NPP MPs changes decision to boycott 2023 budget
Politics

NPP MPs changes decision to boycott 2023 budget

The governing New Patriotic Party (NPP) Members of Parliament have changed from their earlier stance to boycott the 2023 budget presentation if it will be delivered by Finance Minister Ken Ofori-Atta. The Majority have also resolved to support Mr Ofori-Atta in the passage of the 2023 budget. The Majority came to this conclusion after an intervention by the leadership and Council of Elders of the NPP on Tuesday night. Some 98 NPP MPs had insisted President Nana Akufo-Addo sack his cousin for messing up the economy or they would have nothing to do with him as far as government business on the floor of parliament is concerned. However, after a crunch meeting with the party’s leadership and council of elders, the party released a statement dated November 22, 2022, jointly signed by the Majority Chief Whip, Annoh-Dompreh, and the General Secretary of the NPP, Justin Kodua Frimpong saying “ithas been agreed by all to refocus and recline to the earlier position requested by President Akufo-Addo.” The statement added that it was agreed that the 98 MPs “demand be stood down until the conclusion of the round of negotiations with the International Monetary Fund (IMF) which would feed into the 2023 Budget”. RESOLUTION OF IMPASSE IN THE NPP PARLIAMENTARY GROUP Over the past two weeks, especially, after the President had engaged the Majority Caucus over calls for the ouster of the Minister of Finance as well as the Minister of State at the Ministry of Finance and a statement on the engagement had been issued, the country has witnessed a heightened public/media discussion on same subject matter. There have been occasional individual interventions some of which have not helped the resolution of the issue in contention. On the other hand, some of these interventions have contributed to escalate tensions and suspicions. At a meeting this evening, the 22nd of November 2022, involving the Majority Caucus, the Leadership of the Party and the Council of Elders, it has been agreed by all to refocus and recline to the earlier position requested by the President,to wit: 1. The demand be stood down until the conclusion of the round of negotiations with the International Monetary Fund (IMF) which would feed into the 2023 Budget; 2. The presentation of the 2023 Budget Statement and Economic Policy on the 24thNovember 2022 by the Finance Minister on behalf of the President; and 3. The subsequent presentation and passage of the Appropriation Bill The meeting agreed that the President would act upon the initial request of the NPP Parliamentary Caucus after the conclusion of these matters. In the meantime, the Leadership of the Parliamentary group and the Leadership of the Party counselled the Honourable Members of the Parliamentary Party to resort to the Caucus communication channels and, to the largest extent possible, work together as one Caucus unit. Leadership and the Party in this regard call upon the Members of Parliament to attend to all Government Businesses in the House /including, in particular, the 2023 Budget Statement and Economic Policy and all connected matters. Source: Apexnewsgh.com/Ghana For publication please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com

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Bagbin sets up 8-member bipartisan c’ttee to probe minority’s charges againt Ofori-Atta
Business, Politics

Bagbin sets up 8-member bipartisan c’ttee to probe minority’s charges againt Ofori-Atta

