Speaker proposes review of how budgets are read
Speaker of Parliament Alban Bagbin has served notice that the House will be reconsidering how budget statements are read on the floor of the house in order to reduce the timing for the presentation. This comes after it took the Leader of Government business, Osei Kyei-Mensah-Bonsu over 3hours to read the 2021 fiscal year budget. During the presentation, the Majority Leader jokingly said even some of his colleagues in the House who were seated listening to him were even tired. After the presentation, the Speaker said the House will in accordance to its standing orders relook how the budgets are read in the house in future. “We have to look at how budgets are presented in the future. We will do so in future in accordance with our standing orders.” The government is proposing in the 2021 budget statement the introduction of a Covid-19 Health Levy of a one percentage point increase in the National Health Insurance Levy and a one percentage point increase in the VAT Flat Rate to support expenditures related to Covid-19. Reading the budget “To provide the requisite resources to address these challenges and fund these activities, government is proposing the introduction of a Covid-19 Health Levy of a one percentage point increase in the National Health Insurance Levy and a one percentage point increase in the VAT Flat Rate to support expenditures related to Covid-19.” Regarding other sectors of the economy, the budget pegged Ghana’s fiscal deficit at 13.7 per cent of Gross Domestic Product (GDP). This deficit, according to the budget, include the cost of the financial sector cleanup up. “The fiscal deficit including the financial sector cost for 2020 is 13 .7 per cent of GDP,” the budget said adding that “it was financed from both domestic and external sources.” Regarding Ghana’s debt stock, the budget said the debt rose from 122billion in 2019 to 291.6billion as at the end of December 2020. The debt include the cost of the financial sector cleanup, the majority leader added. Mr Kyei-Mensah-Bonsu further assured Ghanaians that there is no cause for alarm in the face of the coronavirus crisis, which hit the country in March, 2020. He said the measures taken by government so far makes Ghana better positioned to recover economically from the pandemic. “Government succeeded in protecting virtually all jobs and incomes in public sector. For the people of Ghana have witnessed since the coronavirus pandemic ahead of the rest of the world, a leadership that is responsible, creative, courageous, decisive and above all very caring. He said the policies such as the Coronavirus Alleviation Programme (CAP) have seen major results recorded “that have made it easier for people to cope with this unprecedented crisis”. For him, the measures taken were to save lives, protect livelihoods and safeguard economic activities and they did just that. “Mr Speaker, today Ghana is better positioned to recover and rebuild an even more resilient economy. Nobody says we know how to do it but also because the grace of God has been assured for this journey.” 3news Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0555568093
Ghana recorded positive growth rate of 0.9% in 2020 – Kyei Mensah Bonsu
Majority Leader and the caretaker Minister for Finance Osei Kyei-Mensah-Bonsu has disclosed that the country recorded a positive growth rate of 0.9% in 2020. According to him, this is contrary to negative projections made by the International Monetary Fund (IMF) and other bodies. Mr. Kyei-Mensah-Bonsu made this known when he appeared before Parliament to present the government’s budget statement for 2021. According to him, this was achieved through the prudent management of the economy by the Akufo-Addo administration. “I stand here on behalf of the President to present to the House, the state of the economy and how we have managed to mitigate and survive the pandemic with a projected positive growth rate of 0.9% in 2020, contrary to fears of a negative growth rate as experienced in many countries,” he said. Why did Osei Kyei Mensah-Bonsu read the budget? Ken Ofori-Atta, who served as Finance Minister in Akufo-Addo’s first term from 2017 to 2021, was nominated by President Akufo-Addo in January 2021 to serve in the same portfolio in his second term, but he is yet to be vetted by Parliament’s Appointments Committee due to health reasons. Ahead of his scheduled date for vetting, the Finance Ministry announced in a statement on February 14, 2021, that Ken Ofori-Atta was being flown to the UK to receive medical attention after suffering complications from COVID-19. According to the ministry, he recovered from the disease but suffered some complications later. His constitutional duty of delivering the 2021 Budget Statement and Economic Policy in Parliament has already been tasked to Osei Kyei-Mensah-Bonsu. Economy to rebound strongly as GDP growth nears 5% President Nana Akufo-Addo during the state of the nation address said Ghana is expected to have a GDP growth rate of about 5 percent following a year affected by the COVID-19 pandemic. According to him, this is in line with the 4.9 percent growth projection made by the Finance Ministry in 2020. “We expect GDP growth to rebound strongly this year to nearly 5 percent; above the IMF’s 2021 January projection of 3.2 percent for sub-Saharan Africa for 2021,” the President said. The global economy is projected to grow by 5.5 percent in 2021 and 4.2 percent in 2022. citinewsroom Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0555568093
