Tag: Finance Ministry
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Pension industry exposed to banks to the tune of GH¢863.63 million
The Finance Ministry has revealed that the pensions industry’s exposure to the banking sector is about GH¢900 million; justifying the need for Parliament to approve a GH¢15.6 billion to protect the financial sector from a possible collapse. The Finance Minister, Ken Ofori-Atta in a memo to Parliament, argued that the financial sector is very interconnected…
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GH¢4.6 billion tax exemptions unsustainable — IFS
The Institute for Fiscal Studies (IFS) has described the country’s tax exemptions regime which grants waivers to the tune of GH¢4.6 billion as unsustainable; calling on Parliament to pass the Tax Exemptions Bill. The Finance Ministry has since March 2019 submitted to the legislature a Tax Exemptions Bill for consideration and passage into law to regulate…
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Government refutes claims maiden 20-year bond flopped
The Ministry of Finance has described the maiden 20-year bond issued last week as a success; refuting claims made by Bloomberg that the bond was a failure given that it was undersubscribed. The Ministry in a press release explained that the issuance of the longest-tenor domestic bond was to raise as much as GH¢450 million.…
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Telecoms Chamber to oppose any exorbitant license fee increase
The Ghana Chamber of Telecommunications is cautioning the government against any move to increase the cost of license renewal ambitiously in its quest to meet the shortfall in revenue. The Finance Minister, Ken Ofori-Atta in the mid-year budget review indicated plans to rake in more revenue from the telecom sector with the cost of renewal…
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Be realistic about fiscal prospects — Terkper tells Ofori-Atta
The former Finance Minister Seth Terkper has stated that there is the need for the Akufo-Addo government to be realistic about where they intend taking the country. With the Finance Minister Ken Ofori-Atta scheduled to present the mid-year budget review to Parliament on Monday, his predecessor is arguing that the government is crumbling under the…
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Gov’t releases GHS43.1 million for GIMPA, Teshie, other roads
The Finance Ministry has given approval for the release of more than GHS43 million to various contractors working on selected roads in Accra, Volta and Eastern regions. A memo written to Controller and Accountant General by the Finance Ministry and signed by the Minister said the release of the funds will go a long way…
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Finance Ministry approves GHS1.5 billion for 14 road projects
Minister of Finance, Ken Ofori-Atta, on Friday 28 June conditionally approved a multi-year funding commitment of more than GH¢1.56 billion for the commencement of 14 road projects over the medium term. The move to approve the projects will see reconstruction, rehabilitation and upgrading of some selected road networks spanning 381.3 kilometres across Ashanti, Brong Ahafo,…
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Digitization of state agencies improving revenue collection—Dr. Bawumia
The Vice President Dr. Mahamudu Bawumia has announced that the digital initiatives undertaken by the government is beginning to yield results. Dr. Bawumia disclosed that some state institutions that were migrated to digital platforms are recording improvements in revenue collection. The Ports, Lands Commission, Ministry of Tourism and the Passport Office are a few state…
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Finance Ministry dismisses Minority’s claims on energy bond
The Ministry of Finance has reacted to what it describes as unsubstantiated claims by the Minority in Parliament over the energy bond. According to the Ministry, the arguments put forward by the side do not reflect the actual situation. The Minority on Wednesday held a press conference where it criticized the below 6 billion cedis…