ken ofori-atta

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.

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

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

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.

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.

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 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.

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

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.

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.

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.

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.

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.”

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.

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.

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.

The Minister of Finance, Mr Ken Ofori-Atta, has said his proposal for Parliament to amend the Petroleum Revenue Management Act (PRMA) to allow the government tap into the Ghana Heritage Fund is to trigger a national debate on the use of the fund.

The Finance Minister, Ken Ofori-Atta, arrived in Parliament at exactly 1037 hours with his Vice President Dr Mahamudu Bawumia, to present the 2019 Budget, which is expected to promote infrastructural development, offer more relief and inspire hope among Ghanaians.

Minister of Finance, Ken Ofori-Atta, has refrained into the melodious chorus surrounding the recovery of the embattled national currency, the Cedi, whose stock continue to take hard-hits from the ever-hard-hitting United Kingdom Pounds Sterling and the United States Dollar.

Anti-graft agencies and civil society organisations (CSOs) have petitioned the Finance Minister for further and better particulars on the over GH¢2bn reportedly saved through the review of sole-sourced and restrictive tendering contracts.

The Minister of Finance, Mr Ken Ofori-Atta, swerved many Ghanaians Thursday when, contrary to expectations that the Value Added Tax (VAT) rate would be increased in the mid-year budget review, the review rather focused on other taxes to ensure that the government stayed on course with the year-end target of the 2018 budget.

The Minister of Finance, Mr Ken Ofori-Atta, has been charged to develop a pragmatic economic recovery programme as soon as possible to facilitate a rebound of the economy from the impact of the COVID-19 pandemic.

The Minister of Finance, Mr Ken Ofori-Atta, is to appear before Parliament to answer a question on the procurement processes by which the Microfinance and Small Loans Centre (MASLOC) awarded a contract worth GH¢28.8 million to Dextro Impex for the supply of 1,800 vehicles.

The Finance Minister, Ken Ofori-Atta, will be dragging the Commission on Human Rights and Administrative Justice (CHRAJ) to court, over its handling of the conflict of interest petition in relation to the $2.25 billion bond issue.

Parliament last Friday passed the Appropriation Bill, 2017, which has given the Minister of Finance the authority to withdraw money not exceeding GH¢64,116,793,031 from the Consolidated Fund and other funds for the running of the country up to December 31, 2017.

The Government is to provide four core textbooks for all first year students when the Free Senior High School (SHS) takes off next September, Mr Ken Ofori-Atta, the Finance Minister, announced on Monday.

The planned free senior high school (SHS) programme scheduled to take off from September 2017 will be financed from the Annual Budget Funding Amount (ABFA), the Minister of Finance, Mr Ken Ofori-Atta has said.

Right Honourable Speaker, Honourable Members of Parliament, today the 29th July, 2019 on the authority of His Excellency, President Nana Addo Dankwa Akufo-Addo, I beg to move that this august House approves the Mid-Year Fiscal Policy Review and Supplementary Estimates to the 2019 Budget.

The Minister of Finance, Mr. Ken Ofori-Atta, on Thursday, 15 November 2018, presented the 2019 Budget and Economic Policy in Parliament in accordance with Article 179 of the 1992 constitution.

Ghana’s Finance Minister Ken Ofori-Atta is traveling to the U.S. for “a special medical review” that will delay a parliament hearing expected to confirm his reappointment to his post.

Ghana is in talks with Standard Chartered Plc and Standard Bank Group Limited for a bridge loan of $750 million and will repay the facility with the proceeds of a Eurobond sale, reports Bloomberg.

Before touching on the substantive issue, let me remind readers of few past events and precedents we can use as pointers in discussing this serious national issue. Precedents are used in our courts during trial of cases and guide our judges when settling on their final ruling, examples are given by our teachers to help us understand topics they teach in the classroom and in our normal day to day activities, the clever ones guide their step by their past failures and successes.

Ghana’s total public debt stood at GH₵214.9 billion as of November 2019.

After revenue collections fell below projection in the first quarter of the year, the government is now setting its eyes on GH¢2.9 billion in extra revenue to help fund priority expenditures and keep the deficit within target.

