Author: newsfilegh

Access to credit for Small and Medium Scale Enterprises (SMES) as well as the private sector, is expected to be easier in the coming year. This is because of the introduction of 3 credit provision avenues by government, as stated by the finance minister, Ken Ofori-Atta during the 2020 budget reading on Wednesday, November 13. Access to finance and the high cost of credit continue to impact negatively on the operations of Small and Medium Enterprises in the country. The situation has been attributed to the absence of adequately resourced institutions as well as some macro-economic policies that discourage granting…

Access to credit for Small and Medium Scale Enterprises (SMES) as well as the private sector, is expected to be easier in the coming year. This is because of the introduction of 3 credit provision avenues by government, as stated by the finance minister, Ken Ofori-Atta during the 2020 budget reading on Wednesday, November 13. Access to finance and the high cost of credit continue to impact negatively on the operations of Small and Medium Enterprises in the country. The situation has been attributed to the absence of adequately resourced institutions as well as some macro-economic policies that discourage granting…

[L-R] Nana Akufo-Addo and Speaker of Parliament Prof Mike Ocquaye[/caption]The Finance Minister Ken Ofori-Atta has asked Ghanaians to give President Akufo-Addo another four-year term in office. This, he premised on the fact that the Akufo-Addo-led administration has had a “good term” after enumerating a number of achievements chalked by the government. Mr. Ofori-Atta said this when he presented the 2020 budget and financial statement of government termed “Nkosuo and Nkabom Budget” literally translated as ‘progress and unity budget’ on Wednesday in Parliament. “Nana Addo Dankwa Akufo-Addo has worked hard over the last three years to deliver a substantial number of…

The Minister of Finance, Ken Ofori-Atta, has disclosed that the Electricity Company of Ghana (ECG) will still have a private firm to partner it despite the cancellation of the deal with the Power Distribution Services Ghana Limited (PDS). Addressing Parliament on Wednesday, Mr Ofori-Atta said the government cannot overstate the importance of learning from past mistakes. He said the nation’s major power-distribution company still needs a private partner in order to make it more viable. “Mr. Speaker, considering ECG’s current distribution systems losses of 24 per cent, comprising 13 per cent commercial and 11 per cent technical losses, government is…

Government says plans are far advanced for the construction of a 600-capacity hostel in Accra for head porters, popularly known as ‘kayayei’. This was disclosed by Finance Minister Ken Ofori-Atta on Wednesday, November 13 while presenting the 2020 budget statement. According to him, the 600-capacity hostel will be situated in Agbogbloshie and work on the project will begin in December. “…I am happy to announce that preparations are now complete and the construction of the first 600-bed kayayei hostel will commence in Agbogbloshie next month to provide accommodation and skills training to these vulnerable young women.” Most of these head…

The Supreme Court has dismissed an application filed by special prosecutor, Martin Amidu, which sought to enforce the Attorney General to retrieve judgment debt owed the state by Waterville. The apex court in its ruling described the application as incompetent and had no basis on any rule of law. Martin Amidu dragged the Attorney-General to the apex court stating that the state is failing to carry out the court’s order to retrieve the judgement debt paid illegally to the construction company, Waterville holdings. The Special Prosecutor went to court as a private citizen expressing frustration at the state’s inability to…

Ghana’s inflation rate rose in October but is within the central bank’s medium term target of 8±2. The consumer price inched up to 7.7% in October from 7.6% in September. The 7.6 inflation recorded in September was the lowest since September 2013. The Government Statistician, attributed the food and non-alcoholic beverages and non-food inflations as the drives for October inflation. “Food and non-alcoholic beverages remains the driver of inflation, but less than earlier months”, Professor Samuel Kobina Anim noted, adding, “transport contributed the highest increase towards inflation”. KEY POINTS: Food inflation was 7.0%. Non-food inflation was 8.2%. Inflation for locally…

Ghana’s inflation rate rose in October but is within the central bank’s medium term target of 8±2. The consumer price inched up to 7.7% in October from 7.6% in September. The 7.6 inflation recorded in September was the lowest since September 2013. The Government Statistician, attributed the food and non-alcoholic beverages and non-food inflations as the drives for October inflation. “Food and non-alcoholic beverages remains the driver of inflation, but less than earlier months”, Professor Samuel Kobina Anim noted, adding, “transport contributed the highest increase towards inflation”. KEY POINTS: Food inflation was 7.0%. Non-food inflation was 8.2%. Inflation for locally…

Finance Minister Ken Ofori-Atta has assured that government is committed to ensuring the history of overspending during election years in the country does not occur under the NPP administration. According to the finance minister who was presenting the 2020 budget statement on the floor of Parliament, although the needed resources will be made available to the Electoral Commission, it will be done without harming the public purse. “2020 is an election year, I will like to take this opportunity to inform this august house on behalf of the president that all the needed resources required shall be marshalled for the…