Government is expecting to realize roughly US$886 million as petroleum revenue for 2021. This was announced by the caretaker Finance Minister and Minister of Parliamentary Affairs, Mr. Osei Kyei-Mensah-Bosnu during the 2021 budget presentation in Parliament on Friday, March 12, 2021. The amount is made up of royalties of US$201.0 million, Carried and Participating Interest
The Ghana Association of Bankers wants government to find other ways of addressing the high fiscal deficit, rather than targeting the banking sector with new tax introduction. “As an industry, we believe that if we [the banking industry] have this huge fiscal deficit, we must have a plan to address it.” “We believe we have
Osei Kyei-Mensah-Bonsu, Majority leader in Parliament, has said that total crude oil production for the 2020 fiscal year was 66.9 million barrels as compared to 71.4 million barrels of production in 2019. He said the National Petroleum Corporation was able to transport over 88.4 standards cubic fit of gas to the Ghana National Gas company
Total liabilities recorded by the Central Bank for the year ended 2020, amounted to Ghs 115 billion. As contained in the Quarterly Statistical Bulletin released by the Bank and perused by norvanreports, the Central Bank’s liabilities on a year-on-year basis increased by some Ghs 35.6 billion, as liabilities recorded by the Central Bank at end-December 2019, stood
Ghana has lost its status as a Middle-Income Country (MIC). This follows the reclassification of the country as a Low-Income Country (LIC) by the International Monetary Fund (IMF) in its April 2021 Fiscal Monitor Report. According to the IMF, it no longer recognises Ghana as a MIC despite achieving the status in 2010. The downgrade
The International Monetary Fund (IMF), has expressed worry over Ghana’s rising debt stock noting the country has to implement some drastic measures to contain the debt situation. Addressing the issue, Director of the African Department of the IMF, Abebe Amero Selassie, adviced government that it revise some of its debt sustainability programmes. “Our engagement with
President of the World Bank Group, David Malpass, is advocating for interest rate deductions on loans made to poor countries by both private and sovereign creditors. According to him, interest rates of 6 or 7 percent on official bilateral debt of poor countries is simply to high and cannot be justified when compared to that
Says Morgan Fraud, the author of The Thinking Corporation, “Given that we are all capable of contributing new ideas, the question becomes how do you successfully generate, capture, process and implement ideas?” Becoming an organization capable of answering this question can benefit in a number of ways
The teams focused their efforts on a few of the highest-value S&OP levers in order to review the current planning process, identify gaps in the planning infrastructure and analytically understand demand and supply variability.
Parliament’s Minority Leader, Haruna Iddrisu, has taken issue with the practice whereby the Auditor General publishes his audit reports even before the Legislature gets the opportunity to scrutinise them. Though he acknowledges that the practice is backed by law, the Tamale South MP laments that the practice has dire implications on people’s reputation and dignity.