No Result
View All Result
Friday, May 20, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Manufacture of petroleum products push PPI to 31.2% in April

    Togbe Afede XIV urges BoG to introduce measures to deal with rising inflation

    GEA/Mastercard Foundation Young Africa Works supports 3,000 Beneficiaries with Start-up Kits

    Akufo-Addo worried over impact of fertiliser shortage on poultry industry

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

    Agribusiness Chamber demands resignation of Agric Minister over sector woes

    BoG Governor confident inflation has peaked; expects rate to start declining

    ActionAid Ghana Appoints John Nkaw as Country Director

    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    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

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

  • TECHNOLOGY

    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’

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    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

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Manufacture of petroleum products push PPI to 31.2% in April

    Togbe Afede XIV urges BoG to introduce measures to deal with rising inflation

    GEA/Mastercard Foundation Young Africa Works supports 3,000 Beneficiaries with Start-up Kits

    Akufo-Addo worried over impact of fertiliser shortage on poultry industry

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

    Agribusiness Chamber demands resignation of Agric Minister over sector woes

    BoG Governor confident inflation has peaked; expects rate to start declining

    ActionAid Ghana Appoints John Nkaw as Country Director

    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    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

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

  • TECHNOLOGY

    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’

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    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

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

S.A:Tough balancing act for FinMin in budget speech

bycitibusinessnews
October 26, 2016
in Africa, Southern Africa
Share on FacebookShare on TwitterShare on Whatsapp

South Africa’s Finance Minister Pravin Gordhan faces a tough balancing act on Wednesday when he unveils a midterm budget meant to boost the sickly economy and show his looming fraud case is not distracting him.

Gordhan has said he plans to reduce government spending, raise taxes and cut the budget deficit to 3.2 percent of gross domestic product (GDP) in the 2016/17 fiscal year, from 3.9 percent in the previous year.

But closer on his horizon are a Nov. 2 court appearance on fraud charges that he has dismissed as politically motivated, and pressure to provide more subsidies for students who have staged violent protests to demand free university education.

ADVERTISEMENT

Analysts say any fiscal slippage could trigger credit ratings cuts to “junk”, and see little room for manoeuvre in an economy the central bank expects to grow by 0.4 percent this year.

“There is currently no space to loosen fiscal policy, or do much expenditure switching, ahead of 2019 national election,” said Maya Senussi, senior emerging markets analyst at Roubini Global Economics.

“With the political machinations, it becomes difficult for Gordhan to put something on the table that says we are re-engineering the economy for a different path,” Investment Solutions chief economist Lesiba Mothata said.

Opposition parties and business executives have backed Gordhan over the fraud charges, agreeing that they are politically motivated. President Jacob Zuma has said he is not in conflict with Gordhan and the country’s top prosecutor has denied any political motivation over the fraud charges.

The state prosecutor has said that Gordhan, in his previous role as head of the revenue service, cost the tax agency about 1.1 million rand by approving early retirement for a deputy commissioner in 2010 and re-hiring him as a consultant.

The outpouring of support for the minister, whom edgy financial markets see as a guarantor of stability, also reflects approval of Treasury’s commitment to rein in spending and cut debt, currently at 44.3 percent of gross domestic product.

But after losing much ground in August local government elections, including key urban centres, some in the ruling African National Congress (ANC) want him to loosen the purse strings to woo back voters before a 2019 national election.

A poll by Reuters last week showed economists expect Gordhan to now target a deficit of 3.4 percent of GDP.

The turmoil around the minister caused the rand to sink by 4 percent, but the currency has since recovered because of the support the minister has received.

Political analyst Daniel Silke said Gordhan had kept his political standing amid the fraud controversy by positioning himself as “the saviour of the national interest opposed to the forces of personal interest”.

–

Credit: CNBC Africa

Related Posts

Manufacturing

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

byEllen Dapaah

The Ghana Standards Authority has pledged its commitment to making sure that standards for vehicle assembly and production in Ghana...

Read more

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

AfCFTA members conclude negotiations on rules of origin to enhance free trade

Implement strategies to sustain increased consumer preference for digital payments – Bawumia

Next Post

Kenya’s luxury car market contracts by 26.5 per cent

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.