Tuesday, December 1

Day: July 23, 2020

Over 11, 000 tourists cancelled trip to Ghana
Business

Over 11, 000 tourists cancelled trip to Ghana

More than 11,000 tourists have cancelled their scheduled visit to Ghana because of the outbreak of the COVID-19 pandemic, Mr Ken Ofori-Atta, the Minister of Finance said on Thursday. Presenting the 2020 mid-year budget review to Parliament, Mr Ofori-Atta said the cancellations led to a projected year-to-date revenue loss of GH¢4.8 million. He said the Tourism and Hospitality Industry was currently one of the hardest-hit by COVID-19, with severe adverse impacts on travel demand and accommodation bookings, domestic tourism, and other segments including; cruises, restaurants and cafes, conventions, festivals and conferences and meetings. “Within the space of a few months, the Ghanaian tourism industry had plunged from a situation of healthy growth into a crisis mode. Based on data c...
Proactive debt management strategies reduce debt accumulation portfolio
Business

Proactive debt management strategies reduce debt accumulation portfolio

Finance Minister Ken Ofori-Atta on Thursday said the Government has over the past three years adopted pro-active debt management policies and strategies that helped to reduce the rate of growth of debt accumulation and risk in the debt portfolio. He also said that the Government institutionalized the preparation of an Annual Borrowing and Recovery Plan, to inform the investor community about Government’s financing plan for the fiscal year. Also, the Medium-Term Debt Strategy was realigned to the financing of the fiscal deficit and is updated or reviewed accordingly, and an annual Public Debt Report to Parliament highlighting all public debt activities for the year has also been institutionalised to promote transparency and accountability to the people. Presenting the “Mid-year Re...
COVID-19 slows economic growth
Business

COVID-19 slows economic growth

Mr Ken Ofori-Atta, the Minister of Finance, said the COVID-19 outbreak is posing significant challenges to the economy, eroding the gains made for growth and jobs in the previous years. He said sectors such as the hotel and hospitality industry, foreign direct investment, trade and industry, agriculture, health, transportation, manufacturing, real estate, financial, and education were heavily impacted. Mr Ofori-Atta, who was presenting the 2020, mid-year review budget to Parliament, said households and businesses had equally been hit with significant job losses and reduced incomes. “Collectively, 1,531 job losses were recorded between April to June 2020 from eight companies within the Ceramics, Timber, Food and Agro-processing industries in the manufacturing sub-sector,” he said....
President to launch ‘Ghana Cares’ COVID-19 Alleviation Programme soon
News

President to launch ‘Ghana Cares’ COVID-19 Alleviation Programme soon

President Akufo-Addo, in the coming weeks, will launch a GHc100 billion Coronavirus Alleviation and Revitalisation of Enterprises Programme, known as 'Ghana Cares' or 'Obatanpa' programme,  to anchor Ghanaian businesses. The three-and half-year comprehensive programme is an ambitious and unprecedented initiative to stabilise businesses and the Ghanaian economy in general. Mr Ken Ofori-Attah, the Finance Minister, announced this at the Mid-Year Budget Review and Supplementary estimates presented to Parliament on Thursday. The Mid-Year Budget is in line with Section 28 of the Public Financial Management Act.The Minister noted that President Akufo-Addo had shown leadership, competence, decisiveness and passion in the management of the COVID-19 pandemic. He said the Government wou...
Ghana “CARES” will bring economy back on track – Finance Minister
News

Ghana “CARES” will bring economy back on track – Finance Minister

Government is to use a social intervention programme, the “Ghana COVID-19 Alleviation and Revitalisation of Enterprises Support” (Ghana-CARES), to bring the economy back on track. The programme, christened, “Obatampa” is expected to mitigate the impact of COVID-19 on lives and livelihoods of Ghanaians and ensure that the country quickly “emerge from the pandemic with stronger and more resilient economy.” Mr Ken Ofori-Atta, Minister of Finance, who announced this at the mid-year budget review in Parliament on Thursday, said the 100 billion cedi programme would be implemented in two phases. He said a stabilization phase would start from July to the end of the year with medium-term revitalisation phase aiming at accelerating the Ghana Beyond Aid economic transformation agenda. Th...
Gov’t revises 2020 GDP growth to 0.9 percent due to COVID-19
Business

