Parliament has restructured its committee leadership, appointing new heads to key financial oversight bodies to strengthen fiscal accountability and governance.
As part of the reshuffle, Atiwa East MP Abena Osei-Asare has been named Chairperson of the Public Accounts Committee (PAC), taking over from former Ketu North MP James Avedzi.
The PAC plays a critical role in monitoring government expenditures and ensuring prudent use of public funds.
In another significant change, Bolgatanga Central MP Isaac Adongo has been appointed Chairman of the Finance Committee.
Known for his strong stance on economic issues, Adongo will oversee deliberations on the national budget, tax policies, and financial regulations, aiming to promote economic stability and growth.
Additionally, Kwaku Agyemang Kwarteng has been assigned to lead the Budget Committee, where his expertise will guide budget formulation and execution in line with Ghana’s development objectives.
These appointments reflect Parliament’s commitment to enhancing financial oversight, reinforcing transparency, and ensuring efficient resource management for national progress.
Minister of State at the Finance Ministry, Abena Osei-Asare, expressed optimism in Ghana’s economic rebound, attributing it to crucial structural reforms underway to uphold recent growth.
The International Monetary Fund (IMF) has revised Ghana’s growth projection for the 2024 fiscal year from 2.8% to 3.1%.
According to the IMF’s Mission Chief, Stephane Roudet, this adjustment reflects indications of economic stabilization observed in Ghana.
Speaking at the inaugural Quarterly Economic Round Table (QER) at the ISSER Conference Hall on July 2, 2024, the Minister of State underscored the government’s commitment to solidifying the progress achieved so far.
She also outlined initiatives aimed at stabilizing the Cedi against the US dollar and enhancing gross international reserves.
“The recent pressures on the Cedi are being contained, our gross international reserves are improving, fiscal consolidation is holding, and the rate of accumulation of public debt is declining following the successful completion of the debt restructuring program,” she said.
“We are implementing key structural reforms to support growth. Just last Friday, the IMF board approved the second review and US$360 million related to the program was approved,” Osei-Asare said.
She continued, “I am confident that our steadfast commitment and results underpin the restoration of confidence in our economy. We have achieved impressive results from our economic engagements with our bilateral and multilateral counterparts. We have successfully completed the restructuring of our external debts with private creditors.”
The first Quarterly Economic Roundtable (QER) represents a partnership between the Ministry of Finance and the University of Ghana, designed to foster closer ties between policymakers and academia.
This national effort seeks to advance policy formulation based on rigorous research and evidence.
The Minister of State designate at the Finance Ministry, Abena Osei-Asare, has affirmed her unwavering commitment to ensuring the victory of Vice President and NPP Flagbearer, Dr. Mahamudu Bawumia, in the upcoming 2024 election.
In response to a question during her ministerial vetting regarding a news article where she reportedly expressed her dedication to seeing Dr. Bawumia elected, the Atiwa East MP reiterated her stance.
Pressed further on the extent of her allegiance to those remarks, the Deputy Finance Minister emphasized her allegiance to the New Patriotic Party (NPP), underscoring her responsibility to secure the victory of the party’s flagbearer.
“Yes! That is my focus, and that is what I am working towards. And I’ll do everything in my power to make that happen,” she said.
“I belong to the NPP party, and for the NPP party, our flagbearer is Dr. Mahamudu Bawumia, so I’ll make sure that I do everything possible in my capacity to make him win the elections in 2024″.
“I have just been voted for as the parliamentary candidate for the Atiwa East constituency. So, whatever I have to do to make sure that I work hard with the good people of Atiwa East sitting right behind me to make sure Dr. Mahamudu Bawumia wins this election, that is my focus,” she emphasized.
Minister of State-designate at the Finance Ministry, Abena Osei-Asare, has asserted that the government’s flagship program, Planting for Food and Jobs, is addressing the issue of food inflation in the country.
The Planting for Food and Jobs policy, introduced in 2017 by the current government, aims to reform the agricultural sector, reduce rice imports by 70%, and improve the welfare of farmers.
It was implemented to counteract declining food production and unemployment rates. Despite its implementation, food inflation soared to over 50% in 2022.
