Month: November 2018

Former Minister of energy and Member of Parliament (MP) for Ellembele, Emmanuel Kofi Armah Buah has predicted that Ghana is likely to go back to the “dumsor” era where there was consistent unstable power cut.

According to the former energy Minister there is no plan by the current New Patriotic Party (NPP) administration to add on to the power generating plan the previous government left.

He further added that as a nation we are not planning to address indebtedness of the power system.

“The National Democratic Congress (NDC) government addresses all these issues we got two thousand more megawatt on board and brought power solution, we have indigenous gas to address our energy sector problem”.

He challenged the media to check the current financial statues of GRICO and Volta River Authority (VRA); how are they doing? “I am worried if we are not careful we are going back to “dumsor”, it is very critical”, he lamented.

“Our energy sector levy is being used for pensions we are starving the utilities service providers and the debt keeps piling up, we had followed the plan of the previous administration we would have gotten close to our 2020 projection of universal policy on access to utility”.

Again we are not meeting our target of rural electrification, they are all stuck and we would be looking out for it in the budget, how government is addressing them.

He further pointed out that Saudi Arabia has announced a cut in crude oil and it means crude prices are going up, a gallon of petro fifty percent of that has tax element, we should be looking at this in the budget and it is the responsibility of government to be addressing this difficulties, he lamented.
By: Kwaku Sakyi-Danso/ghanamps.com

Former Deputy Minister of Finance, Mona Quatey has taken a swipe at the President Nana Akufo-Addo government for their claim that they are consolidating the economic gains made.

According to the former Deputy Finance Minister, the two years of the current government is eroding the gains made by the former President John Mahama’s administration and this need to be made clear to Ghanaians.

“We need to let the people of Ghana know what is going on this economy,  actually the economy  in a recession,  what is happening now and going to happen  is not going to be pleasant in terms of our cost of living cost of production”, she lamented.

She further emphasized that: “we going to see our economy go down let us make that clear to everyone, the gains being shown is the hard work that we the NDC has put in place.  If we are not careful it would all be eroded”. She made this remarks at a round-table discussion on Tuesday by the Minority in Parliament.

Mrs. Mona Quatey said she feels sad when she hears Information Minister Kojo Oppong say that, “President takes pride in the first few years of its government, we have achieved key economic success”, how so?

Before we left government we said, there is time to sow and a time to reap, therefore the NPP government is reaping what we had sown .

By: Kwaku Sakyi-Danso/ghanamps.com

The Akufo Addo led Government will provide the seed money for the construction of the controversial National Cathedral project, Finance Minister has told Parliament.

Presenting the 2019 Economic Policy and Budget statement for the financial year ending December, 32, 2019, Mr Ken Ofori Atta dropped the bombshell against Governments earlier claim that it will only play a facilitation role in the project.

“Mr. Speaker, on March 6, 2017 – the 60th year of our independence – the President cut the sod for the construction of a National Christian Cathedral for the country that will provide the space for national events of a religious nature.  A National monument, the Cathedral will house impressive chapels and baptistery, 5000-seat main auditorium, expandable to 15000 people for national events and celebrations.

“It will include among others, a grand central hall, a music school, and will house Africa’s first-ever Bible Museum and documentation centre. The National Cathedral project will also bequeath to the country a gracious national park for all Ghanaians; bring new skills, technology and jobs to the country; and will act as a beacon to national, regional and international tourists. Mr Speaker, the state is facilitating this process by providing the land, the Secretariat, and seed money for the preparatory phase”.

Many citizens of Ghana, Civil society organizations, the Trade Union Congress and individuals have all stated their opposition to move by government to use the tax-payers money for such a project saying it is not a priority.

Christian Kpesese/ ghanamps.com

Finance Minister, Ken Ofori-Atta has reiterated President Nana Addo Dankwa Akufo-Addo, government’s determination to the fight against corruption.

