Indigenous banks are likely to be laying off staff shortly to meet the Central Bank’s GHC400million minimum capital requirement threshold.
The Finance Minister, Ken Ofori-Atta will today (Thursday) present before Parliament the government’s 2018 mid-year budget review.
The presentation is in line with Ghana’s Financial Management Administration Act which requires that the Minister for Finance appear before Parliament not later than July 31, to submit a Mid-Year Fiscal Policy review.
The review is to afford the government the opportunity to announce its revision of its economic targets whose key components include the country’s macroeconomic performance and forecast for the remaining half of the year. Also, it will also analyze the country’s revenue targets and expenditures.
Although the presentation of mid-year budget reviews has often attracted low interests, this year’s presentation has courted a lot of buzz and controversy due to speculations of a possible announcement of an increment in VAT from 17.5% to 21.5%.
The suggestion first came from Mr. Gabby Asare Otchere-Darko, a leading member of the governing New Patriotic Party (NPP), whose pro-NPP newspaper the New Statesman, went ahead to publish same.
But that suggestion was greeted with mixed public reactions with majority including some stakeholders kicking against the speculated plan.
Members of National Democratic Congress (NDC) minority in Parliament also vehemently announced their opposition to the speculated increment.
Speaking at the Minority’s version of a mid-year budget roundtable, Cassiel Ato Forson said the economy was heading towards dangerous terrain.
The suspected VAT increase also evoked mixed feelings among Ghanaians in the business community. The Ghana Union of Traders Association (GUTA) said it wanted the government to rather widen the tax net rather than further burden those already paying tax.
According to Benjamin Yeboah, the National Welfare chairman of the Ghana Union of Traders Association (GUTA), the introduction of new taxes will be problematic.
Ghana's local fabrics seem to be the favourite of most people over foreign wear, even among the youth. However, vendors say the African wear business may be in trouble if government does not reduce the high tariffs placed on imported raw materials which end up making the finished local fabrics expensive.
Businesses can contribute in important ways to the realization of a world free of poverty and hunger by 2030, including through job creation, technological innovation and the provision of finance resources, the United Nations Deputy Secretary-General said on Tuesday.
The Bank of Ghana has annulled the acquisition of shares of Agriculture Development Bank held by Belstar Capital, Starmount Development company Ltd, SIC Financial Services Ltd and EDC Investments Ltd.
The Auditor-General, Daniel Yaw Domelevo says his motivation to cleanse Ghana’s payroll stems from the fact that Ghana spends almost half of its total revenue to pay less than one million people.
Office of the Public Procurement Authority, PPA has as of January till March this year saved government an amount of 554 million Cedis. Also 815 million Cedis was saved last year according to the PPA.