2023 budget: Govt intensifies efforts at mobilizing revenue–Ken Ofori-Atta
The Ghana’s Finance Minister Ken Ofori-Atta has revealed Government through the 2023 Budget Statement and Economic Policy is seeking to intensify efforts at mobilizing domestic revenues to help finance its transformative agenda and help build back the Ghanaian economy from the ravages of the Coronavirus pandemic and the adverse effects of the geopolitical tension between Russia and Ukraine. Finance Minister, revealed this during the presentation of the 2023 Budget Statement and Economic Policy in Parliament on Thursday, November 23, 2022. With dwindling revenue streams attributable to a slowdown in business activities occasioned by a global recession, Ghana is behind most of its peers within the West African sub-region as far as Tax to Gross Domestic Product (GDP) is concerned. While Ghana is doing below 15 per cent, countries in the sub-region like Cote d’ivoire and Nigeria are hovering around an average of 18 per cent. This Minister Ofori-Atta in his budget presentation explained has led government to expand the tax net and implement tax efficient measures to increase its revenue streams and shore up government finances. One of such revenue measures he said is the introduction of a common platform for property rate administration to enhance property rate collection by all Metropolitan, Municipal and Districts Assemblies (MDAs) in the country. He said property rates have the potential to increase revenue mobilization for MMDAs and release resources for the provision of basic infrastructure as well as the needs of the generality of Ghanaians at the local level. Mr. Ofori-Atta also indicated government plans of increasing the Value Added Tax (VAT) by two and half percentage point. The VAT, which was last increased in 2014, coincidentally when Ghana was under a Fund programme will now be set at 15 per cent. “Mr. Speaker, the demand for roads has become the cry of many communities in the country. Unfortunately, with the current economic difficulties and the absence of dedicated source of funding for road construction, it is difficult to meet these demands. In that regard we are proposing the implementation of new revenue measures. The major one is an increase in the VAT rate by 2.5 percentage points,” he said. Explaining the rationale behind the increment, the Finance Minister said this would enable the country to raise resources to build the economy back to its pre-COVID-19 levels as cost of borrowing to finance government expenditure has become increasingly expensive. Source: Apexnewsgh.com/ Ghana For publication please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com
MTN Ghana’s Goodwill Message to the Black Stars
Ahead of the first match of Ghana’s senior national team, the Black Stars, at the ongoing FIFA World Cup in Qatar, MTN wishes to commend the Black Stars once again for making it to the 2022 FIFA World Cup. The Chief Executive Officer of MTN Ghana, Mr. Selorm Adadevoh said, “As the headline sponsor of the Black Stars, we are full of hope about the abilities of our gallant men. We have no doubt that you have put in a lot of effort and undertaken all the necessary preparation. It’s time to put all that practice into action. We will remain your biggest fan every step of the way”. “It’s your time, seize every moment and do what we know you to do best – winning. Get out there and show them how it’s done! Go Ghana! Go Black Stars!’’ he added.Mr. Adadevoh said, ‘’MTN Ghana wishes you the very best in this tournament. Indeed, the cheers are from all corners of the African continent. Having demonstrated our love and commitment to the game, MTN Ghana is proud to be associated with you as you take on the world to make us proud”. MTN Ghana is the headline sponsor of the Black Stars. The company recently signed a sponsorship deal to cover the Black Stars for the 2022 World Cup in Qatar and the next African Cup of Nations in 2024. As part of activities to drive excitement, MTN customers will receive regular updates from the camp of the Black Stars through its Ayoba Messaging app. As part of the company’s special loyalty package, selected customers will also win tickets to attend some of the matches. Source: Apexnewsgh.com/Ghana For publication please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com
My team will make Ghana proud –Otto Addo
Otto Addo, Black Stars head coach has said his selected team will make Ghanaians proud at the ongoing FIFA World Cup in Qatar. The Ghana coach said that when speakings to CAF President Patrice Mostsepe when he paid a visit to the Black Stars camp to wish them well ahead of their opening Group H game against Portugal today, Thursday, 24 November 2022, Otto Addo said the Black Stars are not only competing for Ghanaians but the entire African continent. He further said: “We don’t take it for granted that you came by to visit us. It’s a great honour for us to host you even though it is a short visit. This is really inspiring for us, the players and the staff’’. Talking about the players, he noted: “I can assure you that they are working hard on and off the pitch, so I am very sure that we won’t disappoint our nation and Africa. Ghana has shown in the past that they can compete at the highest level and when I see their training and look at how they played in recent games, I strongly believe that we can do some miracles’’. “As an African country, we know that it’s not only for our nation but for the entire continent. It is for us to represent our continent as best as possible and I can assure you that we will do it”, he said. Source: Apexnewsgh.com/Ghana For publication please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com