Speaker Alban Bagbin has set up an eight-member bipartisan committee to investigate conflict of interest allegations levelled against Finance Minister Ken Ofori-Atta by the minority caucus. The ad hoc committee has the minority caucus’ Bolgatanga East MP Dominic Ayine and the majority caucus’ Adansi-Asokwa MP K.T. Hammond, as co-chairs. Mr Bagbin put the committee together on Thursday, 10 November 2022 when the minority caucus moved a motion of censure against Mr Ofori-Atta for mismanaging the Ghanaian economy. The other committee members include Samuel Okudzeto Ablakwa, Dr Zanetor Agyeman-Rawlings and Bernard Ahiafor (from the minority caucus) and Patrick Yaw Boamah, Kwame Anyimadu-Antwi and Andrew Agyapa Mercer (from the majority caucau. The committee has seven working days to finish its work and submit a report. “The evidence will be placed before the committee”, Mr Bagbin told the house, adding: “The minister will have the opportunity to defend himself”. “A report will be presented to the house and we will debate that report,” Mr Bagbin noted. In the view of the minority caucus, Mr Ofori-Atta has run the economy down and cannot be trusted to superintend his own mess. The majority caucus, led by Deputy Majority Leader Alexander Afenyo-Markin, however, argued that the law of natural justice provides that the minister is given an opportunity to defend himself against the allegations of reckless borrowing, conflict of interest and gross mismanagement that have led to the unbridled depreciation of the cedi, soaring prices of fuel and foodstuffs, among others. In his recent national address on the economy, President Nana Akufo-Addo said ongoing talk with the IMF for a $3-billion extended credit facility would be concluded by the end of 2022. He admitted the economy was in a crisis but said his government was doing all it could to fiz things. Read the president’s full address below: ADDRESS TO THE NATION BY THE PRESIDENT OF THE REPUBLIC, NANA ADDO DANKWA AKUFO-ADDO, ON THE ECONOMY, ON SUNDAY, 30TH OCTOBER 2022. Fellow Ghanaians, good evening. Back in 2020, at the outbreak of the Coronavirus pandemic, I started a regular conversation with you that came to be popularly known as Fellow Ghanaians. It was a time of great fear of the unknown, and the entire world felt at risk. I came into your homes regularly to tell you what the experts were discovering about the virus, and what we should do. Now that we have seen the worst of the COVID-19, I can tell you that there were moments during those times when I was distraught, there were moments when I was in despair about the apparent inadequacy of our health facilities, and there were moments when I wondered if the dire predictions made about dead bodies on our streets would truly happen. But I knew that I owed it to all of us that, as your president, I had to hold my nerve, show leadership and take us out of the crisis. With your help and support, and the great mercies of the Almighty, we can say that we emerged from the ravages of the pandemic with one of the lowest mortality rates globally. In fact, Ghana’s handling of the pandemic won universal acclaim. We could all see in real time the devastation that was being wreaked on economies during the pandemic, but I doubt that anyone imagined the extent of the damage. Our economy, here in Ghana, like many, many others around the globe, was thrown into turmoil. When I said, at the height of the COVID pandemic, that we knew what to do to bring the economy back to life, but not how to bring people back to life, it was not said in jest. We had done it before, and we were on course to doing it again. Ghana’s economy grew by a remarkable 5.4% in 2021, signifying a strong recovery from the 0.5% growth recorded the previous year due to the COVID-19 pandemic. In fact, in the last quarter of 2021, our economy grew at seven percent (7%), only for the Russian invasion of Ukraine in the first quarter of this year to aggravate the effects of COVID-19, and plunge the global economy into even greater turmoil from which it has not yet recovered. The whole world has been taken aback by the speed with which inflation has eaten away people’s incomes. Economies, big and small, have experienced, over this year alone, the highest rise in cost of living over a generation; the highest rise in government borrowing in over fifty (50) years; the highest rise in inflation for forty (40) years; the steepest depreciation in their currencies to the US dollar over the last thirty (30) years; the fastest peak in interest rates for over twenty (20) years; and the greatest threat of unemployment in peace time; with over a hundred million people being pushed into extreme poverty. Between the end of 2019 and now, inflation in Ghana has increased by five-fold, in Togo by sixteen-fold, by eleven-fold in Senegal, and by seven-fold in Cote d’Ivoire. In truth, however, the fact that there are petrol queues in France does not make it more tolerable that the trotro price from Kasoa to Circle has doubled in the past one year, nor does it make it any more tolerable that the price of cooking oil goes up every other week. It is important to state that mentioning the increases in prices worldwide is not meant to belittle the scope of suffering here, but simply to help us put things into some perspective, and, hopefully, learn some useful lessons about how other people are coping. Fellow Ghanaians, this is why I am back in your homes this evening to ask for your support, as we work together to get our economy back into good shape. In April, after the Cabinet retreat of the first quarter, and recognising the deteriorating macro economy, my government announced a thirty percent (30%) cut in budgeted discretionary expenditures, and a thirty percent (30%) cut in salaries of the President,

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IMF: Gov’t is buying themselves time to see whether they can disappear – Isaac Adongo
Opinion

