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Public debt costs 57.4% of GDP – Minister

Ghana’s public debt including the financial sector bailout costs at the end of September 2018, was 57.4 per cent of rebased Gross Domestic Product (GDP), the Minister of Finance has said. Mr Ken Ofori-Atta said, excluding bailout costs, the debt was 53.9 per cent of rebased GDP; and that, the …

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Proposed personal income tax reviewed downward

The Minister of Finance, Ken Ofori-Atta,  says government will amend the additional personal income tax band introduced in the mid-year budget to cover monthly income above GH¢20,000.00 at a rate of 30 per cent instead of the earlier GH¢10,000.00 at a rate of 35 per cent. Speaking during the presentation …

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Government to ‘bite’ on tax compliance

Government had outlined several interventions to ensure adequate revenue collection by the Ghana Revenue Authority (GRA) and to address leakages caused by non-compliance and debt on the part of taxpayers. A major part of this move, according Mr. Ken Ofori-Atta, Minister for Finance, is the retooling of the GRA to …

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We will shift collection of tax on small-scale mining to point of export – Minister

Government has said to simplify the collection of withholding tax for both small scale mining operators and tax authorities, the point of collection of the tax will be shifted to the point of export. Mr Ken Ofori-Atta, the Minister of Finance, said in the Bill to make this happen, the …

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Government allocates GH¢400m to promote lending to agriculture sector

The Government has set aside GH¢400 million, with an additional funding of $14 million from the African Development Bank, towards the establishment and operationalisation of the Ghana Incentive Base Risk Sharing System for Agricultural Lending (GIRSAL), next year. This system would to help manage the risks and stimulate private sector …

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Ghana to receive $100m from Poland to establish tractor assembly plant

The Ministry of Trade and Industry, in collaboration with the Government of Poland, will receive a $100 million concessionary credit facility to establish an assembly and manufacturing plant for tractors and modern agricultural equipment. The facility is under the African-Polish Cooperation Framework. The tractor manufacturing plant would serve both the …

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National Cathedral will not put undue financial burdens on state – Ofori-Atta

The funding of the National Cathedral project will not put undue financial burdens on the state, Mr Ken Ofori-Atta, Finance Minister, has disclosed. Mr Ofori-Atta made this known on Thursday during his presentation of the 2019 budget statement and financial policy of the Government to Parliament on Thursday. He recalled …

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KMA to construct waste-to-energy recycling plant

The Kumasi Metropolitan Assembly (KMA) is in talks with PGP Group, a Spanish company, for the establishment of a waste-to-energy recycling plant. Mr Osei Assibey-Antwi, the Metropolitan Chief Executive (MCE), said when installed, the facility would help address the disposal of the ever increasing tonnes of waste in the city. …

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Finance Minister says Ghana’s economy in 2018 impressive

Ghana’s economy has performed well in the first nine months of 2018 and is on track to meet the set targets, Mr. Ken Ofori-Atta, Minister of Finance, has said. The 2018 budget statement projected an overall GDP growth rate of 6.8 per cent (5.6 per cent in the rebased series), …

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Government to boost housing industry

As part of efforts to boost housing supply and strengthen coastal protection, Government will continue to work on several housing projects. Mr Ken Ofori-Atta, Finance Minister said the Government would continue to work on projects such as the Saglemi Housing Project, where 4,100 of 5,000 homes would be completed in …

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