However, during her parliamentary ministerial vetting, the current deputy finance minister emphasized that the introduction of the Planting for Food and Jobs policy has significantly contributed to reducing food inflation.
She noted that food inflation decreased from 54.1% in December 2022 to 28.7% in December 2023.
“Quickly we realized that the food component played a huge role in inflation and the government quickly put some measures in place and revived the planting for food and jobs. And so, as we speak, the food components of inflation which was around 59.7% in December 2022 has declined to 28.7% in December 2023. So clearly, we have put measures in place.”, she told the committee.
“We are doing everything possible Mr. Chairman. We are not there yet but we are doing everything possible to stabilize these important components of the macro economy and to make sure our people are best served in the way they need to be served”
The Atiwa East MP further affirmed that the economy is on the right path due to the effective measures implemented by the NPP-led government.
Meanwhile, the Ghana Statistical Service reported an increase in monthly food inflation in February 2024, despite an overall decline in inflation for the month.
Over the past 12 months, both food and non-food inflation have marginally decreased to 27.0% and 20.0% respectively. However, month-on-month food inflation increased from 1.6% to 2.0% in February, driven by rising prices of vegetables, tubers, plantains, fish, and seafood.
The Minister of State-Designate for Finance, Abena Osei-Asare, has emphasised the significance of the Board of Trustees involvement in fundraising to facilitate the project’s completion.
While acknowledging the government’s contribution, she mentioned the importance of the trustees fulfilling their role in advancing the project.
According to her, “the National Cathedral is also made up of trustees and these trustees are also supposed to, they are there to raise monies to help complete the project. The government has contributed its seed fund and I believe that now it is also up to the trustees to do their part to make sure we realise this dream.”
has admitted that certain aspects of the management of the National Cathedral project could have been handled better.
During her vetting on Wednesday, March 13, Mrs. Osei-Asare acknowledged that there were areas where improvements could have been implemented in overseeing the project.
She emphasised the significance of the Board of Trustees in fundraising to facilitate the project’s completion. While acknowledging the government’s contribution, she emphasised the importance of the trustees fulfilling their role in advancing the project.
“Mr. Chairman, I think we could have gone over it better than what we have done, that I must admit, because, for me, it’s a very personal issue because I’m a Christian.”.
The National Cathedral project hasfaced significant public scrutiny, particularly regarding transparency concerns related to its financing and construction progress. Initially scheduled for commissioning on March 6, the project has attracted scrutiny, especially from minority MPs, who have raised concerns about its expenditure and the lack of transparency in fund allocation.
Abena Osei-Asare, the Minister of State-Designate for Finance, has acknowledged that there were areas in the management of the National Cathedral project that could have been handled more effectively.
During her vetting on Wednesday, March 13, Mrs. Osei-Asare conceded that improvements could have been made in overseeing the project.
She stressed the importance of the Board of Trustees in fundraising to support the project’s completion, noting that while the government has made its contribution, it’s now imperative for the trustees to fulfil their role in advancing the project.
“Mr. Chairman, I think we could have gone over it better than what we have done, that I must admit because, for me, it’s a very personal issue because I’m a Christian.”
“Mr Chairman, the National Cathedral is also made up of trustees and these trustees are also supposed to, they are there to raise monies to help complete the project. Government has contributed its seed fund and I believe that now is also up to the trustees to also do their part to make sure we realize this dream,” she said.
The National Cathedral project has faced significant public criticism, particularly regarding transparency issues related to its financing and construction progress.
Originally scheduled for commissioning on March 6, the National Cathedral has come under scrutiny, especially from minority MPs, who have raised concerns about its expenditure and the lack of transparency in fund allocation.
Hon. Abena-Osei Asare (Minister of State Designate for Finance at the Presidency).
Public Hearing of the Appointments Committee to Consider H.E. President's Nominations – Wednesday 13th March 2024. https://t.co/rhj7yF3POo
Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has questioned the rationality of Abena Osei-Asare, the Minister of State-designate at the Ministry of Finance over her recent political remark about government.
According to Mr Ablakwa, while debating the State of the Nation Address, Abena Osei-Asare noted that she is proud of President Akufo-Addo and his Vice, Dr Mahamudu Bawumia for the good work done to ensure the economy stays afloat.
