2023 Budget Archives - Wontumi Online

20 Feb

Ghana’s 2023 Budget More Expansionary – Fitch Solutions

wontumionlineBusiness2023 Budget, Budget deficit, fiscal, Fitch solutions

Fitch Solutions has disclosed that Ghana’s 2023 budget is more expansionary than it had anticipated, keeping public spending elevated. In its latest February 2023 Africa Monitor Report, it said despite the government aiming to implement some expenditure reforms, the Finance Minister, Ken Ofori-Atta, did not announce large-scale spending cuts. “While the government aims to implement some expenditure reforms – including a hiring freeze for public servants and placing a cap on salary adjustments at state-owned enterprises – the Finance Minister did not announce large-scale spending cuts”. “Indeed, the government aims to keep capital expenditure and grants to government units elevated…

11 Jan

1% E-Levy Implementation Starts Today

wontumionlineNews2023 Budget, E-levy, Implementation

The implementation of the revised Electronic Transfer levy (E-Levy) rate of 1% kicks off today, Wednesday, January 11. The Ghana Chamber of Telecommunications has announced its preparedness to implement the new rate. The service providers are Airtel Mobile Commerce (Ghana) Limited, GCB G-Money, Mobile Money Limited, Vodafone Mobile Financial Services Limited and Zeepay Ghana Limited. In a press release issued on Tuesday, the Chamber said its members are working assiduously with the Ghana Revenue Authority (GRA) and other institutions, to ensure a seamless implementation of the revised E-Levy rate. “The Chamber would like to assure the general public that its…

13 Dec

Economy Responding Positively; We Will Leverage That To Get ‘Programme’ Approval From Board – Government, IMF Mission Team

wontumionlineBusiness2023 Budget, IMF Mission Team, Ken Ofori Atta, Stéphane Roudet

The Government of Ghana and the International Monetary Fund are eager to leverage the positive response of the economy through the Staff-Level Agreement to get a board approval from the IMF Executive Board. In a joint statement signed by Finance Minister, Ken Ofori-Atta and leader of the IMF Mission team, Stéphane Roudet, they expressed optimism that the 2023 Budget adjustment strikes the right balance between determination and pragmatism. “Already, the economy is responding positively to the news of Government of Ghana and the IMF reaching an SLA [Staff-Level Agreement] and we are eager to leverage this momentum to the very…

07 Dec

Focus On Reducing Debt To 60% Of GDP – Deloitte Ghana To Government

wontumionlineBusiness2023 Budget, Debt exchange programme, deloitte ghana, Domestic debt, sustainable debt levels

Auditing and accounting firm, Deloitte Ghana, is urging the government to focus on reducing the total debt to Gross Domestic Product ratio to below 60% in the medium to long term. This is considered the threshold for sustainable debt levels. In its review of the 2023 Budget, it expressed worry about the rising domestic debt. The government launched a Debt Exchange Programme on December 5, 2022 to restructure the country’s debt as a prerequisite for an International Monetary Fund programme. This is expected to affect the returns of pension and insurance funds. Deloitte Ghana said whilst government has tended to…

07 Dec

Parliament Approves 2023 Budget And Economic Policy

wontumionlineNews2023 Budget, Parliament

The Parliament of Ghana has approved the 2023 Budget and Economic Policy of the government. Despite a budget debate dogged by low numbers of Members of Parliament on both the Majority and Minority sides, the Majority managed to get in enough members on their side just in time to approve the budget statement. Debating on the floor of Parliament, Minority Leader, Haruna Iddrisu argued the group’s hesitance to move forward with the budget approval. “Mr Speaker, if I say that our country is in deep crisis and President Akufo-Addo himself has accepted that the country is in crisis but what…

30 Nov

Adopt Consultative Approach Before Implementing 2023 Budget – KPMG To Government

wontumionlineBusiness2023 Budget, Anthony Sarpong, Government, KPMG

Accounting and auditing firm, KPMG wants government to adopt a consultative approach to ensure that the concerns of individuals, households and businesses are well addressed before measures captured in the 2023 Budget are implemented. The 2023 Budget is hinged on seven-point agenda. They include aggressively mobilising domestic revenue through various tax reforms, streamlining and rationalising expenditures, boosting local productive capacity and promoting and diversifying exports. In its 2023 Budget Highlights led by Senior Partner, Anthony Sarpong, KPMG, said with the current high levels of debt and recent downgrades in credit ratings, enhancing domestic revenue mobilisation remains a top priority for…

24 Nov

2023 Budget: Government To Cut Imports Of Public Institutions By 50%

wontumionlineBusiness2023 Budget, Ken Ofori Atta

The Finance Minister, Ken Ofori-Atta has announced some measures in the 2023 Budget aimed at boosting the local productive capacity of the economy. Outlining the measures on the Floor of Parliament, Mr. Ofori-Atta said government will cut the imports of public sector institutions that rely on imports either for inputs or consumption by 50%. It will therefore work with the Ghana Audit Service and the Internal Audit Agency to ensure its compliance. He added that government will support the aggressive production of strategic substitutes, including the list disclosed at the President’s last address to the nation. “We will also support…

24 Nov

2023 Budget Hinges On 7-Point Agenda For Economic Transformation – Ofori-Atta

wontumionlineBusiness2023 Budget, Ken Ofori Atta

Finance Minister, Ken Ofori-Atta has pointed out that the 2023 Budget is anchored on a seven-point agenda aimed at restoring macro-economic stability and accelerating Ghana’s economic transformation as articulated in the Post-COVID-19 Programme for Economic Growth (PC-PEG). These comprise an agenda to aggressively mobilize domestic revenue, streamline and rationalise expenditures, boost local productive capacity, promote and diversify exports, protect the poor and vulnerable, expand digital and climate-responsive physical infrastructure and implement structural and public sector reforms. To achieve these, Mr. Ofori-Atta said there are three critical imperatives which are; successfully negotiating a strong International Monetary Fund programme, coordinating an equitable…

24 Nov

#2023 budget: E-levy Rate Charged Reduced From 1.5% to 1.0%-

wontumionlineFeatured, News, Trending2023 Budget, E-levy, Finance Minister Ken Ofori-Atta

The finance minister, Ken Ofori Atta, has announced that the government intends to review the E-levy policy and hence the rate charged will be reduced from 1.5 percent to 1 per cent. Delivery the budget statement for 2023 fiscal year, Ofori-Atta noted that this is part of the government of Ghana's effort to increase the domestic revenue mobilization target of the government. He further gave a hint that the daily threshold criteria for the payment of the e-levy will also be reviewed. Meaning, the GHc 100cedi threshold which was initially communicated will be reviewed by the government. The finance minister…

21 Nov

2023 Budget Is “A Make Or Break One” – IEA

wontumionlineBusiness2023 Budget, IEA, Monetary Policy

The Institute of Economic Affairs (IEA) has described the 2023 Budget as a make or break one”, saying if it fails to get it right, near-irreversible damage could be done to the economy. According to the institute, the budget must not be business as usual. It therefore wants a budget that will demonstrate consideration for a new fiscal policy paradigm capable of delivering sustained macroeconomic stability and growth as well as indicate an ambitious revenue mobilisation profile. “It must break from the past and chart a new course to restore macroeconomic stability, while laying the foundation for long-term sustainable growth…