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Author Archives: Lawrence Segbefia

IMF was a necessary pill due to fiscal indiscipline acts by past gov’t

Ken Ofori-Atta - Finance Minister

The Minister of Finance, Ken Ofori-Atta has described Ghana’s program with the International Monetary Fund as a necessary pill due to the previous government’s fiscal indiscipline practices. Speaking on the floor of parliament during the 2019 budget presentation the Finance Minister expressed gratitude to the IMF for the support as Ghana prepares to exit by end of 2018. Ghana’s original ...

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Gov’t to spend GH¢73.4bn in 2019

2019-budget-presented-in-parliament-by-ken-ofori-atta-46

Government is planning to spend a total 73.4 billion cedis in the 2019 fiscal year. This is equal to 21.3 percent of GDP, representing a growth of 27.0 percent above the projected outturn for 2018. The Finance Minister Ken Ofori-Atta made the announcement in parliament today when he presented the 2019 budget themed a “Stronger Economy for Jobs and Prosperity”. ...

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Gov’t targets GHS 58.9bn domestic revenue collection in 2019

2019-budget-presented-in-parliament-by-ken-ofori-atta-55

The Minister of Finance, Ken Ofori-Atta has announced a revenue target of GHS 58.9 billion for the year 2019. The figure represents 17.1 percent of the rebased GDP which stands at 256.7 billion Ghana Cedis for 2017. Compared to the 2018 revised revenue and grants target of 50.68 billion Ghana Cedis, the 2019 target of 58.9 billion Ghana Cedis represents a 13.96 ...

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BoG bans 125 persons from operating current accounts

Dr. Ernest Addison, Governor of the Bank of Ghana

The Bank of Ghana has blacklisted 125 persons for three years from operating current accounts with banks for consistently issuing DUD cheques. The central bank has however allowed the individuals to operate savings accounts. A statement from the Bank of Ghana to banks said “You are directed to debar or cease them from operating current accounts for three years with ...

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TUC proposes 15% reduction in utility tariffs

Dr Yaw Baah - Secretary General, TUC

The Trades Union Congress (TUC), is proposing  a 15 percent reduction in utility tariffs. It is urging the Public Utilities Regulatory Commission (PURC) to consider the proposal as it prepares for the 2019 tariff review. The TUC’s proposal sighted by citinewsroom.com among other things premised the proposal on the expectation of a reduction in fuel prices and a marginal reduction ...

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Finance Minister presents budget today

Finance Minister, Ken Ofori-Atta

The Finance Minister, Ken Ofori-Atta will today present  the 2019 budget statement and financial policy of the government to Parliament. This will be the third budget of the Akufo-Addo administration, in accordance with Article 179 of the 1992 constitution. President Nana Akufo-Addo has said that the budget will bring hope to Ghanaians, amid times he himself has described as difficult. ...

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Kweku Adoboli, ex-UBS trader deported to Ghana

Former-UBS trader Kweku Adoboli

Kweku Adoboli, the former UBS trader convicted of fraud, has been deported to Ghana, despite a long campaign to keep him in Britain. His lawyer confirmed he was flown out of Heathrow Airport in the evening of November 14th, 2018 after being detained in Scotland on Monday. Adoboli, aged 38 and who has lived in the UK for 26 years, ...

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Amend Internal Audit Agency Act- Internal auditors demand

Internal-Auditors-Association-Ghana

The Internal Auditors Association Ghana (IAAG), has called for an amendment of the Internal Audit Agency Act, 2003 (Act 658) to enable auditors within government agencies perform their duties decently. Their calls come on the back of the Finance Minister’s remarks in parliament during the 2018 Mid-year Budget Review in July, where he called for the restructuring of the Internal ...

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2019 Budget: civil servants call for improved standard of living

Ken-Ofori-Attah-2

With just about 24 hours for the Finance Minister Ken Ofori Atta to present the 2019 Budget on, some civil servants are calling for economies that will improve their wellbeing. According to them, government must try to reduce the prices of petrol and electricity tariffs to make life easier for them. Citi Business News visited the Ministries and spoke to ...

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Borrowing by low, mid-income economies tripled in 2017—Report

World-Bank news

Borrowing by low and middle-income economies from external official and private creditors surged to $607 billion in 2017 from $181 billion the previous year, the highest level in three years, as net debt inflows surpassed equity inflows for the first time since 2013, the World Bank’s International Debt Statistics 2019 shows. Net financial inflows – including debt and equity – ...

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