But Mr Ablakwa holds the assertion that such a remark cannot be taken seriously, especially when Abena Osei-Asare decided to support another presidential candidate instead of Dr Bawumia during the NPP’s flagbearership race.
Abena Osei-Asare threw her weight behind former Trade Minister Alan Kyerematen before his exit from the party.
Mr Ablakwa said if indeed Abena Osei-Asare was indeed proud of the Vice President, her support would have been directed towards him and not another candidate.
“I’ve been left totally shocked, dumbfounded, listening to my good friend Honourable Abena tell us that she felt so proud listening to this president and proud working with the chair of the Economic Management team, the now infamous mate or Aplanke as Sam George will call him in GA.
“I’ve been asking myself, if the Honourable Deputy Minister for Finance now Minister of State designate felt so proud about this team, why did we see her in the news joining the Honourable Alan Kyerematen to go and pick forms to contest the Vice President who she says she is so proud of,” he said while speaking on the floor of Parliament.
In September 2023, Abena Osei-Asare, has distanced herself from the decision taken by former New Patriotic Party (NPP), presidential aspirant, Alan Kwadwo Kyerematen, to run as an independent candidate.
Abena Osei-Asare, one of the supporters of Mr Kyerematen acknowledged the personal and professional relationship she has with him but emphasized that her “dedication to the New Patriotic Party is deep-seated, and rooted” in their shared values.
If you're so proud of the Prez Akufo-Addo and Dr. Bawumia as you claim, why did you support Alan Kyeremanten? – Ablakwa to Abena Osei-Asare#StarrChatpic.twitter.com/NdlcjNPDU6
The Speaker of Parliament, Alban Bagbin, has referred the nomination of Abena Osei-Asare as the Minister of State at the Finance Ministry to the Appointments Committee for consideration. Abena Osei-Asare currently serves as a Deputy Minister for Finance.
Additionally, the nomination of Dr. Alexander Ampaabeng, the NPP’s Parliamentary Candidate for Juaboso in the Western North Region, as a Deputy Minister for Finance has also been referred to the committee for consideration and report to the house.
The newly nominated Ministers of State are scheduled to undergo vetting by Parliament’s Appointments Committee from Tuesday, March 5, to Tuesday, March 12.
The schedule includes various ministerial and deputy ministerial nominees who will be vetted on different days and times.
On Tuesday, March 5, the vetting will begin with Andrew Egyapa Mercer, Minister-designate for the Ministry of Tourism, Arts and Culture, followed by Lydia Seyram Alhassan, Martin Adjei-Mensah Korsah, Ophelia Mensah Hayford, and Darkoa Newman.
Thursday, March 7, will see the vetting of Dr Bernard Okoe Boye, Titus Glover, Fatimatu Abubakar, and Daniel Machator.
Friday, March 9, will feature the vetting of Dr Benjamin Sekyere Yeboah, Sylvester Tetteh, Charles Acheampong, Adelaide Ntim, and Alexander Akwasi Acquah.
Monday, March 11, will have Vincent Ekow Assafuah, John Kobina Sanie, Collins Adomako Mensah, and Dr Prince Hamidu Armah undergo vetting.
Finally, on Tuesday, March 12, Kingsley Nyarko, Festus Awuah Kwofie, Akwasi Konadu, and Musah Abdul Aziz Ayaba will be vetted.
President Akufo-Addo has appointed Member of Parliament for Atiwa East Abena Osei-Asare, in a recent reshuffle in the Finance Ministry, from Deputy Minister for Finance as a Minister of State at the Finance Ministry.
This move follows the appointment of Mohammed Amin Adam as the substantive Finance Minister, succeeding Ken Ofori-Atta, who exited office on February 14, 2024, after seven years and two months of service.
As Abena Osei-Asare steps into her new role, Dr. Alexander Ampaabeng, the NPP 2024 parliamentary candidate for the Juaboso constituency in the Western North Region, takes on the position of Deputy Minister for Finance.
This appointment follows Osei-Asare’s elevation from the deputy ministerial position to a minister of state.
