Category: Economy
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We’re spending US$500mn on unconsumed power — Ofori-Atta
The Finance Minister Ken Ofori-Atta has said the previous administration signed power deals that cost the government about US$500 million per annum in power that is not consumed. Speaking at the presentation of the 2019 mid-year budget, Mr. Ofori-Atta said the country’s total installed capacity of 5,083 MW is almost double our peak demand of…
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Ofori-Atta requests to spend GH¢6.37 billion in supplementary budget
The Finance Minister Ken Ofori-Atta ahead of his mid-year budget presentation to Parliament this morning has requested the legislature to approve an amount of GH¢6.7 billion being the shortfall in funds the government needs to execute its 2019 budget. The government has faced shortfall in domestic revenues and the amount is expected to go a…
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![[Article] Thoughts on 2019 Mid-Year Review and Economy — Seth Terkper](https://citibusinessnews.com/wp-content/uploads/2019/07/Seth-Terkper.jpg)
[Article] Thoughts on 2019 Mid-Year Review and Economy — Seth Terkper
Don’t rush to praise all of Africa’s “popular” but fiscally unsustainable programs Introduction Context is 2019 Mid-Year Review and need to be realistic about the fiscal prospects for the country—based on past views in interviews and articles. A general call on those who relate to Africa and its leaders not to ingratiate or praise…
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Re-evaluate tax measures to help make industry competitive – AGI to Gov’t
Ahead of the 2019 mid-year budget review presentation later this morning, some private individuals and institutions have added their voice, to calls for some major reforms. The presentation of the supplementary budget by the Finance Minister, Ken Ofori-Attah, comes 8 months after the presentation of the main 2019 budget in November last year. Speaking to…
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Mid-year budget review: Why Ofori-Atta may plead for more money
The glee with which Finance Minister Ken Ofori-Atta announced a bundle of tax reliefs in his maiden budget in 2017 will be missing today when he delivers his 2019 mid-year budget. Government’s underperforming domestic revenue has provided enough headache rather than something to smile about. The weight of expectations on Akufo-Addo’s government is enormous —…
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Ken Ofori-Atta to present 2019 mid-year budget review to Parliament
In accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921), the Minister for Finance is expected to present the Mid-Year Review and Supplementary Estimates to Parliament on Monday 29th July, 2019. According to a Finance Ministry press release, this year’s presentation will have a particular focus on issues affecting the energy…
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Bank of Ghana records GH¢793 million loss in 2018
The Bank of Ghana (BoG) last year recorded a loss of GHS793 million resulting from its operations, the bank’s 2018 Annual Report, has shown. The figure represents a more than 50 percent drop from the GHS1.6 billion the bank made in 2017 when the troubles from the banking sector were at their peak. The central…
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[Article] Seth Terkper writes: The true status of the NPP’s 17+ tax measures (1)
Introduction The 2017 Budget tax “reliefs” have been extolled for almost three years and, likely will be likely repeated ad nauseum in 2019 and 2020. However, the 2019 Mid-Year Review may also result in more explicit reversals of some “nuisance” tax measures that have adversely affected the tax structure. Progress in the third successive year…
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Gov’t to make Accra a Financial Services Hub
Finance Minister Ken Ofori-Atta has disclosed that government is planning to make Accra a financial hub to attract major banks in West Africa to site their headquarters in Ghana. Currently, the African Development Bank has its headquarters in Abidjan, Ivory Coast, while Ecobank has its headquarters in Lome, Togo. Speaking at a ceremony to showcase…
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Be realistic about fiscal prospects — Terkper tells Ofori-Atta
The former Finance Minister Seth Terkper has stated that there is the need for the Akufo-Addo government to be realistic about where they intend taking the country. With the Finance Minister Ken Ofori-Atta scheduled to present the mid-year budget review to Parliament on Monday, his predecessor is arguing that the government is crumbling under the…