Tag: Ken Ofori Atta
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Breaking: Government to review luxury vehicle tax in mid-year — Ofori-Atta
The Ministry of Finance has announced plans to review the luxury vehicle tax introduced in the 2018 national budget. Under the law vehicles with engine capacity above 3.0 Litres are charged fees ranging from GHS1,000 and above. The law has been criticized by car dealers and vehicle importers, arguing that it has increased their cost…
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Risk of overspending budget in next year’s elections real — World Bank Country Director
The outgoing Country Director of World Bank, Henry Kerali, says the risk of government overspending in next year’s election is real despite a number of initiatives put together after the country exited the IMF programme this year. Mr. Kerali speaking at the launch of the World Bank’s fourth Ghana Economic Update said Ghana’s true progress…
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Gov’t reviewing tax exemption policy to generate more revenue—Finance Minister
Government has begun a review of tax exemptions for companies operating in the country. Finance Minister, Ken Ofori Atta who disclosed this said some of the exemptions granted companies may not be relevant. The review follows concerns raised by a section of the public over waivers issued to multinational companies The Trade Ministry recently announced…
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Formal sector will no longer bear tax burden of the informal sector – Ofori-Atta
Finance Minister Ken Ofori-Atta has stated the formal sector can no longer shoulder the tax burden of the informal sector, announcing that government is planning a raft of reforms to broaden the tax base. According to Mr. Ofori-Atta, the revenue authority has over the years neglected the informal sector in their revenue mobilization drive while…
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Low tax compliance threatening Ghana Beyond Aid agenda — Ofori-Atta
The Finance Minister Ken Ofori-Atta has said the generally low taxes recorded by the Ghana Revenue Authority (GRA) is a serious threat to government’s ambition of moving the economy from aid dependence. Speaking at the Danquah Institute’s Economic Forum in Accra, the Minister stated that the country’s current tax to GDP ratio of 13.5 percent…
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US Exim supports Ghana’s 1 district, 1 factory with $300m facility
The Export-Import bank of the United States and the Ghana Export-Import Bank have signed an agreement to finance the export of US produced goods and services for Ghana’s “one district, one factory ” program. The 300 million dollar loan facility from the US Exim bank will be given to qualified Ghanaian Small and Medium sized…
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Gov’t to set up c’ttee to investigate foreign exchange regime – Ofori Atta
The Finance Minister, Ken Ofori-Atta has said that a committee will be set up to assess the foreign exchange regime of the New Patriotic Party (NPP). The Vice President, Dr. Mahamadu Bawumia on Wednesday reiterated that the NPP government has stabilised the economy and has put measures in place to maintain it. Speaking to Bernard Avle…
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Gov’t misses 2018 half year revenue target
Finance Minister, Ken Ofori-Atta has disclosed that government missed its revenue target by 1.4 billion cedis for the first five months of the year. According to Mr. Ofori-Atta, the development has called for a revision to the fiscal framework and outlook to achieve the government’s fiscal objectives and targets. According to the finance minister, government…
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IMF backs new revenue plans in midyear budget review
The International Monetary Fund (IMF) has urged that the government’s midyear budget review focuses on how the government intends to cater for the shortfall in revenue targets for the year. In what seems to be the Fund’s prior knowledge of the focus of the presentation next month, it has welcomed the government’s decision and says…
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$1bn 30 yr bond to support mortgage industry
Ghana’s maiden thirty year bond will be channeled into reducing the country’s rising housing deficit. This will also be achieved through the provision of mortgages and the completion of the government’s affordable housing unit projects. Finance Minister, Ken Ofori Atta disclosed this in an exclusive interview with Citi Business News after the issuance of Ghana’s…