Akufo-Addo was misfed with information about ‘no food shortage in 2020’ claim Farmers
The Peasant Farmers Association of Ghana (PFAG) has said in 2020, there was a shortage of almost every food commodity in Ghana contrary to President Akufo-Addo claims that Ghana did not suffer any food shortage last year. In his address on the state of the nation last Tuesday, President Akufo-Addo told members of the Eighth Parliament that as a result of the prudent measures rolled out in the agriculture sector in his first term, there was resilience in the provision of food. “I am happy to inform the House that during this period of the pandemic, we have experienced no food shortages in this country,” the president told Parliament on Tuesday, March 9. But speaking on the pre-budget discussions on TV3 on Friday, March 12, Charles Nyaaba, who is the Head of Programmes and Advocacy at PFAG, said they were surprised when the president made the statement on the floor of Parliament. “For us, we think that the president was misfed with information, other than that he wouldn’t have come to say that,” he told presenter Alfred Ocansey. He said there is abundant evidence among farmers that Ghana suffered in food supply last year contrary to what the president said. Mr Nyaaba said even poultry farmers could attest to the fact that maize feeds were in short supply while “as we speak, we cannot even boast of 1,000 tonnes of Sorghum”. He stressed: “As we speak now, there is a shortage of most of the cereals in this country.” 3news Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0555568093
Sinohydro roads agreement to be completed in 2021 – Kyei-Mensah-Bonsu
The Minister for Parliamentary Affairs and caretaker Minister for Finance, Osei Kyei-Mensah-Bonsu has assured Ghanaians that the roads under the government’s Sinohydro agreement will be completed in 2021. According to him, most of the roads under phase one are at various stages of completion. Presenting the 2021 budget statement and economic policy on the floor of Parliament on Friday, March 12, 2021, he said President Akufo-Addo is determined to fixing the nation’s bad roads. “Mr. Speaker, His Excellency the President Nana Addo Dankwa Akufo-Addo in the presentation of the State of the Nation’s address declared 2021 as the second year of roads.” “Mr. Speaker, with this declaration we will continue the prioritization of road construction. The government will continue to pursue the following ongoing projects that are at various stages of completion under the Sinohydro master facility.” He thus assured the nation of a good road network in the year. President Akufo-Addo had already declared 2021 the second year of roads. About the Sinohydro agreement President Nana Akufo-Addo inaugurated a US$1.5 billion road infrastructure project under the Sinohydro Master Project Agreement by cutting sod for the construction of the Tamale Interchange project in April 2019. The Master Project Support was agreed between Ghana and the Sinohydro Corporation Limited in 2018 to address major infrastructure challenges in the country and fund other infrastructure like roads, bridges, interchanges, hospitals, housing, railway development as well as rural electrification. Months after the launch, much is yet to be seen under the overall US$2 billion deal. Per the agreement, the Sinohydro Corporation of China will provide the infrastructure of the government’s choice in exchange for Ghana’s refined bauxite. Though critics called for the agreement to be reviewed warning it would add to Ghana’s debt stock, the government insisted it is a barter arrangement that will not shackle the country to more debt. Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0555568093
Approve GHS5.5bn to pay customers of 17 AMCs. Government to Parliament
