President Akufo-Addo approves GHS15.6bn to pay depositors of collapsed financial companies

President Nana Akufo-Addo has granted executive approval for the expenditure of GHS15.6 billion to save the funds of depositors of the various financial institutions that have collapsed as well as shore up the liquidity of the financial sector. A letter addressed to the Minister of Finance, Mr Ken Ofori-Atta, by the President’s Executive Secretary Nana […]

Finance Minister fails to secure Committee’s approval for GHC15 billion for banking sector clean up

Finance Minister Ken Ofori-Atta has failed to secure approval from the finance committee of parliament for an amount of 15.6 billion cedis for the banking sector clean-up. The additional amount, according to a memorandum to parliament from Mr Ofori-Atta on November 28, 2019, is to be used to “protect depositors of failed financial institutions and […]

Taxpayers saved 4.1 billion cedis over 3 years following reduction in taxes-Finance Minister

The Finance Minister of the country, Ken Ofori-Atta has indicated that the government has moved the economic policy of the country away from one focused on taxation to one focused on production and outlined directives towards such objective. According to the Finance Minister, the reduction and abolition of taxes including the 50% reduction in import […]

National Development Bank in the offing-Finance Minister

Government is due to establish a National Development Bank (NBD), Finance Minister, Ken Ofori-Atta has announced. ‘’Mr. Speaker feasibility study for the establishment of the National Development Bank specifying the rationale, mandate, business model, legal and regulatory framework, ownership, governance and sustainability of the Bank has been completed’’ Mr. Ofori-Atta while presenting the 2020 Budget […]

Revealed: Finance Minister has no bodyguard, donates salary to charity every month

It has emerged that Ghana’s Finance Minister, Ken Ofori Atta actually donates his monthly salary to charity since he took office in 2017. Ruling New Patriotic Party (NPP) strongman, Gabby Asare Otchere-Darko who made the revelation in a beautifully carved message eulogizing the Finance Minister who is celebrating his 60th Birthday today, said the Minister […]

Take or Pay contracts: Govt, IPPs begin 3-month talks to resolve issues

Government has begun collaborative consultations with Independent Power Producers (IPPs) to resolve the take-or-pay obligations crippling Ghana’s energy sector. The three-month engagement, directed by the ministers of energy and finance, will involve direct discussions with each of Ghana’s Independent Power Producers (IPPs) and gas suppliers, among others. At a meeting with stakeholders in Accra yesterday, […]