IMF: Gov’t is buying themselves time to see whether they can disappear – Isaac Adongo

Gov’t is buying themselves time to see whether they can disappear – Isaac Adongo The members of minority in Parliament has revealed the government is not showing any seriousness with regards to striking a deal with the International Monetary Fund (IMF). The NDC MPs said, government is playing hide and seek with the Fund while pursuing other options which they argue are not favorable to the survival of the country’s economy. The Bolgatanga Central MP, Isaac Adongo disclosed when addressing Journalists. According to Mr. Adongo,  the IMF bailout has been delayed as a result of government’s refusal to announce a debt restructuring roadmap. “In the meantime they are buying themselves time to see whether that can disappear, but they will need to take that bold decision on debt restructuring because it’s not an option. Ghana as we speak today does not comply with the requirement of IMF for a funded programme because the IMF does not lend into an unsustainable situation and Ghana’s debt has been concluded to be unsustainable. And this fact was communicated to government in its 8th memoir that the IMF issued the last time before it left. So there is no way we can have an IMF programme that is supported by funding without undertaking steps to bring our debt to sustainable levels so that we’re in compliance with the IMF own internal requirements.” Mr. Adongo further disclosed government is struggling to put together the 2023 budget thus the inability to present it by the stipulated date of November 15, 2022 per the public finance management Act. Source: Apexnewsgh.com/Ghana For publication please please kindly contact us on 0256336062 or Email apexnewsgh@gmail.com

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Minority Caucus in Parliament distance themselves from endorsing Asiedu Nketia
Politics

Minority Caucus in Parliament distance themselves from endorsing Asiedu Nketia

Members of the Minority Caucus in Parliament have distanced themselves from a comment by its Deputy Whip endorsing the candidature of Mr. Johnson Asiedu Nketia in the National Democratic Congress’s chairmanship race, they said, the caucus has not taken any such a decision. According to a statement from the caucus, Mr. Ahmed Ibrahim’s claim was false. The caucus said that its leadership “has no position on any of the candidates vying for the respective positions in the party.” “We, accordingly, urge our rank and file and the public to disregard the purported statement made during the launch”, the minority caucus statement stated. Meanwhile, the caucus said Mr. Ahmed Ibrahim has apologized for the gaffe. Mr. Asiedu Nketia is leasing his boot to take away the position from the incumbent Samuel Ofosu-Ampofo from the seat. Source: Apexnewsgh.com/Ghana

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Just In: NDC MPs files a motion for…
Politics

Just In: NDC MPs files a motion for…

Members of the minority caucus in Ghana Parliament in compliance with Article 82 of the 1992 Constitution of Ghana, have successfully filed a motion for the immediate removal of Ken Ofori-Atta. Apexnewsgh.com report according to Mr. Ablakwa, they are glad there’s positive indication some of our NPP colleagues will support us./2 Source: Apexnewsgh.com/Ghana For publication please kindly contact us on 0256336062 or Email: apexnewsgh@gmail.com

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US$100 million of Ghana oil money missing — Minority
Opinion, Politics

