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    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

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    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

    Monetary Policy Rate must be increased to 19% to check inflation – IEA

    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

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    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

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

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

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    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

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COVID-19 fight: Finance C’ttee permits gov’t to spend GHS 1.2bn from Contingency Fund

byNerteley Nettey
April 8, 2020
in Local Economy, Top Stories
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The Finance Committee of Parliament has given authorization to the Minister of Finance to spend from the Contingency Fund.

The decision was taken after the committee’s meeting, following a statement made by the Minister in the House on government’s Coronavirus Alleviation Programme.

The Contingency Fund is the only fund apart from the Consolidated Fund that is established by the constitution under Article 175 to finance expenses related to urgent or unforeseen occurrences which have no provisions in the Appropriation Act of a given year.

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Also, the constitution in Clause 2 of Article 177, details that the power to allocate money into the fund is resident with the Legislature.

By this approval, the Finance Minister can now implement the Coronavirus Alleviation Programme, with the expectation that an extra 50 million dollars will accrue to the fund by close of the year.

Speaking to Citi Business News, the Chairman of the Finance Committee, Dr. Mark Assibey Yeboah, said the Finance Minister will later give further details of how the money would be spent.

“What we were required to do this afternoon was to determine whether a need has arisen, and if a need has, then we will authorize expenditure. This is not the normal approvals we give when we go through appropriations. That is why this is an emergency which is referred to the Committee on Finance because the Constitution envisages that in such an emergency, you don’t need to go through all the motions and come to the full house. That is why it said this small committee of twenty-five should authorize the spending and then the Minister will come back, having spent the money, to brief the House on all the details,”he said.”

The Finance Minister has already indicated that the cumulative effect of the novel coronavirus pandemic will cost Ghana GHS9.505 billion.

The government in partnership with the National Board for Small Scale Industries, Business & Trade Associations and selected Commercial and Rural Banks has put in place a GHS 600 million soft loan scheme with a two-year repayment plan for micro, small and medium scale businesses.

Persons who access these loans will have a one-year grace period before beginning repayment.

Apart from the above which will come from the GHS1.2 billion cedis, Mr. Ofori-Atta is seeking the support of Parliament to amend the relevant laws to lower the cap of the Stabilization Fund from US$300 million to US$100 million.

This is to enable the government use the excess funds to bridge the gap created by the economic impact of the pandemic.

Meanwhile, the Minority after the meeting decried the lack of details in the financial estimates presented to the committee, and indicated that they would not support the request by the Finance Minister if a provision is not made to absorb electricity bills of residential consumers in these trying times.

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