Gov’t revises 2020 GDP growth to 0.9 percent due to COVID-19

The Government has revised its growth target downwards to 0.9 percent for 2020 from the projected 6.8 percent due to the negative impact of the novel Coronavirus, the Minister of Finance Mr Ken Ofori-Atta has announced. Presenting the mid-year budget review to Parliament, Mr Ofori-Atta said the revision of the macroeconomic targets was necessitated by global and domestic developments in the first half of the year. "This revision, therefore, is informed by performance of the economy for the first half-year of 2020," he said. The developments include; slowdown in economic activities as a result of the impact of the COVID-19 pandemic, shortfalls in domestic direct and indirect taxes, and custom taxes, as a result of the impact of the COVID-19 pandemic, estimated at GH¢5,089 million ...
Ghanaian sits at the top of the table as US secretary of state discusses post Covid economy recovery efforts in the UK
News

Ghanaian sits at the top of the table as US secretary of state discusses post Covid economy recovery efforts in the UK

A Ghanaian economist, Bernard Mensah was at the high table when the United States of America secretary of state Mike Pompeo concluded discussions mostly centered on post Covid economy effort. Also in the meeting was the UK minister Dominic Raab and other high ranking officials of the UK and the US governments. The discussion also centered on secure 5G telecommunications, and continuing negotiations on a U.S.-UK free trade agreement. Bernard Mensah who is President of Europe, the Middle East and Africa (EMEA) and co-head of Global Fixed Income, Currencies and Commodities (FICC) Trading at Bank of America Merrill Lynch was instrumental in most of the discussions. The younger brother of president of the Ghana Rugby association, HerbertMensah, Bernard Based in London, Bernard ha...
US lifts visa sanctions imposed on Ghanaians
News

US lifts visa sanctions imposed on Ghanaians

The United States Government has lifted the visa sanctions imposed on some category of Ghanaians in 2019. The sanctions were over claims that Ghana was unreasonably delaying the return of its nationals ordered to be removed from the US. The lifting of the visa restrictions followed an agreement reached between Ghanaian officials and their United States counterparts which resulted in the lifting of the Visa sanctions on January 16, 2020. The restrictions involved the suspension of the issuance of A3 and G5 visas for domestic staff of Ghanaian Diplomats and limited validity of B1/B2 visas issued to Ghanaian officials of the Executive and legislative branches and all officials on government payroll and their spouse and children under 21 years of age. Ms Shirley Ayorkor Botchwey, ...
NPA should relook at cylinder re circulation model-Gas tanker drivers
News

NPA should relook at cylinder re circulation model-Gas tanker drivers

The Gas Tanker Drivers Association has called on the National Petroleum Authority (NPA) to re-consider the intended implementation of the Cylinder Recirculation Model (CRM). The Association indicated that the pilots of the model  in Kade and Obuasi six months ago, was a complete failure. Speaking at a press conference in Tema to air their grievances on the project and other issues, they stressed that “we also wish to call on the NPA to stop the unnecessary dissipation of public funds, by putting a complete halt on the launches of extra cylinder recirculation pilots, since we already launched pilots in Kade and Obuasi, six months ago, which completely failed”. Mr Shafiu Mohammed, Chairman, Gas Tanker Drivers Association,  said NPA should rather concentrate on fixing the numer...
President Akufo-Addo calls for suspension of GBC DTT directives
News

President Akufo-Addo calls for suspension of GBC DTT directives

President Nana Addo Dankwa Akufo-Addo has directed the Minister for Communications to suspend the implementation of its orders to the Ghana Broadcasting Corporation (GBC) to reduce its channels on the national Digital Terrestrial Television (DTT) platform. Mrs Ursula Owusu-Ekuful, the Minister for Communications, in a letter dated 26th June 2020, notified the Director-General of the GBC of the Government’s intention to reduce the number of channels the GBC currently occupied on the DTT network from six to three. However,   a press release issued and signed by Mr Eugene Arhin, Director of Communications at the Office of the President, asked the Minister to conduct further stakeholder consultations on the matter. The Minister had explained in her letter that the measure “is to ensu...
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