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Fri, Aug

ken ofori-atta

  • 2018 Ghana Mid-Year Budget Review

    Finance Minister, Mr. 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.

  • Battle for fiscal space and other matters!

    Finance Minister - Ken Ofori-Atta

    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.

  • Budget review: Govt increases VAT through ‘back door’ - Minority

    Budget review: Govt increases VAT through ‘back door’ - Minority. Image credit - graphiccomgh
    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.’

  • CHRAJ findings on Finance Minister vindicate us— Minority MPs

    Minority Leader, Mr Haruna Iddrisu

    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.

  • Economy is making gains on all major fronts - Finance Minister

    Economy is making gains on all major fronts - Finance Minister

    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.

  • Finance Minister swerves all; NHIL, GetFund now straight levies

    Minister of Finance, Mr Ken Ofori-Atta.
    But, in the presentation of the review in Parliament Thursday, Mr Ofori-Atta, whose appearance in the House had initially been met with some heckling by the Minority, ended up “silencing” the Minority by not raising VAT but introducing new measures to raise an additional GH¢1.35 billion in a bid to meet the fiscal deficit target of 4.5 per cent by...

    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.

  • Finance Minister to answer question on GH¢28.8m contract

    Minister of Finance, Mr Ken Ofori-Atta
    Ms Safo had said her office "exists to advise the President on procurement policies and strategies" and so it did not have the locus to answer the question.

    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.

  • Finance Minister to sue CHRAJ on $2.25bn bond case

    Finance Minister to sue CHRAJ on $2.25bn bond case
    CHRAJ, whilst clearing Mr. Ofori-Atta of any conflict of interest claims, also said the Finance Minister failed to declare Databank as an asset to the Attorney General.

    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.

  • Finance Ministry to run economy with GH¢64.116 bn

    Minister of Finance, Mr Ken Ofori-Atta.

    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.

  • Four core textbooks for all 1st year SHS students

    Mr Ken Ofori-Atta, Minister of Finance.

    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.

  • Free SHS to be funded from ABFA - Finance Minister

    Minister of Finance and Economic Planning, Mr Ken Ofori-Atta

    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.

  • GHANA'S USD 2.25 BILLION BOND AND THE NEGATIVE STRINGS. WATCH IT MR PRESIDENT!!!

    Mr. Ken Ofori-Atta - Minister of Finance.

    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.

  • Government eyes GH¢2.9bn in extra revenue

    Govt eyes GH¢2.9bn in extra revenue
    It is also considering an upward review of the Communication Service Tax (CST), the Value-Added Tax (VAT), the National Health Insurance Levy (NHIL) and pension contributions to the Social Security and National Insurance Trust (SSNIT) from either the employer or employee side.

    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.

  • Government will make credible policy choices - Ofori-Atta

    Government will make credible policy choices - Ofori-Atta

    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

     

  • Govt gets nod to issue $2.5bn in bonds

    Govt gets nod to issue $2.5bn in bonds

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

  • Ken Ofori-Atta is a national asset – Akufo-Addo

    Ken Ofori-Atta is a national asset – Akufo-Addo
    But in his second State of the Nation Address to Parliament Friday, President Akufo-Addo noted that the Economic Management Team led by the Vice President, Dr Mahamudu Bawumia, of which Mr Ofori-Atta is part, has caused the world to take notice of Ghana’s economic strides.

    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.

  • Kenny Senaya Writes to Hon. Ken Ofori-Atta

    Finance Minister, Hon. Ken Ofori-Atta.
    How could one be made to pay between 150-300% of the value he purchased a car for abroad with embedded tax components like NHIL, EXIM, and other dubious levies?

    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 upholds Kenyatta election win

    Kenya's Supreme Court upholds Kenyatta election win

    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.

  • Ofori Atta’s opinion does not stand in Akufo-Addo's free SHS vision - Abdul-Hamid

    Ofori Atta’s opinion does not stand in Akufo-Addo's free SHS vision - Abdul-Hamid
    “True, it may be that there have to be changes in the way we are administering it. I can’t take my child to Achimota or Odorgorno and leave him or her there and drive away and not pay for anything while I can pay for ten people,” Mr Ofori Atta said.

    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.

  • Open letter to the Finance Minister on corporate tax cut

    Minister of Finance - Ken Ofori-Atta

    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.

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