PFM Tax Africa views the 2021 mid-year budget review by Finance Minister, Ken Ofori-Atta as inadequate, failing to satisfy the legal requirement and obligations under section 28 of the Public Financial Management Act 2016 (Act 961). We classify the minister’s presentation, not lightly, as virtual non-review. See below our news release on the minister’s presentation
The International Monetary Fund’s (IMF) classification of Ghana as a Low-income economy is a narrow way of defining a country’s economic status, Professor Peter Quartey has said. Prof Quartey, who is the Head, Economics Division, Institute of Statistical, Social and Economic Research (ISSER), University of Ghana, said just looking at the fiscal data, revenue, expenditure,
The Nigerian federal government spent a total of N1.8 trillion on debt servicing in the first five months of the year, representing about 98% of the total revenue generated in the same period. This is according to the budget implementation report presented by the Minister of Finance, Budget & National Planning, Mrs Zainab Shamsuna Ahmed.
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, throughAct 1068 passed into existence the 1% Covid Health Recovery Levy on all goods and services consumed in the country. The 1% Covid Health Recovery Levy according to government is to help raise revenue to support Covid-19 related expenditure and also help improve the country’s current fiscal situation. The introduction and subsequent passage of the
Economic growth in Sub-Saharan Africa is estimated to have contracted by 2.0% in 2020, closer to the lower bound of the forecast in April 2020, and prospects for recovery are strengthening amid actions to contain new waves of the pandemic and speed up vaccine rollouts, according to the World Bank’s biannual economic analysis for the
Inconsistent reporting poses additional risk for the poorest countries At a time when sovereign debt in the poorest countries has surged to dangerously high levels, global and country-by-country systems for tracking it are proving to be inadequate. These gaps make it harder to assess debt sustainability and for overindebted countries to restructure debt promptly and
The black liquid is bullish for the 5th consecutive day with the global benchmark, the Brent oil futures, approaching the $80 mark amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions. Also boosting investors’ confidence is Goldman Sachs’ global head of commodities research, Jeff Currie, stating
Ghana: Economist projects 95% debt-to-GDP ratio by 2025 if… Economist and Associate Professor at the Niagara University in Canada, Dr Dennis Nsafoah, has projected a debt-to-GDP ratio of 95% for Ghana by end-2025. According to Dr Nsafoah, his projection is premised on the basis that government fails to achieve its medium term targets laid out
KEY POINTS A group of 130 nations has agreed to a global minimum tax on corporations, Treasury Secretary Janet Yellen announced Thursday, part of a broader agreement to overhaul international tax rules. Yellen did not announce the actual rate at which the GMT would be set, but the Biden administration has pushed for at least