Tag: 2020 Mid-Year Budget Review
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Gov’t must seek debt relief and cancellation to ease debt burden – IFS
The Institute of Fiscal Studies, IFS, has urged government to immediately seek debt reliefs and cancellation from its major creditors. According to the Institute, while it is true that the pandemic has affected the country’s fiscal position, the ‘head-scratching choices’ of the government to alleviate the economic impact of the pandemic puts the country in…
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GHS100bn Ghana CARES program to be financed through FDIs and PPPs – Ofori-Atta
Government says it is looking forward to funding its ambitious GHS100 billion Ghana CARES programme and other initiatives through Foreign Direct Investments (FDIs) and Private Public Partnerships. In a bid to pursue a comprehensive transformation of the Ghanaian economy due to the devastating impact of the COVID-19 pandemic, the Finance Minister in presenting the 2020…
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COVID-19: Setting up of Unemployment Insurance Scheme commendable – Economist
A Senior Economics Lecturer at the University of Ghana, Dr. Priscilla Twumasi Baffour, has commended government for the introduction of a financial relief programme for persons who have lost their jobs as a result of the Coronavirus pandemic. Known as the National Unemployment Insurance Scheme, the temporary initiative will ensure payment of monies to workers…
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Joe Jackson laments “deafening silence” on taxation in 2020 Mid-year budget
The Director of Strategy and Business Operations at Dalex Finance, Joe Jackson, says government’s silence on taxation during the 2020 Mid-year budget review presentation is worrying. According to the Finance Minister, the double shock of the pandemic and a global economic recession, have resulted in a revenue shortfall of GH¢13.6 billion and unexpected but necessary…
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‘No economy is revived without spending’ – Economist backs Gov’t’s expenditure
Economist, Dr. Adu Owusu Sarkodie, says government must necessarily spend to revive the economy following the Finance Minister’s presentation of the 2020 Mid-Year budget Review, during which he requested a supplementary budget of GHS11.8 billion cedis. According to Dr. Owusu Sarkodie, with the severe economic impact caused by the coronavirus pandemic, this is one of…
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IPPs disappointed over silence on $1.4bn debt in Mid-year budget
The Chamber of Independent Power Producers and Bulk Consumers has expressed disappointment over government’s failure to address the debt of about USD$1.4 billion owed them in the Mid-year budget. According to them, although the power sector has mane challenges, the Finance Minister, Ken Ofori-Atta, during the reading of the Mid-year budget review on Thursday, 23…
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Gov’t announces reduction in ‘Talk Tax’ from 9% to 5%
As part of efforts to mitigate the economic impact of the novel Coronavirus pandemic on Ghanaians, government has announced a reduction in the Communication Service Tax, CST, also known as ‘Talk Tax’ from nine per cent to five per cent. This was announced by the Minister of Finance, Ken Ofori-Atta, when he presented the 2020…
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Gov’t to launch GHS100bn Coronavirus Alleviation Revitalization Programme
In a bid to pursue an aggressive process of rebuilding the Ghanaian economy due to the devastating impact of the COVID-19 pandemic, government has announced the setting up of a 100 billion Ghana cedi development programme known as the ‘Ghana Coronavirus Alleviation Revitalization of enterprises Support Program’. The Finance Minister, Ken Ofori-Atta, made this known…
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Ghana’s rising debt due to discontinuation of our prudent measures – Terkper
A Former Finance Minister, Seth Terkper, has blamed Ghana’s increasing debt on the discontinuation of measures put in place by the erstwhile government. According to him, that situation put the country in a very dire position. Within the 1st quarter of 2020, Ghana increased its debt by 16.9 billion cedis, putting the debt at 236.1…
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Finance Minister to present 2020 mid-year budget review in Parliament today
Finance Minister, Ken Ofori-Atta will later today, Thursday, July 23, present the 2020 mid-year budget review and supplementary estimates for the financial year in Parliament in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921). This particular presentation will highlight government’s plan on how the country will recover from the shocks…