Tag: 2021 budget
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Government seeks $5.5 billion to settle remaining clients of defunct FMCs
The government is seeking the approval of US$5.5 billion to complete payment of the bailout packages to the remaining customers of defunct fund management companies who are yet to be settled. “Mr. Speaker, for the Securities and Exchange Commission to fully settle investors of the remaining 17 AMCs [asset management companies], an amount of GH¢5.5…
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Government proposes new tax on fuel
The government is proposing a new tax on petroleum products following the 2021 budget. This new tax, the Sanitation and Pollution Levy, is to fund efforts to fund investment in the areas of sanitation and pollution. The levy is for 10 pesewas on the price per litre of petrol/diesel under the Energy Sector Levies Act…
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Cedi depreciation in 2020 lowest in fourth republic – Kyei-Mensah-Bonsu
The Minister for Parliamentary Affairs and caretaker Minister for Finance, Osei Kyei-Mensah-Bonsu has touted last year’s performance of the cedi against the other currencies. According to him, the depreciation of the cedi against the dollar in 2020 is the lowest recorded so far in the fourth republic, in spite of the dire effects of the…
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#GhBudget: Business owners share their expectations
As the country prepares to listen to the first budget presentation of President Akufo-Addo’s second term in office, various players in the Service, Industry and Agriculture sectors, are looking forward to interventions and policies that will protect their interests. Eyetcha Ocloo is the founder of The Shop Accra, a company that grants over 300 local…
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2021 budget: Provide alternative to botched PDS deal – ACEP to government
With the budget reading some hours away, the Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye says he is expecting to hear something on an alternative deal to the botched Power Distribution Services (PDS) deal and the threatening energy sector debt. The review of the PDS deal by the Akufo-Addo administration…
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Don’t introduce new direct taxes – Ashanti Regional GUTA to government
Ahead of the 2021 budget statement to be presented in Parliament, the Ashanti Regional branch of the Ghana Union of Traders Association, GUTA is urging government not to introduce new direct taxes that have the potential of affecting their businesses. In order to relieve them of the harsh impact of the coronavirus pandemic, GUTA wants…
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Ghanaians share their expectations ahead of budget reading
Government had big plans for the 2020 fiscal year when it delivered the budget in November 2019. The fiscal year was tagged the ‘Year of roads’. This was an indication of how heavy it was going to be on infrastructure, particularly roads. However, the emergence of COVID-19 in 2020 greatly affected government’s revenue and expenditure.…
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2021 budget: Government to raise US$5 billion from ICM funding program
Government has begun processes to raise an amount of US$5 billion to “support growth-oriented expenditures” in the 2021 budget for this year. This comes after an earlier consideration to launch a 2021 International Capital Market (ICM) funding programme for the medium term in order to raise this amount of money. The ICM Programme instruments consist…
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Government urged to present credible recovery plan in 2021 budget
An economist at the University of Ghana Business School, Dr. Patrick Asuming has urged government to use the 2021 budget reading to present a credible recovery plan to the nation. The 2021 budget is expected to be presented by the Majority Leader in Parliament Osei- Kyei Mensah Bonsu according to information available to Citi Business News. This follows…
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Government seeks parliamentary approval to issue $5 billion sovereign bond
The Minister of Finance is seeking parliament’s approval to continue to raise funds from the international capital market to fund the 2021 budget and liability management. According to him, the funds will comprise the issuance of sovereign bonds of $3 billion with the option to increase it to U$5 billion should market conditions prove favourable.…