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    Participants commend insightful Citi FM’s Operation Feed Yourself forum

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    Participants commend insightful Citi FM’s Operation Feed Yourself forum

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    epa08024130 (FILE) - An image showing an Uber app on a mobile phone in central London, Britain, 22 September 2017 (re-issued 25 November 2019). Media reports on 25 November 2019 state the Transport for London (TfL) has said it would not continue to grant Uber a licence to operate in London. Uber, that first lost its licence due to safety concerns in 2017 but received a 15-month license for operating in London, said it would appeal the decision. Uber, that has some 45,000 drivers working in London, will continue to operate during the appeal process.  EPA/WILL OLIVER *** Local Caption *** 54443222

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  • News
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    • Agriculture
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    Participants commend insightful Citi FM’s Operation Feed Yourself forum

    #OperationFeedYourself: Farmers need low interest loans; not just specialized banks – David Korboe

    Gov’t committed to strengthening rural banks – ARB APEX Bank

    Citi FM’s ‘Operation Feed Yourself’ forum takes off

    Charles Gyamfi in a handshake with Cocobod CEO Joseph Boahene Aidoo in 2018 when he was named the national best cocoa farmer.

    Charles Gyamfi crowned 2019 National Best Farmer

    Uber had 6,000 US sexual assault reports in two years

    Peasant Farmers Association rescinds decision to boycott Farmers’ Day celebration

    Ransoford Sowah

    GCB Bank to launch unique mobile money platform ‘G-Money’

    Akufo-Addo urges Ghanaian businesses to explore opportunities in South African market

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    Participants commend insightful Citi FM’s Operation Feed Yourself forum

    Chief Executive Officer of First Sky Group, Eric Kutortse

    Serene Insurance to meet Ghc50 million capital requirement by 2nd quarter of 2020

    #OperationFeedYourself: Farmers need low interest loans; not just specialized banks – David Korboe

    Head of Animal Research Institute at CSIR, Dr. Edmund Sottie.

    #OperationFeedYourself: We have to be deliberate about livestock production – Prof. Sottie

    Gov’t committed to strengthening rural banks – ARB APEX Bank

    Citi FM’s ‘Operation Feed Yourself’ forum takes off

    Citi FM’s Operation Feed Yourself forum set for Saturday at Alisa Hotel

    President Akufo-Addo urges consumption of local rice

    Charles Gyamfi in a handshake with Cocobod CEO Joseph Boahene Aidoo in 2018 when he was named the national best cocoa farmer.

    Charles Gyamfi crowned 2019 National Best Farmer

  • Telecoms/Technology
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    NCA sanctions against MTN over data bundle challenges not enough – Group

    NCA fines MTN for flouting directives on network challenges

    MTN launches two new smartphones to boost digital drive

    Joe Anokye, Director-General, NCA.

    Refund losses suffered by consumers over data bundle challenges – NCA orders MTN

    New cedi denominations won’t affect cashless agenda – Hubtel CEO

    MTN apologises over challenges with new data bundles

    Consumers angry as cost of internet shoots up after NCA directive

    CEO of the Ghana Telecoms Chamber, Ken Ashigbey.

    2G spectrum fading away; no need renewing license – Telecoms Chamber

    Telcos to publish new cost of data after ending upfront CST deduction

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    epa08024130 (FILE) - An image showing an Uber app on a mobile phone in central London, Britain, 22 September 2017 (re-issued 25 November 2019). Media reports on 25 November 2019 state the Transport for London (TfL) has said it would not continue to grant Uber a licence to operate in London. Uber, that first lost its licence due to safety concerns in 2017 but received a 15-month license for operating in London, said it would appeal the decision. Uber, that has some 45,000 drivers working in London, will continue to operate during the appeal process.  EPA/WILL OLIVER *** Local Caption *** 54443222

    Uber loses licence to operate in London

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IFS demands detailed breakdown of energy sector debt

by Richard Annerquaye Abbey
August 7, 2019
2 min read
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The Institute for Fiscal Studies (IFS) is demanding that the government publishes a detailed report on the monies it owes to companies in the energy sector.

According to the Finance Minister Ken Ofori-Atta in the mid-year budget, agreements signed between previous government and power producers is costing the country at least US$500 million per annum for power which is not consumed.

These agreements, he said, is putting a strain on government’s budget further requesting parliament to approve more funds to pay off an initial GHS5.1 billion amount owed the power companies while the government takes steps to rectify these agreements.

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“This situation requires decisive national attention and action, and we urge the government to provide more detailed information on the energy sector indebtedness and to consult widely regarding the best options to deal with it,” he said.

Mr. Mensah said this at a press conference in Accra on Tuesday to present the “IFS’ Assessment of 2019 Mid-Year Fiscal Policy Review.”

The press briefing was to assess the notable developments in the mid-year review and make further recommendations to safeguard fiscal stability, which had come under threat as a result of revenue and expenditure management difficulties.

According to him,  the fiscal policy path the country was on was unsustainable, as the country’s indebtedness looks likely to worsen on the basis of current spending and borrowing decisions.

He noted that the Government had to reverse course with a strategy that would reduce borrowing significantly in order to improve the debt dynamics, particularly with regard to the ballooning debt service costs.

He said realistic revenue targets must be set, as missed targets disrupted the fiscal programme and undermined effective budget execution.

“The Ministry of Finance should, therefore, strengthen its revenue forecasting. In particular, the impact of proposed revenue policy changes should be robustly appraised and realistically forecasted prior to the implementation of the policies,” he said.

He said in tackling the revenue shortfall, the mid-year budget was silent on when (or whether) the Exemptions Bill that sought to curtail widespread exemptions in the tax regime would be passed into law.

“This is puzzling, especially when the President, in his 2019 State of the Nation address, portrayed a dire picture of the tax exemptions regime, describing it as ‘an Achilles heel in the management of the economy, and a growing threat to fiscal stability and revenue generation,’ which the government was going to deal with.”

He said moreover, the Government itself had estimated that, if the Exemptions Bill was passed, it stands to save GHȼ500 million of revenue that otherwise would be lost to tax exemptions in 2019.

He said this amount was more than the yield of the tax increases that had been announced; stating that “failure to take action on exemptions is, therefore, costing the nation dearly and prompting the resort to tax hikes to plug revenue shortfalls”.

Mr. Mensah said prior to the mid-year budget, the IFS had reviewed the economy’s performance and provided recommendations to the government to address challenges identified.

Mr. Mensah said the government should move quickly to curtail exemptions in the tax regime, many of which were inefficient and costly.

He said to this end, the passage of the Exemptions Bill was critical, and the IFS stands ready to provide inputs for the Bill’s refinement before enactment.

G

Tags: Energy sector debtInstitute for Fiscal StudiesKen Ofori AttaLeslie Dwight Mensah

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