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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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Government to approve municipal finance bill to empower MMDA’s

bycitibusinessnews
July 30, 2015
in Business, Local Economy, News
Adu A. Antwi, Director-General of the Securities and Exchange Commission

Adu A. Antwi, Director-General of the Securities and Exchange Commission

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Metropolitan, Municipal and District Assemblies (MMDA) will soon have the power to borrow for capital projects that will pay for themselves.

[contextly_sidebar id=”8e4RywcQNGwLays0tQGIXvsvA75mw5GS”]This is because the Securities and Exchange Commission (SEC) is championing for the municipal finance bill to be passed into law to allow MMDA’s access funds from the capital market to meet infrastructure obligations through municipal bonds.

Citi Business News understands that the introduction of municipal finance bill will create a strong regulatory framework that will prevent MMDAs from engaging in multiple borrowing and incurring unsustainable debts, which is usually on to the central government.

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Director General of the Securities and Exchange Commission, Dr Adu Anane Antwi tells Citi Business News, the tax free nature of the bonds will allow for the construction of major projects in the country.

”If we have that bill passed into law, then people who have project ideas that can self finance itself and can go to the market and borrow for that particular project and it will not be a government issue.”

According to him, Ghana can take a cue from Nigeria where almost every state has bonds that are  used for roads, bridges and other infrastructure.

”The municipal finance bill has been on the drawing board for some time and its now gratifying that the Finance Minister has given the assurance that they are going to work on that; adding that he doesn’t see why the AMA for instance cannot borrow and use rentals from their property rate to service the debt.

–

By:  Lorrencia Nkrumah/citifmonline.com/Ghana

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