The government of Ghana is asking Parliament to approve GHS5.5 billion for use in paying the remaining customers whose funds were locked up with various financial institutions as a result of the financial sector clean-up exercise. Caretaker Finance Minister made the appeal when he presented the 2021 budget and economic statement to Parliament on Friday, 12 March 2021. “Mr Speaker, the resolution of the banking industry has been completed while that of the 17 asset management companies (AMC) is ongoing. “Out of an estimated amount of GHS8.5 billion, this august House approved an amount of GHS3.1 billion in July 2020 to settle investors of 30 failed AMCs. “While the Securities and Exchange Commission (SEC) waits to obtain liquidation orders for the remaining 17 AMCs, it worked with the Ministry of Finance to provide a partial bailout of GHS50,000 each, paid to over 90,000 investors”, the Majority Leader said. “Mr Speaker, for the Securities and Exchange Commission to fully settle investors of the remaining 17 AMCs, an amount of GHS5.5 billion (1.3% of GDP) is estimated to achieve that. “For that reason, we have come to this august house once again to seek your approval to raise an amount of GHS5.5 billion in 2021 to complete the asset management industry bailout”, he said. Read below, excerpts of what the minister said with regard to the AMCs: Bailout of Asset Management Companies for 2021 Mr. Speaker, I am happy to announce that, the resolution of the banking industry has been completed. The government has been working to complete the bailout of the asset management industry through the provision of a bailout package for investors of the failed asset management companies (AMCs). Out of an estimated amount of GH¢8.5 billion to help pay investors of the failed AMCs, this august House approved an amount of GH¢3.1 billion in the 2020 Mid-Year Budget. At the end of December 2020, the Government had provided an amount of GH¢3.4 billion for the payment of validated claims to investors of 30 AMCs for which liquidation orders were obtained. This amount was in a combination of a 3-year marketable bond of GH¢2.5 billion and a 5-year zero coupon bond of GH¢915 million. Mr. Speaker, for the Securities and Exchange Commission to fully settle investors of the remaining 17 AMCs, an amount of GH¢5.5 billion (1.3% of GDP) is required. For this reason, we have come to this august House once again to seek for your approval to raise an amount of GH¢5.5 billion in 2021 to complete the asset management industry bailout, including Gold Coast Fund Management Ltd (now Blackshield Capital Management), First Banc Financial Services Limited, Liberty Asset Management, Beige Capital Asset Management Ltd, Ideal Capital Partners Ltd, and Frontline Capital Advisors Ltd. Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0555568093
Akufo-Addo to regional ministers: Ensure total security in your jurisdictions
President Nana Addo Dankwa Akufo-Addo has charged the 16 regional ministers to ensure that they maintain total security, peace and order in their respective jurisdictions. “As chairpersons of the regional coordinating councils of your respective regions, you have the most regular and direct impact on the lives of the people. You set the tone for the administration and development in your regions. Another important role you play is that of chair of the regional security council. You do not need me to tell you that your most important function is to help ensure peace, law and order in your regions,” Akufo-Addo told the ministers at a swearing-in ceremony at the Jubilee House. He added: “All our plans and programmes will come to naught if there is no peace. You must be careful and tactful in managing issues of intelligence and security.” Workload Akufo-Addo reiterated his decision not to appoint deputy regional ministers, urging them to rise to the occasion. Photo credit: Jubilee House “Article 256 of the Constitution of the Republic, outlines your responsibilities succinctly. You represent the president in the region, and you are responsible for the coordination and direction of the government administrative machinery in the region. As you all already know, I have taken the decision not to appoint deputy regional ministers, this means you have to shoulder the work by yourselves as I know you can,” Akufo-Addo stated. Total support Dr Archibald Yao Letsa, minister responsible for the Volta Region, in response indicated they will do everything within their power to support the president. “We want to assure His Excellency, the good people of Ghana and our regions that we shall take this assignment with seriousness, dedication, commitment and loyalty that it deserves. Mr President, on behalf of my colleagues, I promise that you can always count on us. We will be your worthy representatives in all the 16 regions of our beloved nation, Ghana,” he promised. The 16 ministers The 16 regional ministers appointed include George Boakye, Ahafo Region, for the Ashanti Region, Simon Osei-Mensah, Bono Region, Justina Owusu-Banahene, Bono East Region , Adu Gyan, Central Region, Justina Marigold Assan, Eastern Region, Seth Kwame Acheampong, Greater Accra Region, Henry Quartey, MP and Northern Reguin, Shani Alhassan Saibu. The rest are North East Region, Yidana Zakaria, Oti Region, Joseph Makubu, Savannah Region, Saeed Muhazu Jibril, Upper East Region, Stephen Yakubu, Dr. Hafiz Bin Salih, for the Upper West Region, Volta Region, Dr. Archibald Yao Letsa a, Western Region, Kwabena Okyere Darko Mensah, MP and for the Western North Region, Richard Obeng. Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0555568093