US$100 million of Ghana oil money missing — Minority

The Minority in Parliament says they worried over government inability to give account for over $100 million accruing from Ghana’s Petroleum lifting in the first quarter of 2022. Kindly read the full statement US$100 MILLION WORTH OF GHANA’S OIL MONEY MISSING – MINORITY RAISES CONCERNThe Minority in Parliament has noted with serious concern the inability or refusal of the Akuffo-Addo/Bawumia led Government to account for over $100Million accruing from Ghana’s Petroleum lifting in the first quarter of 2022. The decision by the current NPP Government to transfer revenues accruing from about 944,164bbls of crude lifting in the Jubilee and TEN fields to a company established in a safe haven (outside Ghana) without Parliamentary approval, amounts to a gross violation of the Petroleum Revenue Management Act, 2011 (Act 815) and Public Financial Management Act (Act 921). We have become aware that following the acquisition of a Seven percent (7%) interest in the Occidental (Oxy) transaction in respect of the Jubilee and TEN Fields by the Government ostensibly for GNPC in 2021, the Minister of Finance has clandestinely ceded the shares to an offshore company known as JOHL (a company set-up in the Cayman Islands) in a very surreptitious and opaque manner. The Minority is very much alarmed that contrary to requirements of the PRMA, revenues accruing from the nation’s oil fields are not being paid into the Petroleum Holding Fund (PHF), which has been confirmed in the 2022 semi-annual report on petroleum receipts by the Public Interest and Accountability Committee (PIAC). As if this is not enough, the report further reveals that Capital Gains Tax was not assessed and collected by the Ghana Revenue Authority (GRA) in the sale of the 7% interest by Anadarko in the Jubilee and TEN Fields in 2021. This NPP Government is proving by the day, that the nation’s oil resources cannot be entrusted in their care because not long ago the PIAC under the chairmanship of Dr. Steve Manteaw accused them over their inability to account for about GHȼ2 billion of Ghana’s oil cash for the 2017, 2018 and 2019 fiscal years. This is surely another “Agyapa” deal in the making and we as a Minority will not sit aloof for this Government to raid the national purse, especially at a time when the nation is struggling to raise much needed revenues for critical expenditure. We demand that the Minister of Finance and for that matter Government, must with immediate effect repatriate all such illegal transfer payments back into the Petroleum Holding Fund (PHF).Failure to comply with our ultimatum will compel the Minority to use the necessary parliamentary processes to haul the Minister of Finance to parliament for possible censure. John Abdulai Jinapor(Ranking Member, Mines and Energy Committee) Source: Apexnewsgh.com For publication please kindly contact us on 0256336062 or Email: apexnewsgh@gmail.com

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Gov’t has been transparent with COVID-19 expenditure – Ofori-Atta
Health, Politics

Gov’t has been transparent with COVID-19 expenditure – Ofori-Atta

Minister for Finance, Ken Ofori-Atta has denied claims that government has not been transparent with its COVID-19 expenditure. Addressing Parliament on Wednesday, June 22, 2022, the Minister said all programmed, mobilized and utilized funds pertaining to the coronavirus pandemic have been dully reported in line with government’s commitment to accountability and transparency. His presentation comes on the back of the Minority’s demand for an audit into all COVID-19 related expenses over discrepancies in government’s expenditure data. However, responding to questions, the Mr. Ofori-Atta said government is transparent on its expenditure items and will continue to operate an open-door policy and welcomes any opportunity to engage in the national interest. “Mr. Speaker, at this juncture, I wish to dispel the notion that there have been inconsistencies in government data on COVID-19. His Excellency the President intimated during that State of the Nation Address on 30th March, 2022, that we had mobilized about Gh¢17.7 billion since 2020 to fight the pandemic. “We have subsequently reconciled the data and I can report that as of end-May, 2022, we have mobilized Gh¢18.19 billion to mitigate the effect of the pandemic. Again, when His Excellency the Vice President indicated on 7th April, 2022 at the National TESCON Conference that Government had spent Gh¢8.1 billion on Covid-19, it was within the context of expenditures for 2020 as I have already indicated,” the Minister said. This the Minister explained that out of the Gh¢18.19 billion expended to mitigate the effect of the pandemic, GH¢1,550 million was disbursed under the Support to Households Programme, GH¢1,049 million was allocated to health response-supplies equipment and relief for health workers, GH¢600 million was released to begin the construction across the country and a further GH¢763.92 million has been released to continue the construction of the 111 district hospitals. He said government also programmed a total amount of GH¢875 million for security operations, evacuation of Ghanaians stranded abroad and coordination of MMDAs’ sanitation and disinfection exercises. Additionally, he said in line with measures to stabilize the economy after the devastating impact of the COVID-19 pandemic, government implemented programmes to revitalize the economy and protect jobs. This includes the GH¢600 million utilized under Coronavirus Alleviation Programme Business Support Scheme (CAPBuSS) by the NBSSI now the Ghana Enterprises Agency (GEA). With regards to vaccine procurement, the Minister indicated that GH¢929.30 million was allocated. A total amount of GH¢775.82 million was released for the purchase of Sputnik V, the Janssen COV SARS 2 COVID Vaccines and the Emergency deployment of vaccines in schools among other key government’s disbursement. —Starrfm

