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Tag: finance minister

  • 4 Ghanaian celebrities who have hit at government this week

    Government has come under criticism from a cross-section of the public due to the current economic crisis.

    In the wake of this, Finance Minister, Ken Ofori-Atta, has been at the receiving end from almost all and sundry.

    While the “ordinary citizens” have been agitating on and off social media, Ghanaian celebrities have also not held back from expressing their dissatisfaction against government.

    In the past week, some Ghanaian celebrities have called on President Nana Akufo-Addo and the Minister of Finance to sit up and address the economic crisis fraught the country.

    Below are some celebrities who have waded into the national conversation

    Prince David Osei

    The Ghanaian actor is one of the familiar supporters of the ruling government. He, alongside other celebrities like Kalybos was seen to be involved heavily clothed in NPP paraphernalia campaigning for the then Presidential Candidate, Nana Addo Dankwa Akufo-Addo.

    However, the movie star has openly displayed his disappointment in the government. In a tweet sighted by GhanaWeb, Prince called on government to seek help.

    “Can we all put aside politics, humble ourselves and seek help from whoever has the ideas or in-depth knowledge on how to stop the further depreciation of our currency and stabilize our economy,” he tweeted.

    Yvonne Nelson

    The movie producer and actress is another popular figure who has not held back from bashing the government and calling for urgent steps to change the current tides.

    In 2015, Yvonne Nelson led a demonstration against power cuts in Ghana, popularly known as “Dumsor”. Being a citizen and not a spectator as President Akufo-Addo implored Ghanaians, the model has this time taken to Twitter to quiz the President over his governance.

    “Are you still the President? Are you still in this country? Are you this heartless? Do you hear people crying? Are you this heartless? No more campaign ahead so you are unbothered. You obviously feel nothing for Ghanaians. Such a disappointment”, she lamented.

    Lydia Forson

    The Ghanaian actress and social critic have also been vociferous over the state of affairs. She has opined that the Minister of Finance, Ken Ofori Atta, needs to resign.

    According to her, the minister has performed woefully and thus is unfit to continue occupying his position.

    Furthermore, she has asked the government to take a cue from Britain, whose Prime Minister has resigned her inability to lead.

    “I really wish Gabby Otchere Darko’s obsession & admiration for the UK parliament included taking pointers as well on resignations and firing. It makes absolutely no sense that Ken Ofori Attah is still the finance minister; how? He’s lost the confidence of the people! She said in a tweet.

    Nana Aba-Anamoah

    The Ghanaian media personality and General Manager of GHOne TV and Starr FM has penned a long letter to Ken Ofori Atta.

    The TV host in the letter discusses how the minister has failed in his capacity and needs him to resign. She called the minister an absolute failure in managing the economy and driving it into an abyss.

    A portion of the letter reads, “Hmm. Maybe a part of you wants to leave and your cousin (President Akufo Addo-Addo) is backing you to the hilt on the altar of loyalty. But for God’s, spare the entire nation this prolonged spectacle of failure and let go of the burning rod.”

    Source:ghanaweb.com

  • GUTA members close down shops over high taxes

    Members of the Ghana Union of Traders Association (GUTA) in Accra have today closed down their shops in a nationwide protest.

    According to the aggrieved traders, their decision to halt commercial activities is based on the exorbitant tax rates and the continuous depreciation of the local currency against the US dollar.

    This, the traders say is adversely affecting their businesses and depleting their capital and profit margins.

    A visit by JoyNews’ Bernice Abu-Baidoo Lansah to the Central Business District on Tuesday morning confirmed that some of the traders have already closed down their shops.

    They had red scarves on their locks indicating their displeasure about the prevailing economic crisis.

    The traders noted that if the situation remains the same, they will be forced to run out of business, therefore, the need to protest to draw the attention of government to their plight.

    “As retailers, when we come for supplies, we the women don’t get any profits. All the profits have been swallowed by the increments. Some of us are also operating on loans with very high interests rate and therefore we are really not making any profits.