The Finance Minister, Mr Ken Ofori-Atta on Thursday presented the 2017 budget statement to Parliament with the assurance of building a business-friendly and people-centred economy, which would transmit into job creation and prosperity for Ghanaians.

He said the Government would strike the right balance between consolidation and growth by making credible policy choices that would create the fiscal space and growth enhancing initiatives.

Presenting the maiden financial statement of President Nana Addo Dankwa Akufo-Addo-led government on the floor of Parliament, Mr Ofor-Atta said the nation had high expectations of the Government.

Therefore, he said, it would work tirelessly to send Ghana beyond aid and put the country on the right pedestal to realise its birth-right as the shining star of Africa.

‘‘We shall protect the public purse by guaranteeing value for money in all public transactions, exercising prudence and discipline in fiscal management to deliver on the aspirations of the Ghanaian people,’’ he stated.

The Finance Minister said it would not tolerate wastage in public spending and ensure strict enforcement of all public laws and regulations for effective debt management to ensure debt sustainability and accountability of the State resources.

He said the Government inherited a very challenging economy encapsulated in high government borrowing, high debt stock and rising interest payment and expenditure overruns.

Other fiscal challenges included accumulated arrears caused by excessive sole-sourcing, inflated costs of projects, lack of fiscal policies and weak commitment to controls, revenue under performance caused by revenue loopholes and tax exemptions, slowdown in economic growth caused by energy challenges and lack of enabling environment for the private sector, which severely limited fiscal space and undermined the prioritisation of all government policies

He said, in spite of these herculean challenges, the Government’s budget would provide a clear road map in moving the country to a fully-fledged middle income economy and clear policy direction, actions and strategies of the President’s vision of hope, job creation and wealth creation as well as a robust economy that would support a thriving private sector.

In this regard, he said, the Government would work towards avoiding high expenditure overruns and corruption, high wage bills, low revenue collection, rigidity of fiscal structure caused by high earmarking of tax revenue and high debt service payments.

He gave the assurance that the Government would collaborate with the workforce to build a shared partnership to enhance training and improve productivity.

He expressed optimism that the Government would fix macro-economic fundamentals and, therefore, called for the support of all Ghanaians in turning the economic fortunes of the country for the better.

In spite of intermittent heckling by members of the Minority side, Mr Ofori-Atta presented the financial statement of the Government though at point the Speaker threatened to suspend sitting if the disruption continued.

Mr ofori-Atta thanked the House for approving his nomination as the Minister of Finance and assured that he would work with the Legislature with candour and respect in realising the government’s vision.

Source: GNA

The government has withdrawn the Luxury Vehicle Tax which was introduced last year.

Parliament has given approval to the government to issue $2.5 billion bonds to refinance maturing external bond and expensive domestic cedi denominated debt.

The government has paid judgement debts totalling GH¢283 million to individuals and companies between 2017 and 2019, according to the Minister of Finance, Mr Ken Ofori-Atta.

The government has secured the funds that the Bank of Ghana (BoG) requested to be able to clean up the operations of Non-Bank Financial Institutions (NBFIs) and make them more solid to be able to support economic growth meaningfully, the Minister of Finance, Mr Ken Ofori-Atta, has disclosed.

The Executive Board of the International Monetary Fund (IMF) has completed the last review of the Extended Credit Facility (ECF) for Ghana, signifying the conclusion of the four-year support programme.

he International Monetary Fund (IMF) has expressed concern about Ghana’s current status as a country at high risk of debt distress – a reference to countries where debt sustainability analyses (DSAs) show protracted breach of debt and debt service thresholds.

The $1 billion interest-free loan from the International Monetary Fund (IMF) will be transferred into Ghana’s account on Friday.

President Nana Addo Dankwa Akufo-Addo has described Finance Minister, Mr Ken Ofori-Atta as a national asset. The President’s statement comes on the back of calls by the Minority in Parliament for Mr Ofori-Atta to either resign or be sacked over a report by the Commission on Human Rights and Administrative Justice (CHRAJ) which cited him for breaches of the law, guidelines and processes in the $2.25-billion bond issuance.

