Category: Economy
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Spending over 96% of supplementary budget on debts is crucial – Prof. Quartey
Government’s decision to use almost 97% of its supplementary budget to pay debts may be described as better late than never. That is the position of the Director of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey. His comments come on the back of analysis by Citi Business News…
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Cocobod to borrow US$1.3 billion in syndicated loans
Ghana Cocoa Board will raise US$1.3 billion in syndicated loans for its operations in the 2019/2020 season, the Minister of Finance Ken Ofori-Atta announced in Parliament on Monday. The programmes include, hand pollination/pruning of cocoa farms, rehabilitation of diseased and over-aged farms, irrigation in dry seasons, and farmer database, among others. It was meant to…
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#GHBudget: Ten things to note from the 2019 Mid-Year Budget
The Finance Minister Ken Ofori-Atta on Monday, July 29, 2019, appeared in Parliament to present government’s mid-year budget and supplementary estimates in line with the Public Financial Management Act, 2016 (PFMA) Act-921. Citi Business News unpacks the budget presented into 10 salient points. GDP growth has been revised to 7.1 percent from 7.6 percent The…
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Gov’t withdraws luxury vehicle tax
Government is proposing to Parliament the withdrawal of the luxury vehicle tax introduced in 2018. While presenting the 2019 mid-year budget review in Parliament on Monday, the Finance Minister, Ken Ofori-Atta said the government is taking such move following the concerns raised over the tax. “Government in 2018 introduced the Luxury Vehicles Levy to raise…
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Gov’t to annul take or pay power agreements; targets saving GH¢2.5bn annually
The Finance Minister Ken Ofori-Atta has indicated that government will from August 1, 2019, cancel all existing power purchasing agreements which require the government to pay for power even if it is not consumed. According to the Finance Minister, such arrangements largely signed under the previous government costs the government more US$500 million in power…
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#GHBudget: Consolidated Bank releases GH¢530 million for cocoa roads
The Consolidated Bank Ghana has released a total of GH¢530 million to Cocobod for the construction of cocoa roads, the Finance Minister Ken Ofori-Atta, has disclosed. Mr. Ofori-Atta speaking on the floor of parliament on Monday, July 29, 2019, said the bank which was a creation at the instance of a collapse of some five…
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#GHBudget: Fuel prices to go up — Ken Ofori-Atta
The cost of fuel will soon shoot up following the Finance Minister’s announcement of an increase in Energy Sector Levies Act (ESLA) which charged on petroleum products. Speaking on the floor of Parliament today, Mr. Ofori-Atta said the government had to turn to the ESLA to raise more funds to settle legacy debts inherited from…
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Ofori-Atta announces increase in “talk tax”, energy sector levies
The Finance Minister Ken Ofori-Atta has announced an upward adjustment in a number of taxes in the hope of raising more revenues to execute government’s programmes and policies. Appearing before the legislature, Mr. Ofori-Atta stated that, with this Mid-Year review, Government is proposing an upward adjustment in the Road Fund Levy, the Energy Debt Recovery…
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Gov’t cuts growth forecast over cedi, poor revenue et al
Ghana’s economy is now expected to grow slower than was originally projected when the Finance Minister Ken Ofori-Atta presented his 2019 budget last year. He predicted that the economy will grow at a rate of 7.6 percent but on Monday when he presented the 2019 mid-year budget, he said a number of factors have conspired…
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Domestic revenue falls short by GH¢4.2 billion; fiscal deficit target missed
Domestic revenue mobilization target fell short of its target for the first half of 2019 by about GH¢4.2 billion, the Finance Minister Ken Ofori-Atta has told Parliament. Government over the past three years has struggled to achieve its revenue targets and this year’s shortfall comes as a little surprise. Explaining the reasons behind the shortfall,…