    Everything looks distorted in Ghana. The current regime promised to make things better, but now we the women in particular are really suffering”, one of the traders lamented.

    The action by the traders in Accra follows an earlier closure by their counterparts in Kumasi, who also closed down their shops over similar concerns.

    Commenting on the earlier action in Kumasi, the President of the Association, Dr Joseph Obeng expressed his reservations about the prevailing tax regime in the country, and how the situation is bringing businesses to their knees.

    “You have a system that does not ensure fairness, you have a system that does not ensure equity, you have a system that runs trade concurrently in the same market that we have the standard rate that one pays 90.25 per cent and then we have a VAT rate of four per cent and then we have those who do not pay the VAT at all and they are all legitimate. What system is this?”, he questioned the Ghana Revenue Authority.

    The ongoing protest comes at a time when there is public outcry about the state of affairs in the country, and the failure of government to address the growing economic decline.

    The current economic decline is reflected in the depreciation of the Cedi as well as government’s fiscal deficits and the nation’s ballooning debt stock.

    These circumstances have heightened calls for the Finance Minister, Ken Ofori Atta to be sacked.

    But in a recent interview on Monday, the President said there is no basis to sack the Yale-trained Minister.

    Meanwhile, government is still in talks with the International Monetary Fund (IMF) to find appropriate solutions to address the economic difficulties in the country.

    Source:yjoyonline.com

  • Ofori-Atta trends on social media after UK fired Kwasi Kwarteng

    The calls for the sacking of Ghana’s Finance Minister, Ken Ofori-Atta, have reignited following the sacking of the UK’s Finance Minister, Kwasi Kwarteng, early on Friday.

    The UK’s Chancellor of Exchequer was sacked by British Prime Minister Liz Truss on Friday, October 14, 2022, after just six weeks of his appointment.

    His dismissal has largely been attributed to the performance of the British economy over the last few weeks and the failure of his mini-budget to result in a positive impact.

    The announcement of his sacking has seen several Ghanaians take to social media to demand the sacking of Ghana’s finance minister.

    Ken Ofori-Atta has been the subject of some critics calling for the heads of some officials in the current government.

    The calls are largely grounded in the current performance of the Ghanaian economy and the current economic hardship.

    See some social media reactions below:

    Stop bothering yourself, fellow Ghanaians. @NAkufoAddo won’t learn from the UK. Tweaa!! Ken Ofori Atta means more to him, personally, than the good of Ghana & your welfare. Nepotism! Corruption! Clueless! Incompetent!

    — S. Xoese Dogbe (@StanDogbe) October 14, 2022

    Let’s head roll in Ghana…Kwasi Kwarteng didn’t exhibit a quarter of Bawumia and Ken Ofori-Atta incompetence but he’s been sacked…what is @NAkufoAddo waiting for to sack his Finance Minister and @MBawumia as head of EMT??? pic.twitter.com/05wrrTgkmB

    — #FixTheEconomy @Ghana4LIFE (@Ndc4L) October 14, 2022

    Them sack Kwasi Kwarteng in less than 6 weeks but Ofori-Atta is in his 6th year as our Finance Minister.???????????????????? pic.twitter.com/bwgIOkMMKC

    — MR MAÑ (@OmHene) October 14, 2022

    You see difference in Ghana n UK? Kwasi Kwarteng came in and within a month or so of incompetence he’s fired by Liz Truss! Bawumia and Ken Ofori Atta have been incompetent for 6 years now and they are still at post! And you want Ghana to develop? Nana Addo Danquah Akufo-Addo why?

    — Is RAYOE in your playlist?!❤️???? (@GhanaSocialU) October 14, 2022

    Kwasi Kwarteng sacked in less than 7 weeks being appointed as Finance Minister in the UK but Ken Ofori Atta is still the Finance Minister in this economic woes for 6 years?
    Clearly, Ghana’s Presidency doesn’t have serious goals.

