Category: Economy
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Government to issue US$3 billion Eurobond in 2020 — Ofori-Atta
The Finance Minister Ken Ofori-Atta says the government will return to the Eurobond market to borrow US$3billion to help the government bridge the deficit between its revenue and expenditure in 2020. The government is projecting to raise GH¢67 billion in revenues and grants whereas its total expenditure for the year is pegged at GH¢86 billion…
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#GHBudget: Ofori-Atta seeks Parliament’s approval to spend GH¢86 billion in 2020
Finance Minister Ken Ofori-Atta, is seeking Parliament’s permission to spend nearly GH¢86 billion on various planned programmes and initiatives in 2020. The amount being sought by Mr. Ofori-Atta represents more than 21 percent of what the government is likely to spend for this year. According to the 2020 budget statement, GH¢21.7 billion nearly 25 percent…
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#GHBudget: We’ve spent GH¢12.2 billion in policy interventions in 3 years — Ofori-Atta
The Finance Minister Ken Ofori-Atta has said that the Akufo-Addo led government has for the past three years spent more than GH¢12 billion on implementing key social intervention policies that have brought relief to Ghanaians. Mr. Ofori-Atta presenting the 2020 budget statement in Parliament said the amount includes spending on Free Senior High School, Planting…
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2020 Budget: Ofori-Atta’s audacious mission to secure the bag and deliver the elections
Three years ago, Finance Minister Ken Ofori-Atta delivered the very first budget of the Akufo-Addo administration amidst a sense of optimism that was so high that the government could afford to abolish some taxes. The refrain from the government was to shift the focus of the economy from taxation to production ie pursuing a number…
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2020 Budget: Statement to feature tax policies, expenditure rationalization
The Finance Minister, Ken Ofori-Atta, will today present to Parliament what is considered to be a critical budget of the incumbent government as the country goes into an election next year. One of the major highlights of the budget will be some pronouncements on taxes; as well as efforts to ensure that government’s economic gains…
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China releases funds for phase one of Sinohydro project
Funds for the first tranche of the ‘bauxite for development’ barter agreement, popularly known as Sinohydro deal, signed between the Government of Ghana and the People’s Republic of China has been released, the Vice President of the Republic, Dr. Mahamudu Bawumia has disclosed. Speaking in Accra on Monday, 11th November 2019 at the Jubilee House,…
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Fiscal Council must be firm on govt to avoid over spending in 2020—Economist
Some financial analysts have urged the Fiscal Council to start checking the expenditure of the government to prevent a budget overrun. The Fiscal Council was formed after Ghana exited the IMF extended credit facility programme in April this year to advise the government to be financially disciplined. Speaking to Citi Business News on the need…
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Hundreds rendered jobless after SEC’s closure of struggling fund managers
The Securities and Exchange Commission’s decision to withdraw the licenses of struggling fund management companies has immediately rendered 249 people jobless; a figure which could exceed 1,200. Although the SEC mass shutdown exercise involved 53 fund management companies, 21 firms had already ceased operations with the remaining 32 still in operation at the time their…
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Over GH¢8 billion investors’ cash locked up with collapsed fund managers
The 53 fund management companies that had their licenses revoked by the Securities and Exchange Commission (SEC) were managing customers’ funds which run in excess of GH¢8 billion, Citi Business News’ sources say. The source close to the regulator said the affected companies were managing funds belonging to some 56,000 customers who had invested in…
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Budget presentation rescheduled to November 13
Parliament has confirmed that the Finance Minister Ken Ofori Atta will on Wednesday, November 13, 2019, present the 2020 budget and financial statement. The reading was scheduled for November 14 but this has been changed. Majority Leader, Osei Kyei Mensah Bonsu who made the announcement also urged Members of Parliament to reschedule their itineraries and…