The reshuffling aims to bring new perspectives and expertise to key roles within the Finance Ministry.
Deputy Finance Minister and MP for Abena Osei-Asare has urged for a clean and honorable campaign within the New Patriotic Party (NPP) as it approaches its parliamentary primaries.
Describing the election as a “family contest,” the Atiwa East lawmaker called on her supporters to avoid both direct and indirect verbal attacks on other aspirants.
She emphasized the importance of running a clean campaign for the party’s success in the 2024 general election.
The governing party will hold its parliamentary primaries across constituencies with sitting MPs on January 27, 2024. This marks the last internal election to select candidates ahead of the general elections.
Osei-Asare, who is highly favored to win the upcoming primaries, stressed the need for all factions to run a clean campaign for the sake of the task ahead for the party in 2024.
“As a family, all factions must recognize that a united front is necessary to confront the task ahead in 2024. I urge you all [my followers] to conduct a clean campaign, avoiding any form of insults,” Osei-Asare stated during a conference meeting on Saturday (23 December).
The conference marked the beginning of Christmas activities in the constituency, an annual tradition where the MP engages with party faithful and residents.
Present at the meeting was the former Eastern Regional Women Organizer of the NPP, Fati, who strongly endorsed the re-election of Abena Osei-Asare as the Member of Parliament for Atiwa East.
Fati emphasized that Osei-Asare’s impeccable track record in the constituency makes her the most suitable candidate to retain the seat for the party in the upcoming parliamentary primaries.
“This is an MP who has resourced majority of constituents and I can attest to that. The massive infrastructure she has initiated are firming up with some completed. I have been serving this party for decades and I know what I am talking about. Abena Osei-Asare is the best candidate to retain this seat.
“I have been chastising most of the sitting MPs regarding infrastructure and I must say you are blessed to have a visionary MP. As you go to and cast your ballots I daresay that it will be politically suicidal for NPP in Atiwa East if she is not retained,” she noted.
Renowned radio broadcaster and host of the Kokrookoo morning show on Peace FM, Kwami Sefa Kayi, has issued an apology to Deputy Minister of Finance, Abena Osei-Asare, citing miscommunication regarding her absence on the show on November 16, 2023.
On that morning, the deputy minister was scheduled to appear at 9 a.m. to discuss the budget presented by the finance minister to parliament on November 15.
Sefa Kayi disclosed that the minister had indeed come to the studios but requested permission to attend the funeral of the late Theresa Kufuor.
This led to criticism from other panellists, who questioned her decision to prioritise the funeral over explaining the budget to the public.
Sefa Kayi clarified that the misunderstanding arose due to miscommunication between the minister and the production team and extended an apology to her for any offence caused.
“Yesterday, I and the Deputy Finance Minister, Abena Osei-Asare, were supposed to have a discussion that couldn’t come on. I said some things that I should not have said. This was due to a miscommunication. It could have gone better.
“Abena Osei Asare, if you’re listening to this,I would like to render my sincerest apologies to you if I said some things that were not good or did not go down well with you,” he said.
Deputy Finance Minister, Abena Osei-Asare, says she is not aligned with the choice made by former New Patriotic Party (NPP) presidential aspirant Alan Kwadwo Kyerematen to pursue an independent candidacy.
While Abena Osei-Asare acknowledged her personal and professional association with Mr. Kyerematen and her support for him, she emphasized that her unwavering commitment to the New Patriotic Party remains profound and firmly anchored in their common values.
In a press statement, the Deputy Finance Minister said, “First and foremost, while I enjoy both a personal and professional relationship with Hon. Alan Kyerematen, characterized by mutual respect and a shared commitment to our nation’s progress, I must respectfully distance myself from his recent choice.”
“My dedication to the New Patriotic Party is deep-seated, rooted in our shared values and vision for a prosperous Ghana. The NPP’s strength has always been its unity and our ability to work together for the common good of our country.”
Mr Kyerematen announced his decision to resign from the NPP when he addressed the country during a press conference at the Movenpick Ambassador Hotel in Accra on September 25, 2023.
He noted that he no longer recognises the NPP, which has been unfair to himself and his supporters, as its current aims and agenda no longer reflect what the founding fathers had hoped to achieve.