Dear Hon. Ken Ofori-Atta,  

I'm an NPP sympathizer. I voted for the party because I believed the party sincerely meant a #CHANGE of direction and cared enough about the plight of Ghanaians.

Kenya's Supreme Court on Monday dismissed two petitions to overturn the country's October 26 presidential election re-run, validating the poll victory of President Uhuru Kenyatta.

The Minority in Parliament has said the mid-year budget review the Minister of Finance, Mr Ken Ofori-Atta, presented to Parliament is empty and hopeless and will worsen the plight of Ghanaians.
It said the increase in the Energy Sector Levy and the Communication Tax would result in increases in the prices of food items, transportation fares and communication charges.

Former Special Prosecutor Martin Amidu has disclosed that the Minister of Finance, Mr Ken Ofori Atta visited his home when he was compiling his report on the controversial Agyapa Royalties deal.

The Minister of Information, Dr Mustapha Abdul-Hamid has asked the public to disregard the recent assertion by the Finance Minister, Mr. Ken Ofori Atta that those who can afford school fees for their wards under the Free Senior High School (SHS) policy should be allowed to do so.

Dear Mr Minister,

It is no doubt that your government is doing everything conceivable to stimulate growth in every sector of the economy. Apparently, one of such stimulus packages is the tax reforms (tax cuts), introduced at the beginning of the 2017 fiscal year.

Parliament Thursday approved the issuance of a Sovereign Guarantee of up to GH₵2 billion in favour of Ghana Amalgamated Trust (GAT) Limited.

Written By Colin Essamuah -I was last here two weeks ago, and as they say, a week is truly a long time in politics. So many very important landmarks and things have happened in these two weeks as to fill a couple of good-sized books.

The public debt stock has risen from GH¢122.6 billion in December 2016 to GH¢142.5 billion in December 2017.

The public sector wage bill continues to be the biggest threat to government expenditure, as a recent analysis by the GRAPHIC BUSINESS (GB) revealed that wages and salaries for public sector employees consume almost half of all taxes collected every year.

Written By Hayford Amankwah - The recent announcement by the Minister of Finance, Mr Ken Ofori Atta, about the proposed tax changes has sent shivers down the spines of many Ghanaians.

I have always felt and said that Economists are a breed apart. Every time you hear or read a budget statement by a Minister of Finance, you get even more convinced that economists are a special breed.

Six groups will on Tuesday, February 19 demonstrate against the luxurious vehicle tax by driving their vehicles to the premises of the Ministry of Finance, Parliament House and the Golden Jubilee House.

Written By Colin Essamuah - Wednesday, November 15, two days ago, was budget 2018 day as we all sat glued to either our radios, mobile phones or television sets, to listen carefully to our Finance Minister, Mr Ken Ofori-Atta, deliver the President’s proposed financial statement for the next financial year beginning January 1, 2018.

Written Raymond Tuvi - The 2021 budget and fiscal policy statement of government was passed by Parliament after a heated debate. In news commentary, Raymond Tuvi, a Media and Development Consultant analyses the economic policies outlined.

Written By Justice Sai - The details of the report on what has come to be known invariably as the #KenBond saga would show that CHRAJ is not a ‘rundown’ institution as we often are made to believe. It really did a thorough job investigating this rather complex complaint; and did so within a relatively short period. However, there seems to be a fundamental problem with its decision, particularly the one in relation to the allegation of a breach of the conflict of interest rules. The problem is that its final decision is at war with the evidence on record.

In the first part of this note, I said I would do a series of notes showing how CHRAJ’s decision on the Bond Saga complaint against the Minister of Finance fails to reflect the evidence it has on record.

Section 28 of Public Finance Management Act (PFMA) 2016, Act 921 mandates the Finance Minister to prepare and submit to Parliament a mid-year fiscal policy review, not later than 31st JULY of each financial year and in line with PFMA 2016, this ritual was performed on Thursday 23rd July 2020 by the Minister, Ken Ofori Atta.

The Minister of Finance, Mr Ken Ofori-Atta, has proposed the design of what he describes as “a new global financial architecture” that will help institute a new global public good and rebuild growth across the world.

Ghana’s economy is projected to grow by 7.5 per cent in 2019 from the 6.3 recorded last year, a study by the World Bank has stated.