Author: citibusinessnews
-
‘Low Property Rate not a ploy to protect the rich’ – Finance Minister
Finance Minister, Ken Ofori-Atta, has debunked suggestions that government has not considered the Property Tax Regime as a critical area for revenue generation as a deliberate strategy to protect the middle class. The Minister, who spoke on Point of View on Citi TV, said government is interested in all taxes, and is working to rake…
-
Bank of Ghana maintains policy rate at 14.5%
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 14.5 percent after a similar decision in May this year. The rate is of keen interest to businesses, as it determines the rate at which the BoG lends to commercial banks, and subsequently influences interest rate on loans. The Governor…
-
Bank of Ghana to announce Monetary Policy Rate today
The Monetary Policy Committee (MPC) of the Bank of Ghana, is set to announce the policy rate later on Monday, July 27, 2020. The rate is of keen interest to businesses, as it determines the rate at which the BoG lends to commercial banks, and subsequently influences interest rate on loans. The Committee begun its…
-
GHS100bn Ghana CARES program to be financed through FDIs and PPPs – Ofori-Atta
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…
-
Joe Jackson laments “deafening silence” on taxation in 2020 Mid-year budget
The Director of Strategy and Business Operations at Dalex Finance, Joe Jackson, says government’s silence on taxation during the 2020 Mid-year budget review presentation is worrying. 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 unexpected but necessary…
-
‘No economy is revived without spending’ – Economist backs Gov’t’s expenditure
Economist, Dr. Adu Owusu Sarkodie, says government must necessarily spend to revive the economy following the Finance Minister’s presentation of the 2020 Mid-Year budget Review, during which he requested a supplementary budget of GHS11.8 billion cedis. According to Dr. Owusu Sarkodie, with the severe economic impact caused by the coronavirus pandemic, this is one of…
-
GHS13.6bn spent so far on financial sector clean-up – Finance Minister
Finance Minister, Ken Ofori-Atta, says government has so far spent GHS13.6 billion in sanitizing the financial sector as at 2020 first quarter. He made this known on Thursday July 23, when he delivered the Mid-year budget review statement in Parliament. “As at the end of first quarter 2020, a total amount of GH¢13.6 billion (3.5…
-
Gov’t requests GHS11.8bn supplementary budget amid COVID-19 threats
The Minister of Finance, Ken Ofori-Atta, has 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…
-
Mid-Year Budget Review: Economist urges gov’t to reduce expenditure
Government had big plans for the 2020 fiscal year when it delivered this year’s budget in November 2019. The fiscal year was tagged the ‘Year of roads’, an indication of how heavy it was going to be on infrastructure, particularly roads. But the emergence of the COVID-19 pandemic from December 2019 through to now has…
-
Producer Price Inflation for June records marginal increase
The Producer Price Inflation for June 2020 saw a marginal increase compared to the same period last month. The PPI increased by 0.3 percent, recording 8.7 percentage points, compared to 8.4 percent it recorded same time in May. This means the year on year PPI, thus between June 2019 and June 2020, increased by 8.7…