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

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    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

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    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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NDC failed to account for GH¢7bn expenditure – Bawumia

bycitibusinessnews
February 1, 2017
in Banking And Finance, Government, Local Economy, Top Stories
Former deputy Governor of the Bank of Ghana & running mate of the NPP Dr. Mahamudu Bawumia
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The Vice President, Dr Mahamudu Bawumia has expressed shock at a seven billion (GHؓ¢7,000,000,000) cedi hole in government’s accounts left by the immediate past administration.

“In preparing for the budget we realized to our shock that expenditure amounting seven billion cedis was made by the previous government but never disclosed,” he stated.

According to the Vice President, the gap was detected for the period between 2014 and 2016,

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“How are you supposed to manage an economy with faulty data…we have to emphasise that getting that data right is really very key because it throws the entire budget into disarray because we are going into 2017 and suddenly you are told by the way there’s seven billion that you have to pay next year that you didn’t anticipate. This is the reality.”

Speaking at the launch of the Ghana Corporate Governance Initiative in Accra on the Role of Integrity and Transparency in Accelerating Ghana’s Development, Dr. Bawumia further bemoaned the lack of integrity in some of the economic data they had been bequeathed by the NDC administration.

“In the management of any economy, there’s nothing that can beat the integrity of your economic data because if you don’t have data you have major problems and this is why we really need to emphasise the integrity of data,”the Former Deputy Governor of the central bank further asserted.

The Vice President is the Head of Government’s economic Management team, working to prepare the next budget, to be presented in March.

Dr Bawumia also reiterated government’s commitment to addressing the issue of National Identification, noting that a credible national database was essential to formalizing the economy and enhancing economic development.

Dr Bawumia also stressed the importance of a national address system to improving the ease of doing business and reducing opaqueness in the economy.

–

By: Anita Arthur/citibusinessnews.com/Ghana

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