You were gossiping with Domelevo – Adom-Otchere chastises CSOs
Paul Adom-Otchere, the host of Good Evening Ghana on Metro TV, has alleged that Civil Society Organisations (CSOs) in the country were going about gossiping with Daniel Domelevo, the immediate past Auditor-General who was forced to retire by President Nana Addo Dankwa Akufo-Addo. According to Adom-Otchere, the leaders of these CSOs always went to the office of Daniel Yao Domelevo at 5 PM every evening to gossip about some ministers or government appointees the then Auditor-General had telephoned but did not respond. “This gossiping and whispering that they used to do; by the close of [the] day, they all gather in Domelevo’s office and he is telling them that he called the Finance ooo; he didn’t even pick the call, that’s rubbish!” Paul Adom-Otchere alleged on the Editorial segment of his show on Thursday, March 11. “That’s gossiping, that’s hearsay…whispering about and then documents are done by Domelevo and it ends up in the media, and Investigative Journalists have it and they are publishing. That’s gossiping,” Adom-Otchere alleged. “Where is the single corruption Domelevo found against the government? He should publish.” He went on: “They are always there at 5 PM gossiping, whispering…you can always calculate, they come there, they are on the phone talking, whispering, gossiping about ministers. Is the Auditor-General’s work gossip work?” Adom-Otchere then went on to suggest that he was opposed to the appointment of Domelevo because President Mahama who appointed him in December 2016 was just about exiting office after he had lost the presidential election. “Why did President Mahama exercise an authority whose spirit had been withdrawn from him?” Adom-Otchere asked, suggesting that Domelevo’s appointment by President Mahama was too close to January 2017, the end of Mahama’s tenure, hence making the appointment unsound. Adom-Otchere suggested further to justify the forced termination of Domelevo’s appointment because “sometimes civil societies stage a coup d’état”, adding, “…because you (CSOs) went to his office and he told you that his office [had] been locked and the padlock changed? But he is on leave; if you are on leave what are you going to do there?” Adom-Otchere then chided the CSOs for going quiet when Domelevo was asked to pay certain monies when the latter was being investigated. “Is that how we want to build our society? The chickens will come home to roost one day,” Adom-Otchere warned. Paul Adom-Otchere further claimed that during the election campaign season of 2020, Daniel Yao Domelevo’s issue and that of now-departed Special Prosecutor Martin Amidu were being pushed by the CSOs to damage the electoral fortunes of the incumbent. “You pushed Domelevo too much; you pushed Martin Amidu too much; you go to the election of December 7, the Ghanaian people retained Akufo-Addo with a heavy mandate. You haven’t noticed? You think the Ghanaian people are interested in gossip, no!” he said. “People want politicians who can deliver, they don’t want gossip and whisperings, sitting in Christ The King,” Adom-Otchere said, referencing the church where Domelevo celebrated his end of tenure after being sacked by President Akufo-Addo. Finally, Adom-Otchere averred that Daniel Yao Domelevo was not always right in his decisions; that the Akufo-Addo administration has the power to ask him to proceed on leave and if the CSOs disagree, they can always challenge the President’s constitutional mandate in court. Ghanaweb Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0555568093
JUST IN: Paramount Chief of Navrongo invites Municipal Police Commander
Paramount Chief of the Navrongo Traditional Area has invited the Municipal Police Commander, DSP Oppong Agyare Francis to his Palace on Friday, March 12, 2021. Apexnewsgh.com reports Even though the reason for his invitation wasn’t identified by Apexnewsgh.com, some residents are linking it to the increasing robbery cases witnessed in the Municipality in recent times. Between February and March 2021, 2 robberies have taken place just by the police station, a place where residents said they least expected to experience robbery cases. Apexnewsgh.com will update you on the outcome of the meeting afterward. More soon…. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0555568093
Budget: Akufo-Addo appoints Kyei-Mensah-Bonsu caretaker Finance Minister