According to the former Trade Minister, he will contest for the office of president as an independent candidate in 2024 with his new party, Movement for Change.
Mr Kyerematen was among the contenders for the NPP flagbearer position, but on September 5, he declared his withdrawal from the race, citing reasons such as electoral irregularities, unfair treatment, and bias during the super delegates’ conference held on August 26, 2023.
Meanwhile, the Member of Parliament for the Mpraeso, Davies Ansah Opoku, has also severed ties with Mr Kyerematen.
Read below Abena Osei-Asare’s post
FOR IMMEDIATE RELEASE September 25, 2023
I find it necessary to address the recent decision of Hon. Alan Kyerematen to leave the New Patriotic Party (NPP) and run as an independent candidate in 2024. First and foremost, while I enjoy both a personal and professional relationship with Hon. Alan Kyerematen, characterized by mutual respect and a shared commitment to our nation’s progress, I must respectfully distance myself from his recent choice.
My dedication to the New Patriotic Party is deep-seated, rooted in our shared values and vision for a prosperous Ghana. The NPP’s strength has always been its unity and our ability to work together for the common good of our country.
Let us look forward to the future, keeping the best interests of our party and our beloved Ghana at heart. With determination and unity, we can continue to work towards a brighter future for all Ghanaians. Best regards,
A Deputy Minister for Finance, Abena Osei-Asare has passionate appealed to Pensioner Bondholders to suspend their picketing the Ministry.
The Atiwa East MP said the Ministry was engaging the Bank of Ghana (BoG) to pay them.
She thus asked the pensioners to exercise patience with the government as everyone knows the financial difficulties the government finds itself.
Deputy Finance Minister, Abena Osei-Asare
“We don’t intentionally stop them, sometimes it’s difficult, it is the ability to pay and so when it is not there it becomes a challenge, but we also have to communicate that to you. So, for now, our focus should be on the five outstanding, and then we talk about how we will manage the principal payment.“
“I sincerely appreciate where you are coming from. This has never happened when coupons are ready for payment and the government is struggling to pay, but currently, we all know the circumstances we find ourselves in, so I will plead with you so let’s sit and clear, and then we will see the way forward.”
Members of the Forum resumed their picketing the Finance Ministry on Thursday, June 1, over the government’s failure to pay their matured coupons.
In a statement announcing their decision, the forum indicated that the government despite its initial agreement to pay the outstanding coupons on May 15, 2023, as agreed in a meeting with the Finance Ministry, failed to redeem its promise.
They explained that as a result, there have been two additional coupons since the agreement was made adding to the already existing coupons due.
The Forum said that they wrote to the Ministry on May 15 and May 22 to demand payment and warned they would resume picketing if their payments were not made, however, they are yet to get a response.
“As at today, the 29th of May 2023, there remain four outstanding coupons and four outstanding principals to be paid by the Ministry. The first principal has been outstanding for 98 days, the second for 84 days, the third for 42 days and the fourth is due today,” the forum stated.
“Naturally, we have to and had indicated to the Ministry that we shall demand interest on the delayed principals as the government has deprived investors involved of their capital for re-investment to earn returns,” they added.
The deputy minister of finance, Ms. Abena Osei-Asare, has backed the new tax legislation that are being introduced toParliament today, Thursday, March 23.
She alleged that these bills are critical in order to help the government’s attempts to raise funds and to boost the faltering economy.
Ms. Osei-Asare stated that the passing of these bills will also help the government provide aid to vulnerable individuals who have been severely impacted by Covid-19 and the Russia-Ukraine war.
“This is to support the economy to get back on track and implement the agenda of supporting the vulnerable who have been hit hard by Covid-19 and the Russia-Ukraine war,” she said in an interview on Citi FM.
“Inasmuch as we are raising revenue, we also need to look at the vulnerable who have been hit hard and these are the revenues that we believe that if we raise we can use some to support them.”
She added that the bills are necessary for effective budget implementation and increasing Tax-to-GDP from less than 13% to the sub-Saharan average of 18%.