As a result the Government has given the Office of the Special Prosecutor an amount of GH¢180 million with a promise to provide more resources in the course of 2019. This is to help the Office carry out its mandate.

Mr Ofori-Atta disclosed this on the floor of Parliament Thursday, November 15, 2018 when he presented the 2019 budget statement and economic policy.

He stated that President Akufo-Addo is poised to fulfill his promise of protecting the public purse.
“The Special Prosecutor’s Office which is established under the Office of the Special Prosecutor Act 2017 (Act 959) is one of the highest priorities of government,” he insisted.

“In this budget, the Special Prosecutor’s Office has been allocated an amount of GH¢180 million from GoG with a commitment to provide additional resources during the course of 2019 to enable the Special Prosecutor’s Office to carry out its mandate” he stated.

By Christian Kpesese/ ghanamps.com

The Minority National Democratic Congress (NDC) members of Parliament have variously described the 2019 budget statement and economic policy delivered by Minister of Finance, Ken Ofori-Atta in various terms.

Some described it as made in China whiles others say is a hopeless budget, “Ahokyere budget” among others.

The Minority members were seen displaying placards with various descriptions including “TRAMOL budget” on the budget.

The presentation of the budget statement which was on the theme: ‘A Stronger Economy for Jobs and Prosperity’ took the Finance Minister almost four hours to present.

By Christian Kpesese/ ghanamps.com

Government has acknowledged the Ghanaian economy is going through very tough times but has assured and is optimistic that the 2019 budget christened ‘Mputuo’budget will assuage the hardships and restore growth.

Finance Minister, Ken Ofori-Atta gave the concession and assurance when he presented the 2019 budget statement in parliament on Thursday.

He stated “We have managed to ease the hardships. We are not there yet, we have a long way to go, what is clear is the nation is moving forward under this government”.

Mr Ofori-Atta also expressed government’s resolve to deliver the future and provide hope for the citizenry.

“We are set deliver a future that meets the aspirations and hope of all Ghanaians in this budget” he assured.

Government he said is aiming to narrow its budget deficit to 4.2 percent of gross domestic product in 2019 and forecasts GDP growth of 7.6 percent including oil.

Again government he said has targeted an inflation of 8 percent by the end of next year, the same as its 2018 target.

He also assured government will intensify compliance measures and broaden the tax net to augment revenue mobilisation.

By Christian Kpesese/ ghanamps.com

This is expected to be done on the back of a portion of VAT receivables as prescribed in Act 581.
Finance Minister, Ken Ofori-Atta who disclosed this to Parliament on Thursday when he presented the 2019 economic policy and Budget statement said the amount will be used for critical education infrastructure, especially to complete the numerous uncompleted buildings in secondary and tertiary institutions around the country.

GETFUND, one of the critical statutory expenditure avenue sources which has ensured the provision of several educational facilities across the country has suffered inadequate funding for a long time.
This has stalled several GETFUND funded projects across the country.

As a result, the US$1.5 billion long-term financing when secured will bring a new breathe into the fund.

By Christian Kpesese/ ghanamps.com

As a means of boosting livestock production in the country, Government will soon launch the livestock model of Planting for Food and Jobs.

The move to be christened “Rearing for Food and Jobs” (RFJ) with the objective of increasing the production of selected livestock, especially poultry is largely aimed at revamping the entire agriculture sector of the economy.

Finance Minister, Ken Ofori-Atta disclosed this to members of Parliament when he presented the 2019 Economic Policy and Budget Statement to Parliament said the initiative will reduce Ghana’s food import burden.

“We believe we can leverage the PFJ and RFJ programmes and our other efforts in agriculture to reduce our large food imports. As a country, we spend over $2 billion every year importing food. For example, we import over a billion dollars of rice, $ 320 million of sugar, and $374 million of poultry” he said.

The Minority on the other hand indicated that the budget portends no hope and it just remains a rehash of the old budgets.

By Christian Kpesese/ ghanamps.com