Tag: Finance Ministry
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Ofori-Atta flies to US for treatment following complications after COVID-19 recovery
Finance Minister-designate, Ken Ofori-Atta has travelled to the United States of America for further treatment following complications after recovering from COVID-19. This was announced in a statement issued by the Finance Ministry on Sunday, February 14, 2021. The statement added that the decision to fly Mr. Ken Ofori-Attah was on the orders of his personal…
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PIAC rebukes Finance Ministry over failure to account for ABFA for fourth straight year
In its 2020 half-year report, the Public Interest and Accountability Committee (PIAC) has once again complained of a lack of cooperation from the Finance Ministry. It says the Ministry did not provide half-year data on its Annual Budget Funding Amount (ABFA) utilisation. This consistent turn of event is limiting the effectiveness of the committee and…
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Telecoms chamber urges businesses to use CST reduction to enhance efficiency
Chief Executive Officer of the Ghana Chamber of Telecommunications, Kenneth Ashigbey, has stated that businesses can take advantage of the implementation of the reduced Communication Service Tax, CST, to cut down cost and be more efficient. Government in the Mid-year budget review announced a reduction in the tax from 9% to 5% as part of…
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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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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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GRA, Finance Mins. inaugurate Tax Audit & Quality Assurance Unit to check corruption
The Ministry of Finance and the Ghana Revenue Authority, GRA, have jointly inaugurated a new Tax Audit and Quality Assurance Unit to ensure a centralized audit planning process and guarantee quality auditing. The unit will among other things enhance transparency in the tax space, while working to eliminate corrupt acts in revenue mobilization in the…
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We have GH¢1.35bn locked up in collapsed Microfinance, S&Ls – Fund Managers lament
The Ghana Securities Industry Association, GSIA, is appealing to the Ministry of Finance to urgently facilitate the payments of locked up monies estimated at 1.35 billion cedis, belonging to its members in the collapsed Savings and Loans and Microfinance Companies. The Association says the delay in accessing their funds is affecting onward payments to their…
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Gov’t embarks on Eurobond roadshow to raise US$3 billion
The government’s plan of borrowing up to US$3 billion from the Eurobond market to support the 2020 budget will commence this week as a delegation led by the Finance Minister, embarks on a series of meetings with investors. Finance Minister Ken Ofori-Atta who got the approval of Parliament to raise up to US$3billion on the…
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Green Climate Fund provides $9billion funding for climate change projects
The Green Climate Fund says it has made available nine billion dollars for some selected countries including Ghana to access money for climate change projects. The Green Climate Fund, according to the UNDP, will help the Finance Ministry endorse contracts that only meet requirements set out to protect the environment. Speaking to journalists after an…