“As a country, we need to mobilise our own domestic revenue to pursue our own national development agenda and so these are some of the things we can do to raise revenue. As we speak if you compare the revenue we raise to our GDP we are still way below the West African target of below 16 to 18 per cent we are still doing 13 per cent and so there is more that we feel we can do.”
Today, Parliament will vote on several bills related to income tax, excise duty, excise tax stamp, growth, and sustainability levy.
If approved, these bills will allow for the implementation of the $3 billion IMF Programme staff-level agreement.
The government has completed various measures to meet the criteria set by the IMF, such as tariff adjustments, publication of the Auditor-General’s report on Covid-19 spending, and onboarding of various funds on the Ghana integrated financial management information system.
The international and domestic bond markets are currently closed, which means the government must rely on Treasury Bills and concessional loans to finance its programmes.
She argued that it was therefore critical for Parliament to consider and approve fiscal measures to help the country recover from the current economic crisis.
Minister of Communications and Digitization, Mrs. Ursula Owusu-Ekuful, has encouraged women, especially young girls, to maintain focus and make decisions that will improve their life.
She claimed that young women frequently face a wide range of challenges that, if carefully considered, could distort their priorities.
International Women’s Day
Sharing an advice at forum organised by the eTranzact Ghana on Wednesday, March 8, 2023, to mark this year’s International Women’s Day in Accra, Mrs. Owusu-Ekuful, said “We do come to crossroads moments in our lives and whatever decisions you take in life will influence your future and we have to take it carefully.”
The 2023 theme for International Women’s Day is “DigitALL: Innovation and technology for gender equality.”
The theme highlights gender gaps in STEM education and careers — and calling attention to the online harassment many women face.
No regrets
Mrs. Owusu-Ekuful explained that as a young lady in her 20s, she entered marriage which she ended it in a divorce five years down the lane when she felt it was not a right decision.
For her, her decision to leave her first marriage although came with its own challenges, it has helped her to become who she is today.
“Five years on, I knew it was a wrong decision; that marriage didn’t last,” Mrs Owusu-Ekuful said, stressing that although her marriage didn’t last, she is glad she took that decision to marry.
For her, whether marriage is good or bad, “marriage isn’t the ultimate, you are the ultimate.”
She also admonished young ladies not to live a life of regrets, observing that every decision one takes has consequences and one must be prepared to bear the outcomes of her decisions.
For her, it is always better to look at the positive side of one’s decisions, pointing out that “the most painful thing you can do to yourself is to live a life of regrets—pros and cons follow every decision you take but look at the brighter side.”
Mrs. Owusu-Ekuful further encouraged young ladies to take decisions that will help them to achieve their goals in life and also affect the lives of the people around them positively.
eTranzact Ghana
eTranzact Ghana has emerged as a proven leader in electronic payments and aggregation solutions. Since the commencement in 2006, the company has been tailoring electronic payment solutions for banks and private businesses of all types and sizes throughout Ghana.
The company offers a complete portfolio of payment options and services that help simplify payment acceptance in all spheres of industry.
Follow your dream
For her part, a Deputy Minister of Finance, Mrs. Abena Osei-Asare, admonished women to go all out to achieve their dreams, stressing that “You have what it takes to make your dream come true so follow your passion and dream.”
She further encouraged women to believe in themselves, saying “believe in yourself and follow your instincts and be ready to learn from your failures and successes.”
She advised women not to let fear hold them back in the pursuit of their dreams.
The Deputy Finance Minister also urged women to value people that bring happiness in their lives.
The Member of Parliament for the Korle Klottey Constituency, Dr. Zanetor Agyeman-Rawlings, who also took part in the event admonished women to beware of men that come to their lives to control them.
She encouraged women to have confidence in themselves and not to be intimidated by fear, urging them to have a determined mind and spirit.
For her, “it is alright to ask for help,” and that women should not to feel shy in seeking help on things they lack sufficient knowledge on.
Other speakers, including Ms. Nilla Selormey, a member of eTranzact Board; Dr. Auma Obama, Sociologist, Community Activist & Author; Ms. Cecila Ewurasi Dei-Anang, Digital Transformation Advisor at the Tony Blair Institute for Global Change & Director, eTranzact Board, took turns to speak at the event.