    — Yuri (@nana_amprofi) October 14, 2022

    Ken Ofori Atta should be sucked too.

    — Coolest KiD In Africa ????. (@E_MENS_3) October 14, 2022

    In UK Kwesi Kwarteng has been sacked after 40 days as chancellor while in Ghana Ken Ofori Atta still maintains power after almost 6 yrs with more than 120% cedi depreciation.. ???? ????

    Make it make sense

    — NanaKay????️???? (@NKM_Global) October 14, 2022

    The system in UK functions very well and effectively. In other news, Ken Ofori-Atta is still Ghana’s Finance Minister.
    When we say life no balance, this is what we mean pic.twitter.com/Y4hwyy04et

    — Kweku Baako J. (@Baakojeremiahg1) October 14, 2022

    Kwesi Kwarteng has been sacked as chancellor while in Ghana, Ken Ofori-Atta is still at post for sinking our economy. The difference is huge!!!

    — aqcosua* (@aqcosua) October 14, 2022

    Kwasi Kwarteng hasn’t done a fraction of the damage Ken Ofori-Atta has caused the Ghanaian economy but he gets to be sacked and Ken is showered with praises from his family member, President H.E @NAkufoAddo as Ghanaians languish in more pain.

    Sad — no justice in the world. ????????

    — Kwame Gabby Emu Ye ???????? ???????? (@KwameEmuYe) October 14, 2022

    A lady Liz Truss even have the balls sack her chancellor for non performance and we have Akufo Addo always applauding Ken Ofori Atta when the cedi is now 12.10 to a dollar

    — z ε K Ⓐ y-V!bes  (@zekayvibes) October 14, 2022

    The biggest disrespect this Akufo-Addo government has handed to us is still keeping Ken Ofori Atta as Finance Minister after after all this mess. Hmm

    — Mr. Algebra (@musqoo_official) October 14, 2022

    Ken Ofori Atta will go down as the worst finance minister in history of @MoF_Ghana . Such a clueless man pic.twitter.com/nhF2evDAbN

    — JACOB SANKARA ???????? (@jake_ami2) October 14, 2022

    Kwasi Kwarteng should come and replace Ken Ofori-Atta in Ghana ????????

    — Ohemaa????????Yaa Black???????? (@OhemaaYaaBlack) October 14, 2022

  • E-Levy to be reviewed – Ofori-Atta hints

    Finance Minister Ken Ofori-Atta has hinted that government will soon review the Electronic Transfer Levy (E-Levy).

    Currently, all electronic money users including mobile money customers are charged 1.5 percent of accumulative transfers that exceed GH¢ 100 in a day.

    According to the Ministry of Finance, the proceeds from the E-Levy are woefully below projected numbers with only about 10 percent of the projected GH¢600 million monthly being realised.

    Speaking at a briefing in Accra on Wednesday, Ken Ofori-Atta said that the review of the E-Levy forms part of measures to help improve the government’s domestic revenue mobilisation.

    He added that the review is also targeted at ensuring that a lot of Ghanaians pay the levy.

    “Such exercises form part of an ongoing drive to ensure we take significant steps forward in remedying long-standing challenges with domestic revenue mobilization, indiscipline, corruption and leakages.

    “Of course, heightened tax compliance and increased tax audit exercises will continue to be complemented by policy initiatives that allow us to tap into a wider pool of taxpayers in the years ahead.

    “Towards this therefore we are looking at areas around the E-Levy to ensure its efficient implementation,” he said.

  • Budget agreement with the IMF before 2023 is feasible – Richmond Atuahene

    The government could be successful in including significant provisions of its agreement with the International Monetary Fund (IMF) in the budget statement for 2023, according to economist and banking expert Richmond Atuahene.

    He says, if the government puts in enough effort and is timely in its public negotiations, it will be possible to conclude negotiations before the budget is presented in November 2022 as said by the Finance Minister.

    The formal negotiations for a Fund-supported programme have begun, with the IMF team currently meeting government officials for a period of ten days.

