Tag: Ken Ofori Atta
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We’ll review all existing tax systems in 2020 — Ofori-Atta
Finance Minister Ken Ofori-Atta has revealed government’s intentions of reviewing the country’s existing tax systems to introduce more private sector-led solutions in the revenue mobilisation efforts ahead of the 2020 budget presentation next week. Mr. Ofori-Atta’s comment follows the inability of the Ghana Revenue Authority (GRA) to meets its domestic revenue mobilisation targets in the…
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Frequent changes to tax laws worrying – Economist
Ahead of the 2020 budget presentation next week, Economist Dr. Lord Mensah has expressed concern about the frequent changes made to the country’s tax laws. According to him, such changes could ward off investors who might find them bad for long-term business planning. The current Finance Minister in an attempt to create a conducive environment…
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Revenue targets may be too optimistic — Ofori-Atta explains GH¢5 billion shortfall
The Finance Minister Ken Ofori-Atta has described the government’s revenue target set over the past four years as somewhat over-ambitious given that tax compliance has generally not performed beyond expectations. The government’s revenue target for July 2019 fell short by GHS5 billion; prompting concerns from the International Monetary Fund (IMF) that the government needs to…
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Ofori-Atta unveils Committee to review take or pay agreements et al
The Minister for Finance has unveiled a committee to take over the consultation process with the independent power producers and gas suppliers as part of efforts to reduce the burden placed on government by several ‘take or pay’ power purchase agreements among other issues in the energy sector. Ken Ofori-Atta inaugurating the government-led Energy…
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Cedi stability, cost of clearing top concerns for businesses ahead of 2020 budget – KPMG report
The stability of the cedi, cost of clearing at the ports as well as Ghana’s tax systems have emerged as key concerns for businesses ahead of the presentation of the 2020 budget and economic policy of the government. A survey by auditing firm, KPMG has shown that the ability of the government to address these…
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[Article] Ghana’s monstrous debt: a flashback of pre-HIPC levels
Spotting his favourite white African kaftan with a Ghanaian flag pin adorning the pocket, Ghana’s Finance Minister, Ken Ofori-Atta, appeared before legislators in July presenting the mid-year budget review, he announced measures being instituted to shore up tax collection. The government has been struggling for the past two years to meet its revenue collection targets,…
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Ofori-Atta, Keli Gadzekpo fires back at Ato Essien over “palpable falsehood” in Capital Bank collapse
Lawyers for Finance Minister Ken Ofori-Atta and Keli Gadzekpo, a Bank of Ghana board member, have described as palpable falsehood claims that they had wanted to acquire Capital Bank before it was shut down by the central bank. The founder of Capital Bank, William Ato Essien in an interview on Metro TV last week said…
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Gov’t ‘radical’ take or pay renegotiation will scare away investors — EIU report
The Economist Intelligence Unit (EIU) has described the government’s attempts of renegotiating power purchasing agreements signed under the previous administration as ‘radical’, arguing that the approach could scare aware potential investors. The business advisory firm in its latest country report said a radical revision of power contracts ie take or pay agreements, may not happen…
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More tax defaulters to be prosecuted to ensure tax compliance — Finance Minister
Finance Minister, Ken Ofori-Atta has hinted that there will be more prosecutions of tax defaulters in 2020 to improve domestic revenue mobilization. Government has missed its domestic revenue mobilization targets for the past three years and is currently lagging behind its GH¢45 billion target for 2019. This is despite some changes made at the top…
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IFS demands detailed breakdown of energy sector debt
The Institute for Fiscal Studies (IFS) is demanding that the government publishes a detailed report on the monies it owes to companies in the energy sector. According to the Finance Minister Ken Ofori-Atta in the mid-year budget, agreements signed between previous government and power producers is costing the country at least US$500 million per annum…