Participation in the Domestic Debt Exchange Programme is steadily progressing according to the Finance Ministry.
According to Deputy Finance Minister, Abena Osei-Asare, the government so far has about a 50% participation rate as far as the debt exchange programme is concerned.
This is away from the intended 80% participation rate for the successful start of the programme.
“As of yesterday, when we decided to extend and grant that administrative window, we had done above 50 percent,” she was quoted by citinewsroom.com
However, the government has acknowledged bondholders who have signed on to the programme, whiles encouraging those who are yet to sign on to do so before the new February 10, deadline.
The Finance minister had earlier stated that the February 7, deadline was the final deadline but made a U-turn on the night of February 7 to issue another deadline due to “technical difficulties”.
The press statement said the bondholders encountered “technical glitches as they tried to complete the online tender process.
“As a result, the government is providing bondholders with a window to complete processes for tendering their bonds, in response to the terms of Exchange as amended pursuant to the 2nd Amended and Restated Exchange Memorandum. This window ends on Friday, 10th February 2023 at 4:00 p.m. (GMT),” the Finance Ministry announced in a statement signed by Ken Ofori-Atta.
Osei-Asare, the MP for Atiwa East who also spoke on the GTV Breakfast Show, argued that her government had not taken on too much debt.
She claimed, “We have not exceeded the financing that Parliament has approved for us.
According to her, the budget and appropriation are the guidelines for government expenditure and the government has always managed to spend within the deficit financing.
Osei-Asare, who also serves as the Akufo-Addo administration’s Deputy Minister of Finance, emphasized the necessity of encouraging the nation’s thronging youth to start farms in order to feed the population and lower unemployment.
At the 38th Farmers’ Day celebration held in the town of Adasawase in the Atiwa East District of Eastern Region, the congresswoman remarked in a speech delivered on her behalf, “The agricultural industry is incredibly beneficial both economically and socially, so I encourage the youth to continue to delve into it.”
The MP also used the occasion to tout the government’s achievements in the agric sector through its flagship programmes assuring Ghanaian farmers of such initiatives and support when the 2023 budget is implemented.
“Through the one district one factory initiative (1D1F), the Government is working hard to add value to our farm produce in order to reduce post-harvest losses and generate more income…The government through the 2023 Budget Statement and Economic Policy will continue to support farmers, especially those who want to venture into commercial farming”, she said.
The occasion was heavily attended by Assemblymen, farmer groups, and officials from the Ministry of Food and Agriculture, traditional leaders, the clergy among others.
Farmers whose efforts were recognized were awarded. The MP for instance donated cutlasses, wellington boots, motorbikes, and cash prizes to the overall best farmer, best youth farmer, and best woman farmer.
Footballs, jerseys, and a cash prize were also given to the best school that ventured into farming.
This year’s Farmers’ Day was held in all 16 regions across Ghana under the theme: “Accelerating Agricultural Development through Value Addition”.
“Mr Speaker, little did we know that a global pandemic and a war in Ukraine will bring us down to our knees…The quicker we do something about it, the better. It is in this respect that we are asking our colleagues on the other side to support the government in the revenue measures that we have stated in next year’s budget. Any delay in passing this revenue measure means we are pushing Ghana down the drain,” Abena Osei-Asare stressed.
The debate on the 2023 budget began on November 29, 2022 on the floor of parliament, after which it will be approved by the House in due course.
Deputy Minister of Finance, Abena Osei-Asare, has said that the decision to reduce the E-levy from the initial 1.5 per cent was based on a stakeholder engagement.
According to her, the Minority proposed a reduction to 1.0 in December 2021 and this was adhered to, therefore minority must approve accepted the new changes.
While debating the 2023 budget in parliament on November 29, she said, “Mr. Speaker, this one per cent was arrived at by continuous engagement with stakeholders and you (Minority) were in this house in December 2021 when the minority leader said it is better for us to reduce the E-Levy to one per cent. So, if today we are coming today with a measure that will reduce the E-Levy to one per cent, I think the E-Levy debate is closed and should be accepted.”