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SC throws out Minority’s injunction against E-levy with 7:0 decision
Opinion

SC throws out Minority’s injunction against E-levy with 7:0 decision

The Supreme Court has in a 7:0 decision thrown out the Minority’s injunction against the implementation of the 1.5 percent E-levy. The Supreme Court in its ruling today, Wednesday, May 4, 2022, ordered the Ghana Revenue Authority to keep accurate records of all e-levy deductions to enable a refund to payees if it is later determined that the law was passed unconstitutionally. The Minority caucus in parliament petitioned the Supreme Court for an order of interlocutory injunction to prevent the Akufo-Addo-Bawumia-led government through the Ghana Revenue Authority (GRA) from commencing with the implementation of the Electronic Transfer Levy (E-Levy) on the 1st of May 2022. The plaintiffs were noted to be the Minority Leader Haruna Iddrisu, Bawku Central MP Mahama Ayariga and North Tongu MP Samuel Okudzeto Ablakwa. However, in the court today, the court composed of Nene Amegatcher as President, Her Ladyship Mariama Owusu, His Lordship Professor Ashie Kotey, Her Ladyship Getrude Torkornoo, Her Ladyship Lovelace Johnson, His Lordship Emmanuel Yony Kulendi and Her Ladyship Professor Henrietta Mensah Bonsu said the Republic would suffer a great deal if the government is temporarily stopped from deducting the levy from electronic transactions. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your  adverts and credible news publications. Contact: 05555568093

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E-Levy: ‘We want it fixed at 1%, we fear for double taxation–Minority Leader Finance Minister Ken Ofori-Atta (L) sharing a laughter with Minority Leader Haruna Iddrisu (R)
Opinion, Politics

E-Levy: ‘We want it fixed at 1%, we fear for double taxation–Minority Leader

The Minority Leader in Parliament, Haruna Iddrisu, has said they in the minority will be ready to accept a reduction of the proposed E-levy to 1% than the initial proposed 1.75%. The Minority leader made the pronouncement during the 10th-anniversary launch of the Ghana Chamber of Telecommunications in Accra on Thursday, December 2, 2021, According to him, “…a week ago, we said no, we won’t accept e-levy but having listened to officials in government, including the Minister of Finance, I am convinced to accept a departure from my original no to accepting a one percent E-levy,” he stated. “Pegging the E-levy at 1% was a great contribution to fiscal consolidation and would ensure the economy did not collapse going forward”, he stressed. He Added: The digital economy was doing well and had facilitated a revolution in financial inclusion, hence it was unwise to overburden the telecommunications sector. “We are not against it, but we want it fixed at one percent. We fear for double taxation because we already have the communication services tax,” he said. Mr. Iddrisu initially disagreed with the deduction fee for business transactions not exceeding the GH¢100.00 threshold a day and called for it to be pegged at GH¢500.00. But in a similar vein, he suggested that the money be pegged at GH¢300.00 after revising his notes. The Minority leader said, Ghanaians needed to pay taxes to help develop the country, but not one that would further overburden their tight purse. However, in an interview with the Ghana News Agency Dr. Kenneth Ashigbey, the Chief Executive Officer of the Ghana Chamber of Telecommunications alluded to the responsibility of paying tax for development considering the budget deficits and debts. He said the way taxes were introduced to generate revenue must be looked at, so it did not become inimical to the government’s digitalization drive and financial inclusion. The government’s push for entrepreneurship amongst the youth for job creation in the face of a 1.75% e-levy was a matter of concern, Dr. Ashigbey said, and that the Chamber was engaging government to see the best way out. On the issue of widening the tax net, he said merchant payments should be exempted completely from the e-levy. “The Chamber believes that artisans including masons, dressmakers, and painters get paid after work done and do not pay tax. They need to be part of the merchant ecosystem, and to do so there must be no levy on merchant payment,” he said. “Once their wallet is taxed, they will venture into the merchant ecosystem, it gives government visibility of revenues they make. The government then charges corporate income taxes at the end of the year if they file their expenditures.” Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your  adverts and credible news publications. Contact: 05555568093

