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Review: Administrative Policy on Tax Exemptions

In the 2017 Budget Statement and Economic Policy, government committed to a comprehensive review and reform of the import duty exemptions regime and tax reliefs, with a view of eliminating abuses and improving efficiency in the application of these incentives.
 
As an interim arrangement, and to facilitate the reform, we instituted an administrative measure that required exemption holders to pay in advance, all applicable import duties and taxes, and apply for refunds with supporting evidence. The administrative measure began on the 1st of April 2017 after Parliament had approved it in the 2017 Budget.

We are on Course – Ken Ofori-Atta

Accra, September 7, 2017 – Mr. Ken Ofori-Atta, Minister for Finance today noted that economic policies being implemented were achieving positive results and called on the CEOs of financial institutions to reciprocate government efforts by improving credit to the private sector to support government stimulus programme to revitalize the sector.

He said they could also support the government by also providing feedback on the performance of the measures introduced to stabilize the economy saying “we believe in partnerships and collective responsibility. We want to receive feedback from you on the measures that we have implemented this year and your expectations for next year in particular”.

Minister for Finance Launches Tax Stamp Policy

Accra, August 31, 2017 - The Minister of Finance, Ken Ofori-Atta, has said through the use of tax stamps, government seeks to partner businesses that may have fallen victim to product counterfeiting to fight the anti-business phenomenon.
 
He said, the Tax Stamp Policy is part of government’s efforts to address the counterfeiting of products on the market and improve revenue generation and ensure that more businesses pay taxes.

Security and Exchange Commission Board Re-constituted

Accra, September 4, 2017 - The Finance Minister, Ken Ofori-Atta, has sworn in new Board members of the Securities and Exchange Commission (SEC). He tasked the eleven-member board to ensure that it regulates and streamlines development in the capital market.
 
Addressing the board, Ken Ofori Atta recalled his role in laying the foundations of the capital market Ghana in the early 1990s till now. This collective effort he said had resulted in some significant progress, including growth in the number of brokers/dealers, asset management companies, collective investment schemes, human capital, listed securities, market capitalisation and the emergence of the bond market.

G20 Compact with Africa Ministerial Meeting – Accra, Ghana September 6, 2017 - Consensus Statement

Ministerial Highlights and Points of Consensus

The Compact with Africa (CWA) Governments convened on September 6, 2017 in Accra, Ghana to express commitment and support to the Compact agenda; to provide a stocktaking of progress to date; and to outline next steps, including a peer learning framework to address common challenges over the next three years.  CWA countries represented included Ghana (host), Cote d’Ivoire, Morocco, Rwanda, and Senegal.  

BOARD OF GOVERNORS - 26th ANNUAL MEETING COMMUNIQUÉ

The African Capacity Building Foundation (ACBF) held the 26th Annual Meeting of its Board of Governors on 4-5 September 2017 in Accra, Ghana under the high patronage of the President of the Republic of Ghana, His Excellency President Nana Addo Dankwa Akufo-Addo.
 
At the end of this meeting, the Board:

Ghana Re Insurance Board Reconstituted

Accra, August 24, 2017 – “The Growth and innovation of the insurance industry will serve as an avenue to develop the domestic capital market.”

 

The Hon. Deputy Minister for Finance (MP) Atiwa East, made these remarks at the inauguration of the Board of Ghana Re-insurance (Ghana Re) in Accra and challenged them to work assiduously to support the mobilization of national savings towards a cohesive drive to narrowing he investment gap in the economy.

National Investment Bank and National Insurance Commission Boards Inaugurated

Accra, August 18, 2017 - The Deputy Minister of Finance, Charles Adu Boahen has tasked the reconstituted board for the National Insurance Commission (NIC) to strategize and retool to improve its effectiveness and efficiency.

 
The Deputy Minster also urged the Board to ensure that the NIC improves its compliance with Principles of the International Association of Insurance.

 
He made these remarks at the inauguration of the NIC Board, held at the Ministry of Finance, Accra.

 

MoF Entity Tender Committee Inaugurated

Accra, August 17, 2017 - A ten-member Entity Tender Committee (ETC) for the Ministry of Finance has been inaugurated in Accra.
 
The Committee, chaired by the Minister, Hon. Ken Ofori-Atta, includes Mrs. Elfreda Dankyi; Mr. Ernest Ofori Nyarko; Mr. Patrick Nomo; Mrs. Felicia Gyamfi Ashley; and Ms. Eva Mends.
 
Other members are Mr. Samuel D. Arkhurst; Mr. Abraham Kofi Tawiah; Ing. Magnus L. Quarshie; and Mr. Daniel Foli.

Board of Ghana Exim Bank Inaugurated

Accra, August 1, 2017 – Hon Kweku Agyeman Kwateng has inaugurated a nine-member Board of the Ghana Exim Bank at a ceremony held at the Ministry of Finance. The Board, which is chaired by Mr. Kwadwo Boateng Genfi, has the CEO of the Exim Bank, Mr. Lawrence Agyinsam; Mr. Ofotsu A. Tetteh-Kujorjie; Mr. Robert N.K.O. Ahomka-Lindsay; Dr. Johnson P. Asiamah; Nana Dr. Appiagyei Dankawaso I; Mr. Peter Kwame Abebrese; Madam Catherine Quaidoo; and a representative from the Ghana Export Promotion Authority as members.

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