    Talks have begun on a comprehensive debt sustainability analysis with the IMF for a US$3 billion support programme.

    “If we can get the whole program together, it will be possible. Normally, it takes an average of about six months to get these things sorthe ted out. So if government gets serious and is able to get the public consultations, it will be able to get it done before the November budget he [Finance Minister] is talking about”, he said.

    Minority spokesperson on Finance, Cassiel Ato Forson, has however cast doubts on the government’s intent to secure a deal with the IMF before the 2023 budget is prepared.

    “I doubt in the next six weeks we are going to have a programme. That will be a magic of a lifetime,” he said on Eyewitness News.

    In his view, any deal before the 2023 budget will not be in Ghana’s interests.

    The government says it is committed to ensuring that a comprehensive package is negotiated with the International Monetary Fund with the aim of restoring and sustaining macroeconomic stability, ensuring durable and inclusive growth, and promoting social protection.

  • LIVESTREAMING: Finance Minister briefs press on Ghana’s economy

    The Ministry of Finance is shedding light on the current state of Ghana’s economy.

    Finance Minister Ken Ofori-Atta is moderating the press conference underway.

    The government of Ghana is seeking assistance from the International Monetary Fund (IMF) to address the economic crisis facing the country.

    An IMF team arrived in the country on Monday to continue its engagement with the government, being represented by the Finance Ministry, Bank of Ghana and the Vice President, Dr Mahamudu Bawumia, the head of the economic management team.

     

  • Official bailout negotiations between the government and IMF will start on September 26 – Report

    Official negotiations for a package of economic assistance for Ghana are scheduled to start soon between the Ghanaian government and the International Monetary Fund.

    Upon reaching an agreement on a program, Ghana is reportedly looking to receive $3 billion from the Fund over the course of three years.
    The latest loan request was for $2.5 billion, which was double the previous $1.5 billion goal set by the administration.

    The talks between IMF representatives and Ghanaian authorities will begin on Monday, September 26, 2022, according to a Joy Business article.

    The COVID-19 pandemic and Russia’s invasion of Ukraine were recently blamed by the IMF’s managing director, Kristalina Georgina, for the current economic circumstances in Ghana.

    According to her, these two factors have significantly impacted other economies hence Ghana’s economic challenges cannot be blamed on bad policies implemented by the Ghanaian government.

    “Like everybody on this planet, Ghana has been hurt by exogenous shocks, first the pandemic, then Russia’s war in Ukraine, and we need to realize that Ghana’s challenge is not because of bad policies, but the combination of external shocks,” she indicated.

    The IMF boss also speaking on Ghana’s possible programme said her outfit is determined to reach an agreement with the Government of Ghana by the end of this year.

    She added that constructive discussions have so far been held with Ghanaian authorities for a possible economic support programme.

    On July 1, 2022, President Nana Addo Dankwa Akufo-Addo ordered Finance Minister, Ken Ofori-Atta to present an economic rescue programme to the IMF following the current economic conditions in the country.

    Subsequently, a team from the Fund led by Carlo Sdralevich visited Ghana between July 6 – 13, to gather relevant data and met with relevant stakeholders.

  • 295,000 Ghanaians employed in public sector since 2017 – Ofori-Atta

    Finance Minister, Ken Ofori-Atta, has said a total of 295,000 Ghanaians were enrolled into the public sector.

    He further stated that 84,000 new employees were being registered to be employed.

    Speaking on the floor of parliament during the 2022 mid-year budget review statement, Ken Ofori-Atta pointed out that public sector workers received their full salaries during the peak of the global pandemic – coronavirus.

    He further said the government will provide a 15% Cost of Living Allowance to public sector workers to cushion them in these challenging times.

    “Mr Speaker, this government has kept fate of public sector workers. Not a single public sector worker employee was laid off as a result of COVID-19 pandemic. Employees receive their full salaries, with frontline workers receiving additional incentives,” Ken Ofori-Atta said.