In reaction to this comment, the deputy minority leader, James Avedzi refuted Abena Osei’s claim that the minority leader, Haruna Iddrisu proposed a reduction to 1.0 percent in 2021.
“the deputy finance minister made a statement which was factually incorrect, and I want to correct it. She said that we were all in this house when the minority leader made a proposal for the E-Levy to be brought to one per cent. Never on this floor did the minority leader make that proposal, so for that to go into the records, it should be corrected. He never made such a proposal on this floor,” James Avedzi stated in the chamber.
Deputy Minister of Finance again insisted that the Minority leader even repeated same comments in Ho over the weekend at the Post Budget workshop, adding that she never indicated that Haruna Iddrisu said anything of the sort in the chamber.
By 467.4 billion Ghana Cedis at the end of September 2022, Ghana’s debt was at an unsustainable level, necessitating a plan to reduce it.
Following the presentation of the 2023 budget, the deputy minister told EIB parliamentary correspondent Ibrahim Alhassan that Treasury bills are not included in debt operations.
“This budget seeks to achieve certain things that we want to bring stability in the economy and also help us get our debt to a sustainable level. In doing so we are looking at debt exchange as the minister announced. This debt exchange is going to be done in conjunction with the regulators and all the relevant stakeholders.
“We haven’t concluded on the debt exchange but one thing I want to put out there is to allay the fears of anybody at all. Is that for all Treasury Bills they are not in the perimeter of the debt restructuring or debt exchange,” Madam Osei Asare assured.
She also stated that what the government is seeking to bring with the program is to bring the debts to a sustainable level so that the market can correct itself and reduce interest rates.
“That will reflect in the inflation and help in bringing down the prices of goods and services as well as food.
“We believe that as we sit together in our tenure, rates that best fit the market that we have now we will be doing ourselves a lot of good in bringing our debt levels down, to make sure that we stabilize the economy,” she added.
This comes after the Finance Minister stated that Ghana will implement a debt swap program due to the country’s unsustainable levels of debt during the introduction of the 2023 budget.
However, the Ministry stated in a related announcement on November 25, 2022, that no decision has been taken.
“As stated in the Budget Speech by the Honourable Minister for Finance, Ken Ofori-Atta, the Government of Ghana is contemplating a debt operation aimed at alleviating the pressures on the national budget and restoring debt sustainability. This would also open up financing streams and provide a needed balance of payment support from the Fund,” a part of the statement read.
Meanwhile the Deputy Minister of Finance, Abena Osei-Asare noted that treasury bills will not be affected by any debt restructuring measure the government will adopt.
“The Government of Ghana reiterates its commitment to rolling out a lasting solution to the current economic challenges, with the ultimate goal of restoring macroeconomic stability and anchoring debt sustainability,” the statement concluded.
Mr Alban Sumana Kingsford Bagbin the Speaker of Parliament, subsequently referred the loan agreement to the Committee on Finance of Parliament for consideration and report to the House.
Abena Osei-Asare, the deputy minister for finance has said the government will support specific industries in Ghana in a bid to close the country’s import gap.
President Akufo-Addo on Sunday announced plans by the government to review the current import regime to create market for local products.
“We will review the standards required for imports into the country, prioritise the imports, as well as review the management of our foreign exchange reserves, in relation to imports of products such as rice, poultry, vegetable oil, tooth picks, pasta, fruit juice, bottled water and ceramic tiles, and others which, with intensified government support and that of the banking sector, can be manufactured and produced in sufficient quantities in Ghana,” the president said.
“Government will, in May 2023, that is six months from now, review the situation. We must, as a matter of urgent national security, reduce our dependence on imported goods, and enhance our self-reliance, as demanded by our overarching goal of creating a Ghana Beyond Aid,” he added.
Appearing on The Asaase Breakfast Show on Monday (31 October), Osei-Asare said some goods have already been identified under the initiative.
“Already, I know the Ministry of Trade has identified certain products that we believe within the short to medium term, we can produce to reduce our imports on these items,” she told the host Kwaku Nhyira-Addo.
“Everything that the government will have to do in the form of financing, capacity building and any form of assistance, government is ready to do that to assist, so that these identified group of businesses will be supported to help close the import gap,” Osei-Asare said.
