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    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%

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

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    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

    Take control of financing on the continent – Ofori-Atta to AfDB

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

    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%

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    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

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

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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

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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

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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

    Seth Terkper advises against e-levy; urges government to run to IMF

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Parliament approves 10.9 bn cedis for 2017 first quarter

bycitibusinessnews
October 20, 2016
in Banking And Finance, Government, Top Stories
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Parliament has approved a GHc 10.9 billion request by the Minister of Finance, Seth Terkper to help finance “critical government expenditure” in the first quarter of 2017.

The approval was concluded Thursday evening after almost an hour of deliberations on the floor of the House after the Finance Committee forwarded the request after earlier scrutiny at the committee level.

The Committee noted that the government’s request became necessary due to the tight election calendar which made it difficult to come out with an Appropriation Act before the end of 2016.

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This request is also in line with Article 180 of the 1992 Constitution and Section 23 of the Public Financial Management Act, 2016 (Act 921).

Parliament

Among the notable expenditure budgeted for includes the compensation of employees which has been budgeted at GHc 3.8 billion.

GHc 1.8 billion will also be spent on interest payments whilst grants to other government units will cost GHc 2.3 billion.

Finance Minister, Seth Terkper noted that all the expenditure budgeted for the first quarter is for essential and statutory payments whilst all non-core expenses will be deferred to the second quarter of 2017.

Projected revenue

The Finance Ministry is projected to raise revenue amounting to GHc 8.9 billion for the first quarter of 2017, according to the Committee.

The bulk of this projection, GHc 7.2 billion, will be from taxes ranging from income and property tax to international trade taxes whilst non tax revenue is expected to be GHc 1.1 billion.

Non presentation of budget

Contrary to the expectations of many, Finance Minister, Seth Terkper, did not present the details on the floor of the House as the Bill was referred to the Finance Committee for discussion.

But a former Majority Leader in Parliament, Dr. Benjamin Kumbuor explained to Citi News, the turn of events was acceptable as the Finance Minister was just giving projections not to be accompanied by policies.

–

By: Delali Adogla-Bessa/citifmonline.com/Ghana

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