    “Since 2017, this government has employed an additional 295,000 Ghanaians in the public sector with it being the highest registering 84,000 new employees.

    “In spite of the prevailing global economic upheavals and the resultant fiscal challenges, government continues to pay salaries of all public sector employees..and has committed to pay Cost of Living Allowance of 15%,” he added.

    Cost of Living Allowance is the amount of money that an employee gets in addition to his or her normal pay.

    This comes in handy when the cost of living in a particular country is high.

    Source:ghanaweb.com

  • LIVESTREAMING: Finance Minister presents 2022 Mid-Year Budget Review

    Finance Minister Ken Ofori-Atta is presenting Government’s Mid-Year Review of the Budget Statement and Economic Policy for the 2022 fiscal year.

    The minister is expected to address economic issues, including the measures and policies the government has implemented in various sectors, in order to deal with the current economic crisis that the country is currently experiencing.

    The government’s decision to apply for an IMF bailout, the E-failure Levy’s to generate the anticipated revenue, and other problems with revenue performance for the first half of the year are likely to be discussed.

    The Mid-Year Budget Review is in accordance with Public Financial Management Act of 2016 and Article 179 of the 1992 Constitution (Act 921).

    Source: The Independent Ghana

  • State loses GH¢27bn to tax exemptions – Finance Minister confirms in parliament

    The country lost an amount of GH¢27 billion to tax exemptions between 2008 and 2020, Finance Minister, Ken Ofori-Atta, has confirmed.

    Disclosing this in parliament on Friday, July 15, Ken Ofori-Atta added that through these years, the country’s revenue dipped to about GH¢1.8 billion in only 2020.

    He said to avert some of these challenges, it is prudent for the state to protect the public purse to keep the economy on a sound footing.

    “It is true, as Ranking Member mentioned that some GH¢27 billion had been lost to tax exemptions. This brings into focus the need for all of us to protect the public purse. That is an important social re-engineering for us, as we lose revenue on many fronts,” he said.

    The Finance Minister, however, said Ghana is likely to make some savings of GH¢460 million on tax exemptions this year.

    The Tax Exemptions Bill 2020 was considered under a certificate of urgency by the Finance Committee.

    The Bill when passed, will set clear eligibility criteria for tax exemptions and provide for the monitoring, evaluation and enforcement of exemptions, Daily Graphic reported.

    It will also provide a regulatory regime for monitoring tax exemptions to ensure that exemptions granted are used for the intended purposes, as well as curtail the abuse of the existing exemption regime.

    Source:ghanaweb.com

     

  • Ofori-Atta answers questions on Covid-19 expenditure in Parliament

    The Finance Minister, Ken Ofori-Atta, is currently in Parliament answering 16 questions on the state of the country’s economy.

    He is providing the House the details of Covid-19 related expenditure by government and other matters.

    Ken Ofori-Atta was rescheduled to appear before the house after he failed to honor an earlier summon on Thursday, June 16.

    When the minister failed to show up the first time, the Minority in Parliament through the Ranking Member on the Health Committee, Kwabena Mintah Akandoh, described him as unfit for his office.

     

    Source: The Independent Ghana

  • Finance Minister expected in Parliament today

    The Minister for Finance, Ken Ofori Atta, is expected to appear before Parliament later today to answer 16 questions from different Members of the house.

    He is also expected to deliver a statement on how government funds have been utilised in the fight against Covid-19.

    His absence from Parliament last Thursday caused the Speaker to place a moratorium on business from the ministry until all outstanding obligations to Parliament are fulfilled.

    A 75 million Euro facility for a COVID-19 response programme was suspended pending the delivery of the account statement to the House by the Finance Minister.

    The Minister was scheduled to answer questions and deliver an important statement on the floor last Thursday before he put in a late request for the session to be postponed.

    The Majority Leader, Osei Kyei-Mensah-Bonsu came to the defence of the Minister following the postponement saying Mr. Ofori-Atta was yet to go over the responses to the question he was expected to deliver in Parliament.