President Nana Akufo-Addo has appointed Majority Leader Osei Kyei Mensah Bonsu as caretaker Finance Minister ahead of the lawmaker’s presentation of the 2021 budget and economic statement on Friday, 12 March 2021 in the stead of Finance Minister-designate Ken Ofori-Atta, who is on a medical trip in the United States of America. “I write respectfully to inform you that pursuant to Order 140 Rules 2 and 3 of the Standing Orders of Parliament, I have assigned temporarily responsibility for the Ministry of Finance to the Minister of Parliamentary Affairs, Osei Kyei-Mensah-Bonsu, Member of Parliament for Suame,” a letter from the President addressed to Speaker Alban Bagbin said. Earlier, the Minority had threatened that if the President failed to officially notify Parliament that he has given the mandate of the Finance Minister to the Suame MP to deliver the budget on his behalf, then there was no guaranteeing that the lawmaker would be accommodated by a sane Parliament if he attempted to present the budget. The threat was made by Deputy Minority Whip and MP for Banda, Ahmed Ibrahim. “It’s not as if we have issues with Hon Osei Kyei-Mensah-Bonsu, we know he is more than qualified to present the budget on behalf of His Excellency the President but we are creature of law as a house of Parliament. We are being governed by rules and regulations and our rules of procedures have clearly stated that the person to present the budget should be the Minister of Finance on behalf of the President”, Mr Ibrahim told Valentina Ofori-Afriyie on Class91.3FM’s mid-day news programme 12 Live on Thursday, 11 March 2021. “So”, he explained, “the Minister responsible for finance is the one who is mandated by our standing orders, to present the budget on behalf of the President”. “All we are saying is that, if there is not minister responsible for finance or the one responsible for finance is not a minister, the President must give that mandate to Osei Kyei-Mensah-Bonsu to do the work with the responsibility as the minister responsible for finance to present the budget on behalf of the President”, he emphasised. According to Mr Ibrahim, the Majority Leader has not been given the power to act as the minister responsible for finance but is “just carrying the budget to come and present it and go and sit down”. “But the budget presentation is a process. It follows government policy and economic policy and tax laws and all those things. All those laws and all those motions must be moved by a minister and that minister is the Minister of Finance. “So, if Hon Osei Kyei-Mensah-Bonsu is coming to present the budget, in what capacity is he presenting it under our standing orders and in what capacity is he going to move the motion for the tax laws and policies? So, the president must give him that mandate”, he argued. He explained that it is just a letter and a statement that the President will issue to say that the Minister of Parliamentary Affairs is now the Acting Minister responsible for Finance and he should present the budget on his behalf until the substantive minister comes. Period”. “What is the President afraid of, to give that power of attorney to Osei Kyei-Mensah-Bonsu? If you know he’s qualified, give him the mandate?” he wondered. He warned: “If that doesn’t happen, I don’t think there will be sanity in Parliament to present it tomorrow”, stressing: “Parliament is not a lawless institution. We operate with laws and, therefore, the Speaker must be given that respect”. “The President must be specific to let Parliament know who is responsible for finance at this material time. Parliament must be notified and that person is the one who must present the budget”. ClassFM Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0555568093
The extortion is too much! – Allotey Jacobs reports Cape Coast police to IGP
Former Central Regional Chairman of the National Democratic Congress (NDC), Mr. Bernard Allotey Jacobs, has reported policemen stationed at the Mempeasem barrier in Cape Coast, to the Inspector General of Police (IGP), Mr. James Oppong-Boanuh. In a post on Facebook, he described as “too much” the rate at which the officers extort monies from drivers who ply that stretch. “Mr IGP the Extortion @ the Cape Coast Mempeasem barrier is too much,” he wrote. Persistent armed robbery attacks within the Cape Coast Municipality is what compelled the Police Administration to mount the barriers and checkpoints to clamp down on criminal activities in the city. But Allotey Jacobs indicated there has been a reduction of the robbery incidents following the introduction of the tricycle (aboboyaa/pragia) business. He, however, posited that it makes no sense for the police to mount a barrier at that very spot when there are existing ones at Jukwa, Oguaa Kuma, Abeadze Dominase amongst others. “Mr IGP the boys driving Aboboyah pragia and motor have reduced robbery in Cape Coast Municipality “The Mempeasem barrier is of no use when you have a barrier at Jukwa, Atabadzi, Tstse Oguaa Kuma Beriwa and Abeadze Dominase you don’t need a barrier at Oguaa Mempeasem The extortion is too much,” said Allotey Jacobs. He added that the development is bringing the name of the Service into disrepute and therefore called out on the IGP to swiftly intervene. Ghana Guardian Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0555568093