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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

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

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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

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Advanced budget a step in the right direction – Economist

byEllen Dapaah
October 30, 2020
in Economy, Top Stories
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An Economist, Dr. Adu Owusu Sarkodie, says the Finance Minister, Ken Ofori-Atta’s plans for the first quarter of 2021 is a step in the right direction.

Reacting after the budget presentation on Wednesday, October 28th, 2020, he said, “In a nutshell, he [Ofori-Atta] has indicated exactly what my expectations were. Clearly, whatever has been presented today is not quite different from what is in their manifesto so it’s a step in the right direction.”

Ken Ofori-Atta requested for GHS27.4 billion for the running of the country for the first three months of 2021.

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He asked Parliament to approve “by resolution, the withdrawal of the sum of GHS27,434,180,520.00 from the Consolidated Fund for the purpose of meeting expenditure necessary to carry on the services of the Government in respect of the period expiring three months from the beginning of the financial year or on the coming into operation of the Appropriation Act in respect of the 2021 financial year.”

On the back of this, Dr. Sarkodie insisted that the figure is enough to cover for the expenditure for the first quarter of next year saying that, “Once you’re not touching so much on the capital expenditure but you’re concentrating on the recurrent expenditure in order to run government machinery, it should be enough for government to run for the first three months.”

He added, “I think the Minister was very careful in mentioning the capital expenditure and that government is just going to devote GHS1.9 billion. So not much attention was paid to the capital expenditure and rightly so because you are just talking about transitional period. So I’m sure the remaining three quarters would place much emphasis on capital expenditure so this should be adequate.”

Sovereign bond

The Minister of Finance also sought Parliament’s approval to continue to raise funds from the international capital market to fund the 2021 budget and liability management.

According to him, the funds will comprise the issuance of sovereign bonds of US$3 billion with the option to increase it to US$5 billion should market conditions prove favourable.

 

 

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