    “He pleaded that he should see them [the questions] first, read them and appreciate what the technical people have brought  and if there are any other matters to be added on he does so becomes to this House so that he will be able to give a comprehensive response.”

    The Majority Leader also stressed that Mr. Ofori-Atta was not running away from the questions.

    “For anybody to jump to the conclusion that the minister is running away from responsibility, I shudder to think of how that is coming about.”

    Source: Citinews

     

  • Bagbin puts Finance Ministry business on hold over Ofori-Atta no-show in Parliament

    The Speaker of Parliament, Alban Bagbin, has put all business from the Ministry of Finance on ice until all pending questions are answered, and a COVID-19 Expenditure statement is delivered by sector to the Minister, Ken Ofori-Atta.

    Already, a 75 million Euro facility for a COVID-19 response program has been suspended pending the delivery of the account statement to the house.

    “Until we go through the accountability process, we will not take that motion… Today, he has another request before us. That will also be affected.”

    “Until he comes to respond to the questions and to submit the statement giving an explanation as to how the money has been applied, we will not entertain any business from that Ministry,” Mr. Bagbin said.

    The Minister was scheduled to answer questions and deliver an important statement on the floor on Thursday before he put in a late request for the session to be postponed.

    The Minister has 16 questions to answer on a number of issues, including the utilization of COVID-19 funds.

    The Majority Leader, Osei Kyei-Mensah-Bonsu came to the defence of the Minister following the postponement of the session.

    According to Mr. Kyei-Mensah-Bonsu, Mr. Ofori-Atta was yet to go over the responses to the question he was expected to deliver in Parliament.

    “He pleaded that he should see them [the questions] first, read them and appreciate what the technical people have brought  and if there are any other matters to be added on he does so becomes to this House so that he will be able to give a comprehensive response.”

    The Majority Leader also stressed that Mr. Ofori-Atta was not running away from the questions.

    “For anybody to jump to the conclusion that the minister is running away from responsibility, I shudder to think of how that is coming about.”

    Mr. Kyei-Mensah-Bonsu said it has been recommended that the Finance Minister appear before Parliament on Wednesday, June 22.

    Source: Citinewsroom

  • No more road tolls – Finance Minister declares

    Finance Minister, Ken Ofori-Atta, has announced government’s decision to abolish road tolls.

    He said inasmuch as money is needed for the fixing of deplorable roads in the country, the establishment of toll booths has led to congestions at various toll points.

    Ofori-Atta further said that the congestion has affected productivity negatively.

    It would be recalled that some Ghanaians including politicians have over the years called on government to rethink its decision on tolls.

    They explained that the toll booths cause traffic congestion and also pose health risks to commuters.

    Addressing this challenge in parliament during the 2022 budget reading, Ken Ofori-Atta said, “Mr. Speaker, our roads need fixing. Our roads are being fixed. It is true that more roads have been fixed and are being fixed over the last five years than any relative period in the entire history of our nation. We even want to do a lot more and this budget will cater for this.

    “That is why for decades, Government after Government imposed and maintained tolls on some public roads to raise funds for road construction and maintenance. This is the situation in many countries. However, over the years, the tolling points have become unhealthy market centres, led to heavy traffic on our roads, lengthened travel time from one place to another, and impacted negatively on productivity,” he said.

    “The congestion generated at the tolling points, besides creating these inconveniences, also leads to pollution in and around those vicinities. To address these challenges, Government has abolished all tolls on public roads and bridges. This takes effect immediately the budget is approved (after appropriation or now?). The toll collection personnel will be reassigned. The expected impact on productivity and reduced environmental pollution will more than off-set the revenue forgone by removing the tolls,” he declared.

    Source: www.ghanaweb.com

  • Finance Minister Presents US$28 million car loan agreement to Parliament

    Finance Minister, Ken Ofori-Atta, has submitted to Parliament for approval a loan agreement of US$28 million pending consideration by the Finance Committee.

