government says it is committed to double its trade volumes with Ghana via continuous investments to add value to Ghana’s exports. The US Ambassador to Ghana, Robert Jackson explains that this should increase Ghana’s trade volume with the US from the current 1.2 billion dollars to 2.4 billion dollars. Mr. Jackson made the remarks at a ceremony to ...

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Minority petitions US SEC over $ 2.25bn bond

Haruna Iddrisu, Minority Leader in Parliament

The Minority in Parliament has petitioned the Securities and Exchange Commission of the United States to commence investigations into the NPP government’s 2.25 billion dollars bond issued this year. A statement on the petition by the Minority and copied to Citi Business News  said, “The SEC will primarily be investigating suspected conflict of interest and insider trading which are violations of ...

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Banks demand payment plan for BDC debts

philip owiredu 620x330

Banks that are exposed to the Bulk Oil Distribution Companies (BDCs’) debts want government to draw out a plan to facilitate payments from the Energy Sector Levies Act [ESLA]. They argue that the plan will facilitate payments and help them make the necessary provisions accordingly. Explaining the impact of the absence of a detailed plan on the repayment scheme for ...

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Wobbling economy warranted high taxation –Terkper

Finance Minister, Mr. Seth Terkper

Former Finance Minister, Seth Terkper has dismissed claims that he supervised an economy which focused on taxation at the expense of production. He explains that he cannot be blamed for what the NPP believes is the huge tax burden brought onto businesses. “…When the economy takes a hit, you would have to make sure that GRA rakes in as much ...

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