Tag: 2020 budget
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BoG to build additional reserves to deal with cedi depreciation
The Bank of Ghana says it intends to build additional reserves of up to 300 million cedis to stabilize the country’s currency. This will be a medium-term solution to prevent the free fall of the cedi. The currency has performed marginally well within the first half of the year, compared with other major currencies such…
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‘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…
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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…
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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…
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Parliament approves GH¢98 billion for govt’s 2020 expenditure
Parliament has approved the government’s expenditure of about GH¢100 billion for the 2020 financial year. The approval runs from January 1, 2020 to December 31, 2020. Out of the amount the House approved and authorised GH¢53.294 billion to be withdrawn to finance government operations during the 2020 financial year. This was announced in the Appropriation…
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2020 Budget: Roads expenditure could lead to budget overruns – ISSER
The Institute of Statistical, Social and Economic Research, ISSER, says the government’s description of 2020 as a year of roads is worrying, as this could lead to a huge budget deficit. Finance Minister Ken Ofori-Atta, during the 2020 budget presentation to Parliament, announced that government is going to channel resources to fix many of the…
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Government’s GH¢65.8 billion revenue target realistic – Bernard Avle
The Finance Minister’s bid to mobilize at least GH¢65.8 billion in domestic revenue next year is achievable given the several reforms undertaken in the past 12 months, Bernard Avle, host of the Citi Breakfast Show has said. In presenting the government’s 2020 budget statement to Parliament earlier this week, the Finance Minister, Ken Ofori-Atta, announced…
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Robust collection needed to achieve 2020 revenue targets – IFS
The Institute for Fiscal Studies (IFS), says the Finance Minister would have to do more to achieve what it describes as an ambitious revenue target for 2020. The government in its 2020 budget is seeking to raise 67.1 billion cedis in revenue against an expenditure target of about 86 billion cedis. This means the government…
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NDB won’t duplicate functions of existing state-owned banks – Otuo Acheampong
Banking Consultant, Nana Otuo Acheampong, has dismissed assertions that the impending National Development Bank is not needed because it will only perform the functions of other existing state-owned banks. Presenting the 2020 budget in Parliament on Wednesday, the Finance Minister, Ken Ofori-Atta, explained that the bank, which is expected to start operations next year, will…
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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…