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Tag Archives: Ken Ofori Atta

Corporate tax to be slashed from next year

Tax

Businesses that pay 25% of their profits in corporate taxes should expect to pay less from next year (2018). The corporate tax is expected to be reduced to twenty percent eventually. It follows what the Finance Minister, Ken Ofori Atta says is the consideration of reducing the tax in the 2018 budget. This is also part of the tax cuts ...

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Appointment of board & DG of SEC questioned

Daniel Ogbarmey Tetteh

Concerns are being raised in the financial sector over the recent appointment of a new Director General and board for the Securities and Exchange Commission (SEC). The commission has been without a board and substantive Director General since last year. It follows the retirement of the former Director General Dr A A Antwi and the dissolution of the board last ...

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Ofori Atta defends GH¢10m adb loan approval

Ken Ofori-Atta - Finance Minister

Finance Minister, Ken Ofori Atta has rejected claims he breached due process when he approved a loan facility from ADB to McDan Shipping Company Limited. He argues that the ultimate approval or otherwise relied much on ADB’s credit committee. The Minority has accused Ken Ofori Atta for flouting public procurement rules by approving the GHc 10,459,500 loan for the company ...

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Gov’t starts robust revenue drive to reduce debts

Ken Ofori-Atta - Finance Minister

Government has reiterated plans to improve its revenue base and reduce the country’s debt levels and overdependence on donor agencies. In this regard, the NPP administration has set out an ambitious plan to mobilize enough domestic revenue to meet key infrastructural needs. This is also viewed against the backdrop of reducing borrowing which has led to the growth in the ...

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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

Kweku-Kwarteng-citifmonline-600x330

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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