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The 2015 Budget Statement & Economic Policy

Theme of the 2015 Budget: "Transformational Agenda: Securing the Bright Medium Term Prospects of the Economy". The transformational agenda is premised on Inclusive Growth, Value Addition and Diversification.

‘Demand accountability on the use of royalties’

RESIDENTS of the mining communities have been asked to demand accountability from their respective assemblies by finding out what the royalties derived from mining companies are used for. The Chief Director of the Min­istry of Finance, Major Samuel Mohammed Tara (rtd) who posed the challenge in Accra yesterday, said it had become evident that most mining communities suffered worst conditions in spite of their rich mineral resources.

GRA launches taxpayers portal

The Ministry of Finance in collaboration with Ghana Community Network Services Limited (GCNET) has launched the Ghana Revenue Authority (GRA) Taxpayer Portal, to offer best services through the e-government platform in tax collection system. The platform spearheaded by the GRA is geared towards modernisation and automation of business processes to broaden the tax base by gathering the needed data to ensure transparency and efficiency as well as increase compliance.
 

Ghacem pays GHC3.7m Dividend

Government has received a cheque for GHC3.7million from Ghacem Limited representing an interim dividend payment for this year. The dividend, which was declared at a meeting of the board of directors, represents government’s 400,000 shares in the company.
 
Mr. Morten Gade, Managing Director (M.D) of Ghacem presented the cheque for the amount to Mrs. Mona Helen Quartey, Deputy Minister of Finance at a short ceremony at the Finance Ministry. He was accompanied by Dr. George Dawson Ahmoah, Strategy and Corporate Affairs Director.

Ghana Signs Aid Agreement with People’s Republic of China for Ebola Prevention Materials

The Government of Ghana and People’s Republic of China have signed an Aid agreement of 5 Million Yuan Renminbi (RMB), in aid materials for the fight against Ebola. H. E. Sun Baohong, China Ambassador to Ghana initialed on behalf of China and Hon. Cassiel Ato Forson, MP, Deputy Minister of Finance, initialed on behalf of the Government of Ghana.
 
Welcoming the delegation, the Deputy Minister for Finance, Hon. Cassiel Ato Forson thanked the People’s Republic of China for their immense support and the lead role taken to assist Ghana and Africa as a whole, towards the fight against Ebola. He commended them for their countless technical and material support already extended to Liberia, Sierra Leone and Guinea.

Brief on the Secondary Education Improvement Project

The Secondary Education Improvement Project is financed with a credit of US$156.0 million from the World Bank. It has the objectives of increasing access to senior secondary education in underserved districts and improving quality in low-performing senior high schools in Ghana. Specifically, the project seeks to: increase equitable access and participation in education at all levels; improve the quality of teaching and learning; bridge the gender gap; improve access to quality education for persons with disability; and improve the management of education service delivery.

SEIP agreement between Ghana and the World Bank

The significance of this credit in improving access and quality of secondary education in the country cannot be over emphasized and we are thankful to the World Bank for the prompt response to H.E. The President’s request to process this facility expeditiously. In view of this the new loans that we are contracting currently have all been pre-programmed and their impact on our Debt Sustainability Analysis properly assessed. Emphasis is also being placed on economic and social projects that have significant short to long term impact on the economy.

Secondary Education Improvement Project

Why did the World Bank agree to lend money to Ghana for secondary education at this time of tight budget control? Ghana's Constitution mandates that all efforts are made to make education gradually universal and progressively free. With access to primary education becoming near universal in Ghana, new priorities are emerging at post-basic level where the demand for secondary education is fast increasing and the supply of SHS has not kept pace.

Reminder: Withholding of Taxes

The Ministry of Finance wishes to remind the general public that all importers must use their Tax Identification Number (TIN) when clearing goods from the port and pay their withholding taxes if they are not exempted.

Parliament Passes Excise Bill 2013

Parliament yesterday passed into law a bill to exert punitive measures on persons who manufacture excisable goods in the country without registering with the Ghana Revenue Authority (GRA). (June27, 2014)

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