Economics

100-yr $50bn bond'll end "hand-to-mouth" status – Ofori-Atta

Finance Minister Ken Ofori-Atta

The decision by the government to raise a $50 billion ultra-long-term bond over a period of 100 years “is not intended to derail our debts sustainability path, but rather to enhance it”, Finance Minister Ken Ofori-Atta has explained.

Presenting the 2019 Budget Statement and Economic Policy of the government on the theme: “Putting Ghana Back to Work”, Mr Ofori-Atta said on Thursday, 15 November 2018 that the government announced its intention to issue longer-dated sovereign bonds this year as part of “our bilateral engagement with other countries”.


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#2019Budget: Akufo-Addo gov't overborrowing – Terkper

Former Finance Minister, Seth Terkper,

Former Finance Minister, Seth Terkper, has said even though the New Patriotic Party (NPP), while in opposition, kicked against borrowing by the Mahama administration, the Akufo-Addo government is even borrowing more than his predecessor did.

The government has promised in the 2019 budget to undertake massive infrastructure projects next year.

Mr Terkper says the government “cannot do infrastructure on a revenue base which is not forthcoming in a domestic revenue mobilisation which was promised that they will do outside existing revenue flows”.


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Emir of Qatar lauds Akufo-Addo for ‘governing Ghana well’

The Emir of Qatar, Sheikh Tamim bin Hamad Al Thani and President, Nana Addo Dankwa Akufo-Addo

The Emir of Qatar, Sheikh Tamim bin Hamad Al Thani and President, Nana Addo Dankwa Akufo-Addo

The Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, has praised the President, Nana Addo Dankwa Akufo-Addo, for his leadership over the last 22 months since he took power.

He told the president he is “governing Ghana well”, and that the fundamentals of the Ghanaian economy, coupled with the prevailing social indicators, points to a “good example” worthy of emulation by others on the continent.

The Emir of Qatar made this known when President Akufo-Addo paid a day’s reciprocal official visit to Qatar, at the invitation of the Emir.


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What Togbe Afede said about the creation of Oti Region

Togbe Afede XIV, Agbogbomefia of the Asogli State

Togbe Afede XIV, Agbogbomefia of the Asogli State in the Volta Region and the President of the National House of Chiefs recently spoke extensively on the proposed creation of Oti Region in a radio interview with Accra based Citi FM.

Below is a transcribed version of the interview with Vivian Kai Lokko of Citi FM on October 25, 2018

(TRANSCRIBED)

My name is VIVIAN KAI LOKKO.

Our guest for tonight is TOGBE XIV, the President of the National House of Chiefs, as well as the Executive Chairman of the World Trade Centre.


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BoG must move quickly to deal with non-bank sector – Ken Thompson

CEO of Dalex Finance, Ken Thompson

The Chief Executive Officer of Dalex Finance, Ken Thompson says the Bank of Ghana (BoG) must move quickly to deal with the non-bank sector to save Ghana’s economy from collapse.

Mr Thompson said the Bank of Ghana has done a good job in cleaning the banking sector adding that without a robust financial system the economy will collapse.


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ECG wants 38% increase in power tariffs

ECG workers at work

The Electricity Company of Ghana wants Parliament to approve an increase in end user tariffs of at least 37.6 percent to cover the losses it is making on electricity sales under the current tariff structure which has been in effect since April this year.

This year’s edition of the annual major review of electricity tariffs is currently ongoing, under the supervision of the Public Utilities Regulatory Commission PURC, although a firm decision on the applicable tariffs for 2019 is not expected until December 9.


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Minority predicts more taxes in 2019 budget

Finance Minister, Ken Ofori Atta, will present the 2019 budget on November 15, to Parliament

Ahead of the 2019 budget presentation in Parliament on Thursday, November 15, the Minority is predicting that the government will introduce new taxes.

These new taxes, according to the Minority Spokesperson on Finance, Cassiel Ato Forson, will be the Finance Ministry's solution to bridging the gaping fiscal deficit.


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Waiting until 2019 to construct footbridges too far – Adentan resident

Madina-Adentan footbridge

A resident of Madina-Adentan is unhappy with a 2019 timeline given by the Ghana Highways Authority for the construction of bridges on the Madina-Adentan highway.

Selorm Brantie who is a member of the residents association is unimpressed with the assurance by GHA.

He said one year is too long a time and that more people would have died by that time.

According to him, the time to act is now to save lives since one life is one too many to lose.


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'No reason to be poor; 2019 budget full of hope' - President Akufo-Addo assures

President Akufo Addo

President Nana Addo Dankwa Akufo-Addo has given the indication that the 2019 budget would "reflect the hope Ghanaians have in the government and the future of the country".

He said though his administration inherited an ailing economy, systematically, it had succeeded, as economic indicators have shown, to put the country's economy back on the right path.


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Kwabena Duffour sues BoG over uniBank license revocation

Dr Kwabena Duffour

Dr Kwabena Duffour, a shareholder of the defunct uniBank Ghana Limited, has initiated a fight to reclaim uniBank, which the Bank of Ghana (BoG) on August 1, 2018, collapsed along with four other banks on grounds of insolvency.

The Bank of Ghana on August 1, 2018 merged five banks into a Consolidated Bank of Ghana Limited with the explanation that, investigations had established that the five banks were insolvent.

The banks are BEIGE, Sovereign, Construction, uniBank and Royal.


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