Finance Ministry

Finance Ministry Proposes Tax Incentives For Women In Lower-Income Brackets

Finance Ministry Proposes Tax Incentives For Women In Lower-Income Brackets

George Winful, Director of Revenue Policy, Ministry of Finance, has urged the government to provide tax incentives for vulnerable groups, particularly women in lower-income brackets, to promote economic inclusion. He said there was an urgent need for gender-sensitive fiscal policies, noting that the COVID-19 pandemic had disproportionately impacted women, particularly through job losses and increased care responsibilities. Speaking during a Policy Conference in Accra, Mr Winful argued that tax policy interventions were essential for addressing gender inequality in multiple ways, including generating revenue for social spending, supporting sectors employing women, and redistributing income to benefit women and children. The conference…
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Finance Ministry Directs Controller General To Pay $30 Million To Sunon Asogli – Report

Finance Ministry Directs Controller General To Pay $30 Million To Sunon Asogli – Report

The Ministry of Finance has issued a directive to the Controller and Accountant General's Department to pay a $30 million debt owed to Sunon Asogli, an Independent Power Producer. This notice, according to norvanreports.com is part of a new agreement aimed at resolving the debt issues that led to the shutdown of Sunon Asogli's 560-megawatt power plant. The initiative comes amid concerns by power consumers who believe that Ghana could face a potential power crisis, known as "dumsor," which is likely to impact the country's economy. Meanwhile, the spokesperson for Sunon Asogli, Dr. Elikplim Apertogbor, has expressed concerns about the…
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Ghana’s Economy Poised For Growth – Abena Osei-Asare

Ghana’s Economy Poised For Growth – Abena Osei-Asare

The Minister of State at the Finance Ministry, Abena Osei-Asare has expressed confidence in Ghana’s economic recovery, highlighting ongoing structural reforms aimed at sustaining recent growth. Speaking at the inaugural Quarterly Economic Round Table (QER) at the ISSER Conference Hall on July 2, 2024, Osei-Asare emphasised government efforts to bolster economic gains. She also highlighted efforts in stabilizing the Cedi against the US dollar, improving gross international reserves, and reducing public debt accumulation post-debt restructuring. “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…
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Size Of Ghana’s Economy Hits GH¢841.63Bn In 2023 – GSS

Size Of Ghana’s Economy Hits GH¢841.63Bn In 2023 – GSS

The size of Ghana’s economy stood at GH¢841.63 billion in 2023, the Ghana Statistical Services has revealed. This includes net indirect taxes estimated at GH¢58.74 billion. In 2022, the size of the country’s economy or Gross Domestic Product was estimated at GH614.33 billion. According to the Ghana Statistical Services, the services sector constituted the biggest sector, accounting for GH¢357.34 billion. This represented 45.6% contribution to GDP. Industry followed with GH¢247.941 billion, about 31.7% contribution to GDP. Agriculture was estimated at GH¢177.606. billion (22.7% contribution to GDP). The top five Sub-Sectors by Share of GDP were Crops (19.4%), Trade; Repair of…
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Deputy Finance Minister Reassures Parliament On Settlement Of Blackshield Capital Claims

Deputy Finance Minister Reassures Parliament On Settlement Of Blackshield Capital Claims

Mrs. Abena Osei-Asare, the Deputy Finance Minister, has affirmed to Parliament the government's commitment to settle all validated claims of Blackshield Capital Limited, now known as Gold Coast Fund Management, pending resolution of court issues. According to the Ghana News Agency, the minister who Appeared before the Parliamentary Committee investigating a petition by some customers of Blackshield Capital Ltd assured that once legal matters are resolved, outstanding payments would be made. Referring to the 2021 Budget Statement and Economic Policy, Mrs. Osei-Asare informed the Committee of the government's efforts to complete the bailout of the asset management industry. She highlighted…
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Abena Osei-Asare Appointed As Minister Of State At The Finance Ministry

Abena Osei-Asare Appointed As Minister Of State At The Finance Ministry

Deputy Minister for Finance, and New Patriotic Party (NPP) Member of Parliament for Atiwa East constituency, Abena Osei-Asare, has been appointed by President Akufo-Addo as a Minister of State at the Finance Ministry. Mrs Osei-Asare takes up the role from Mohammed Amin Adam who has been appointed as the substantive Finance Minister following Ken Ofori-Atta’s exit from office on Wednesday, 14 February 2024 after serving in the space for 7 years and 2 months. Dr Alexander Ampaabeng, the NPP 2024 parliamentary candidate for the Juaboso constituency in the Western North Region, has also been appointed as the Deputy Minister for…
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Finance Ministry, BoG Set Up Financial Oversight Desk At COCOBOD

Finance Ministry, BoG Set Up Financial Oversight Desk At COCOBOD

Finance Minister, Ken Ofori-Atta confirmed to Joy News the establishment of a monitoring desk by the Ministry of Finance and the Bank of Ghana (BoG) to observe the finances of the Ghana Cocoa Board (COCOBOD). This is to ensure discipline in its expenditure. The Ghana Cocoa Board which is mandated to supervise the production and export of cocoa in the country is reeling under huge annual losses which the International Monetary Fund (IMF) has identified as a major threat to the sector and government’s fiscal efforts. The Minister in an interview withJoyNews’ George Wiafe, said the purchase of fertilizers and…
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Government Considers Re-opening DDEP For Persons Who Didn’t Sign Up – Dr. Amin Adam

Government Considers Re-opening DDEP For Persons Who Didn’t Sign Up – Dr. Amin Adam

Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam has disclosed that government is looking at reopening the Domestic Debt Exchange Programme for persons who did not sign up to reconsider their decisions. According to him, the move has been influenced by concerns of tradability by some investors who still want to hold on to the old bonds and government papers. Dr. Adam added that the proposal could be considered soon with some measures taken to deal with the concerns of all investors. Appealing to bondholders who did not sign up the first time, he urged such investors…
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Government Denies Solely Relying On Treasury Bills To Service Coupons On New Bonds

Government Denies Solely Relying On Treasury Bills To Service Coupons On New Bonds

Government has denied that it is solely using funds raised from treasury bills to finance coupon payments of new bonds. According to government, it has been using other sources of funding to pay the new bonds. Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam disclosed this on PM Express Business Edition on August 25, 2023 with host George Wiafe. “We are collecting tax revenue, grants and pursuing expenditure controls. All these are avenues that government is depending on to finance its expenditure”, he explained. He stated that recent payment of bonds made on August 22, 2023 were…
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Finance Ministry Launches 2022 SDG Report

Finance Ministry Launches 2022 SDG Report

In a significant step toward its commitment to achieving the United Nations Sustainable Development Goals (SDGs), the Ministry of Finance launched the fifth annual SDGs Budget Report on Wednesday. This report marks another stride in government’s ongoing endeavours to assess and bridge the funding gap as required for realisation of the Global Goals. The 2022 SDGs Budget Report is designed to function as a vital decision-making tool, aiding the Ghanaian government in meticulously tracking funding for the SDGs. With its focus on transparency and accountability, the report provides comprehensive insights into allocations and expenditure of the national budget across each…
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