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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

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

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GHS100bn Ghana CARES program to be financed through FDIs and PPPs – Ofori-Atta

bycitibusinessnews
July 27, 2020
in Local Economy, Top Stories
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Government says it is looking forward to funding its ambitious GHS100 billion Ghana CARES programme and other initiatives through Foreign Direct Investments (FDIs) and Private Public Partnerships.

In a bid to pursue a comprehensive transformation of the Ghanaian economy due to the devastating impact of the COVID-19 pandemic, the Finance Minister in presenting the 2020 Mid-year budget review, announced the setting up of the Ghana Coronavirus Alleviation Revitalization of Enterprises Support Program over a three and a half year period.

Speaking on a yet-be-aired interview on Citi TV’s Point of View, Mr. Ofori-Atta said,“I think we are looking more at PPPs and FDIs directly into that. We certainly will then determine each of these transactions, whether government will have to do something with tax waivers or others” he said.

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The Finance Minister says government is seeking to introduce a policy that will ensure that funds are first sourced locally for domestic projects before external sources are considered.

“Government now in cabinet has agreed on a policy of local sourcing as a first act before people look outside. But if you look at agenda 111, previously 88, what the president has said and cabinet is agreeing is that all the construction will be done by local contractors” he assured.

Among other things, the Minister announced new measures such as reduction in the Communication Service tax from 9 to 6 percent and the extension of free water supply to Ghanaians for the next three months and free electricity supply to lifeline consumers for the rest of the year.

There is also the establishment of a GH¢2 billion Guarantee Facility to support all sectors of business and job retention, establishment of an Unemployment Insurance Scheme, the creation of a GH¢100 Million Fund for Labour and Faith-based organizations for retraining and skills development, and an increase the CapBuss Programme by GH¢150 million to, among other things facilitate credit of GH¢50 million to support the Creative Arts, the Media and the Conference of Independent Universities.

Gov’t requests GHS11.8bn supplementary budget

The Minister of Finance, Ken Ofori-Atta, on Thursday, July 23, tabled a request from government to Parliament for a supplementary budge of 11. 8 billion Ghana cedis to support government’s expenditure for the rest of the year.

The request is to assist government implement various initiatives to strengthen various sectors of the economy due to the revenue shortfalls and budget deficit created by the impact of the Coronavirus pandemic.

The Minister also announced a review in GDP projection from 6.8 percent to 0.9 percent.

According to the Finance Minister, the double shock of the pandemic and a global economic recession, have resulted in a revenue shortfall of GH¢13.6 billion and unanticipated but necessary expenditures of approximately GH¢11.7 billion.

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