    This is for the purchase of 275 vehicles for members of the 8th Parliament.

    Parliament has also approved a US$200 million World Bank loan to buy COVID-19 vaccines.

    The amount which was approved on Tuesday, July 6 will also be used to cater for other activities to strengthen the health system.

    A report by the Finance Committee indicated that out of the US$200 million, UA$137.15million will be spent specifically on vaccine procurement.

    Portions of the report read “The committee was informed that each dose of the vaccine is estimated to cost US$10.55.”

    The report added that, “this financing would provide improved access to affordable and equitable COVID-19 vaccines, strengthen the system for effective deployment as well as enhance preparedness and response to the Ghana COVID-19 strategic preparedness and response programme.”

    Source: 3news.com

  • We’ve invested ¢3.2bn in Free SHS – Finance Minister

    Finance Minister, Ken Ofori-Atta, has said the Nana Addo Dankwa Akufo-Addo-led administration has committed some GH¢ 3.2 billion in the implementation of the Free SHS.

    According to the finance minister, the Free SHS project has benefitted some 1.2 million Ghanaian children at the Senior High School level. This, he stated has resulted in parents and guardians saving GH¢ 2.2 billion.

    He made this known on the floor of parliament on Thursday as he presented the 2020 Mid-year budget review.

    “Mr. Speaker, in acknowledging that education is the primary driver for upward social and economic mobility, we rolled out a raft of policy measures to improve the opportunities of our people”.

    “We invested GH¢3.2 billion to implement Free SHS, resulting in over 1.2 million teenagers being in secondary school now, looking forward to better opportunities in life. For their parents and families, this has translated into GH¢2.2 billion in savings. That is money that the State has put back into the pockets of Ghanaians all across the country”.

    In addition, he said the government has also invested GH¢1.6 billion in the creation of jobs for about 100,000 youth through the flagship NaBCO programme.

    “We have also invested in excess of GH¢1.6 billion in 100,000 jobless but educated young adults who had been ignored by the State and were in despair. Through the new NABCO initiative, they have been engaged in various state and private institutions, with some of them securing permanent jobs in the process. That is money in the pockets of our youth”.

    Free SHS controversy

    Former Finance Minister under the erstwhile Mahama administration, Seth Terkper has ordered the Akufo-Addo government to come clean with Ghanaians about, their source of funding for the Free Senior High School (SHS) programme.

    This comes after the ruling New Patriotic Party, in May 2019 said the government has removed the Free SHS programme from the list of projects financed directly from Ghana’s oil cash fund – Annual Budget Funding Amount (ABFA).

    According to Mr Terkper, despite the above-mentioned claims, the government is still making use of the oil revenue to fund the Free SHS programme, hence, the need for the Finance Minister, Ken Ofori-Atta to fill Ghanaians in on why that action was taken.

    He further alleged that aside government taking from money from ABFA, it has also borrowed US$2 billion from the International Monetary Fund (IMF) to keep the Free SHS programme up and running

    Source: www.ghanaweb.com

  • Finance Minister to deliver mid-year budget Thursday

    Finance Minister Ken Ofori-Atta will on Thursday, 23 July 2020 present the 2020 midyear budget review to Parliament.

    The presentation of the midyear budget review falls in line with Section 28 of the Public Financial Management Act, 2016 (Act 921).

    The budget is expected to focus on roadmaps and strategies to generate revenue for the country following the outbreak of the deadly COVID-19 and recovery of the economy.

    According to the Finance Minister, the mid-year budget will also examine support for industries and businesses that have been badly affected by the pandemic.

    Mr Ofori-Atta says the budget will also consider extending some support to businesses and industries hit by the pandemic.

    It is expected that Mr Ofori-Atta will announce a roadmap on how the government will pay back the GHS10 billion that was borrowed from the Central bank and USD 219 million that was transferred to deal with the deadly virus.

    Source: Class FM