Tag: Ministry of Finance
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Government cuts down its expenditure by 20%
The Finance Ministry has revealed that Government has suspended 20 percent of expenditure in the 2022 budget. According to the Ministry, though Parliament has already approved government’s total expenditure for 2022, in a prudent fiscal consolidation move, government has decided to cut down its expenditure, by up to 20 percent. Speaking at a press conference…
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Ministry of Finance denies dropping GH¢2.4 million e-levy service charge
The Ministry of Finance has dismissed allegations that the GH¢241,933,000 allocations in the Appropriations Bill for the Electronic Transactions Levy services have been dropped. It also denied claims that a private firm will be contracted to collect the levy on behalf of the government. The ministry also noted that the Ghana Revenue Authority (GRA) is…
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Deputy Finance Minister hints at review of implementation strategy for e-Levy
A Deputy Minister of Finance, Abena Osei-Asare, has hinted that the government may be reviewing the implementation strategy of the proposed Electronic Transaction Levy (E-Levy) in the coming days. Speaking at a Deloitte Economic Dialogue Webinar on the 2022 budget-themed ‘Digitalisation as a catalyst for economic recovery and growth’, Abena Osei-Asare stressed that government is…
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Government confirms receipt of IMF’s $1 billion SDR cash to boost COVID-19 recovery
Ghana has received the equivalent of US$1 billion from the International Monetary Fund (IMF), being its share of the new Special Drawing Rights (SDRs) allocation to boost the post-COVID economic recovery of member countries. On 2nd August 2021, the IMF Board of Governors approved a general allocation of SDR456.5 billion, equivalent to US$650 billion out…
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Ignore conflict of interest claims against Ofori-Atta, Adu Boahen – Finance Ministry
The Ministry of Finance has described as inaccurate and misleading, information circulating in the media, which accuses the Minister of Finance, Ken Ofori-Atta and Minister of State at the Finance Ministry, Charles Adu Boahen of being caught in a conflict of interest situation. The two are accused of having two non-bank financial institutions associated with…
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Revive quarterly meetings with Finance Ministry – Akufo-Addo to PIAC
President Akufo- Addo has charged the Ministry of Finance and the Public Interest and Accountability Committee, PIAC, to revive their quarterly meetings which have been on hold for some time now and dialogue for better management of the nation’s petroleum resources and revenues. According to him, the proceeds, if not well handled, will turn out…
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Agyapa IPO suspended as Gov’t awaits Special Prosecutor’s corruption risk assessment
The Ministry of Finance has served notice that government will not proceed with the Initial Public Offering (IPO) for the Agyapa Royalties deal until the Special Prosecutor concludes ongoing corruption risk assessment on it. In a letter signed by a Deputy Finance Minister, Charles Adu Boahene, and sighted by Citi Business News, the Ministry said…
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S&P ratings will not affect investor confidence – Prof Quartey
Professor of economics at the Institute of Statistical, Social and Economic Research, Professor Peter Quartey says he believes investors will be discerning about the latest ranking from international ratings agency, Standard and Poor’s which saw Ghana’s credit rating move from B to a B negative. Already the Ministry of Finance has described as unfortunate the…
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Standard and Poor’s low credit ratings, unfortunate – Finance Ministry
The Ministry of Finance has described as unfortunate the recent downgrade of Ghana’s credit rating from B to B-negative by international ratings agency, S&P Global. According to the Ministry, though it acknowledged that the downgrade was global, it found it disturbing that the rating agencies would choose to lower its ratings at a time when…
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Track COVID-19 expenditure to prevent corruption and misuse – ISSER to Gov’t
The Institute of Statistical, Social and Economic Research, ISSER, has asked government to track its expenditure occasioned by the COVID-19 pandemic. The Institute says funds disbursed to support businesses affected by the pandemic, must be monitored to ensure that they are going to the right targets to prevent corruption and misuse. Analyzing the 2020 Mid-year…