Sat, Dec

ken ofori-atta

  • Numerous economic problems facing the country include expansion in education at all levels, infrastructure, agriculture, health and other essential facilities needed for the overall growth of the economy.

    Written By DR. Kofi Amponsah-Bediako - The mid-year budget review came up with new measures to raise an additional 1.35 billion Ghana Cedis in an attempt to meet the fiscal deficit target by the end of the year and pave the way for a successful exit from the IMF programme.

  • ... the increment is to aimed at creating a viable technology ecosystem to among other things identify and combat cybercrime.

    Government has announced an increment in the communication service tax from 6 per cent to 9 per cent.

  • A number of concerns raised by the CSOs included registration of the entity in a tax haven, transparency, how the values were arrived at and what the country stood to benefit from the Agyapa Royalty transaction.

    The Ministry of Finance has debunked claims that the Agyapa Royalties transaction has been suspended.

  • “If this House grants us this request, the projected petroleum revenue for 2019 will amount to US$1.1 billion,” he stated.

    The Ministry of Finance has proposed to Parliament to allow it to exclude gas revenues to the tune of US$181.80 million from the projected petroleum revenues for 2019, while it devises ways of getting the Volta River Authority (VRA) to pay for the gas supplied it by Ghana Gas.

  • So, you find that we spend billions to build roads and highways that are washed away within months or develop major potholes or do not have requisite markings, traffic signage etc; and essentially become death traps.

    Today, as Ghana’s Finance Minister reads the national budget, as usual, most of us citizens will be focused on three main things- How much is being spent? On what? and Who’s Paying which tax?

  • Written By Colin Essamuah - It has been three very eventful weeks since I last appeared here. We have since then had to digest five important speeches, four of them by President Akufo-Addo, and the fifth being the budget statement by Finance Minister Mr Ken Ofori-Atta.

  • Instead, those who earn income above GH¢20,000 will now be subject to a tax rate of 30 per cent.

    People who earn GH¢10,000 and above will no longer be subject to the additional personal income tax that was introduced in July this year.

  • The 2019 estimate is also 27 per cent higher than 2018 projected.

    The Finance Minister, Mr Ken Ofori-Atta, has requested Parliament’s approval for the government to spend a total of GH¢73.4 billion in 2019.

  • It said the announcement by the Minister of Finance, Mr Ken Ofori-Atta-Atta, to change the 2.5 per cent Health Insurance Fund Levy (HIFL) and the 2.5 per cent Ghana Education Trust Fund (GETFund) levy on VAT into a flat levy would increase the tax liabilities of manufacturers, wholesalers and retailers.

    The Minority in Parliament has accused the government of increasing the Value Added Tax (VAT) through the ‘back door.’

  • Total interest paid for $3b bond = 551.25 + 975 + 2774.50=$4301m or $4.3b Is this why we had the kenkey party? Oh Ghana!! Am I missing something? I just don’t get this.

    Ghanaians have been tricked to believe that the government has won a golden chance raffle of $3b and for which reason, a mighty Kenkey Party at the forecourt of the Ministry of Finance was justified.

  • He said it was not healthy for Ghanaians to repeat the statement that the cedi was the cheapest on the continent, adding that “the truth of the matter is to look at the fundamentals.”

    The Minister of Finance, Mr Ken Ofori-Atta, has given an assurance that the cedi will begin to appreciate against the major currencies within the next two weeks. “The reversal will occur and it is going to be pretty stable,” Mr Ofori-Atta stated.

  • The Minority in Parliament has stated that findings by the Commission on Human Rights and Administrative Justice (CHRAJ) against the Finance Minister, Ken Ofori-Atta over US$ 2.25 million bond vindicate the minority’s position that the bond issuance was fraught with irregularities and did not comply with Ghanaian law.

  • Additionally, Mr Ofori-Atta stated that the government transferred an amount of GH¢50.2 million to 400,000 beneficiaries under the the Livelihood Empowerment Against Poverty (LEAP) Programme.

    The Minister of Finance, Mr Ken Ofori-Atta has disclosed that dry food packs and hot cooked meals distributed by the government to mitigate the impact of the Coronavirus pandemic cost GH¢54.3 million.

  • “Brothers and sisters, the disease has been with us just for about two months, but the devastation it has caused to our economy and social lives, it will take years to restore,” he pointed out.

    As the coronavirus pandemic rages, the Trades Union Congress (TUC) on Friday called on the government to quickly develop and implement a holistic economic response strategy to deal with the impact of the pandemic.

  • The foreign component was GH¢138.5 billion, equivalent to 35.9 per cent of GDP while the domestic share was GH¢135.3 billion, representing 35.1 per cent of GDP.

    Ghana's debts reached an all-time high in September this year on the back of increased borrowing to make up for shortfalls in revenues and fund rising expenditures.

  • Mr Ken Ofori Atta, Minister of Finance, has said the country’s macroeconomic indicators are pointing to the right direction, attributing these successes to the various strategies put in place to ensure fiscal stability and growth.

  • In April 2017, I wrote in the Daily Graphic, inter alia: “Long before the rest of Ghana knew Mr Ken Ofori-Atta, I knew him. Years before the business community named him Ghana’s Most Respected CEO, I had, in an article in the Weekly Spectator, put him forth as a businessman who wore his integrity on his chest, like a badge, in a marketplace populated by the corrupt and the crooked.”

  • “We, therefore, consider the decision to be premature and call for its reversal,” the ministry said in the release ...

    The Ministry of Finance says the European Commission used a “flawed” and “premature” methodology to add Ghana to its list of countries with strategic deficiencies in their Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.

  • The Ministry, therefore, assures the general public and the investor community that Ghana would continue to work with relevant institutions to redeem its nation and bolster its image as a stable nation in Africa.

    Ghana has questioned the credibility of the methodology and the process used by the European Commission to add the country to its list of countries with strategic deficiencies in their Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regimes.

  • The Finance Minister, Ken Ofori-Atta has indicated that one of the taxes that would be adjusted during the Mid-Year Review is the luxury tax on vehicles in response to stakeholders’ concerns.

    In accordance with Section 28 of the Public Financial Management Act, 2016, Act 921, the Finance Minister is mandated to present a Mid-Year Fiscal Policy Review of the Budget to Parliament, not later than the 31st of July of each financial year.

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