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Gov’t ‘confident parliament’ll pass e-levy this month’ – MoF
Politics

Gov’t ‘confident parliament’ll pass e-levy this month’ – MoF

Ghana’s Ministry of Finance has said it is confident parliament will pass the controversial e-levy this month once parliament reconvenes. In a statement, the ministry said “it is most unfortunate to note that foreign investors and market participants are on edge following the impasse in parliament, in relation to the passage of the E-levy Bill”. Parliament degenerated into mayhem in the dying embers of 2021 during a debate on the controversial 1.75% levy meant to affect most electronic transactions. The free-for-all brawl, as a result of a hung parliament, has left the levy, proposed in the 2022 budget, hanging. A recent article by Bloomberg said among other things that the era of cheap money draws to an end as bondholders are no longer prepared to cut Ghana any slack. It said the West African nation’s dollar bonds have slumped 10% in 10 days, moving deeper into distressed territory as investors judge that re-financing debt in the Eurobond market won’t be an option when the Federal Reserve hikes rates and budget targets remain elusive. The extra premium demanded on Ghana’s sovereign dollar debt, according to Bloomberg, jumped on Tuesday to an average 1,145 basis points, from 683 basis points in September while its $27 billion of foreign debt had the worst start to the year among emerging markets, extending last year’s 14% loss. Reacting to the article, the Ministry of Finance said: “The market seems to now be pricing into our bonds the perceived risks of having a slim majority in parliament and the consequences thereof”. Also, it noted: “The markets also seem to be concerned that this might impact the government’s ability to successfully pass and implement some of its major revenue policy measures as presented in the 2022 Budget”. The ministry said it would like to state that “a healthy debate in a vibrant parliament is a critical part of Ghana’s growing democratic credentials and by no means should it be deemed to be a fiscal risk”. It said the “government is confident that when parliament resumes sitting this month, the E-Levy Bill, which has already been discussed and approved by the Finance Committee of Parliament, will be passed”. Furthermore, the ministry said it wishes to state that the “government is on track to meet its non-oil tax revenue target for 2021 of GHS 57.05bn (13.16% of GDP)”, adding: “The 2022 non-oil tax revenue target of GHS 80.3bn moves us to tax revenue-to -GDP of approximately 16%, which is still below our medium revenue target of 18-20% of GDP”. “We are, however, confident that we can meet the 2022 revenue target and that the E-Levy will help us accomplish this”. Meanwhile, the ministry said the Bloomberg titled: ‘Ghana Debt Moves Deeper into Distress as Investors lose Patience’ was riddled with “serious factual errors” and reliant on “wrong historical debt-to-GDP figures”, which, if not corrected, could cause investors to have the jitters. “The Bloomberg article gave wrong historical debt-to-GDP figures”, adding: “It is essential we make the correction that Ghana’s debt-to-GDP figures, a decade ago, were 39.67% and 47.80% for 2011 and 2012, respectively, and not 31.4% as stated in the Bloomberg publication”. The Ministry of Finance said: “It is most unfortunate to note that foreign investors and market participants are on edge following the impasse in parliament, in relation to the passage of the E-levy Bill”. “The market seems to now be pricing into our bonds the perceived risks of having a slim majority in parliament and the consequences thereof.  The markets also seem to be concerned that this might impact the government’s ability to successfully pass and implement some of its major revenue policy measures as presented in the 2022 Budget”. Read the full statement below: On Thursday, 13th January 2022, the attention of the Ministry was drawn to a widely circulated Bloomberg article captioned – “Ghana Debt Moves Deeper into Distress as Investors lose Patience”. There are some serious factual errors in the article, which may give investors some cause for concern, if not corrected. For example, Bloomberg stated 81.5% as the end-of-year debt-to-GDP ratio. This is incorrect. Our provisional nominal debt-to-GDP, as of the end of November 2021, was 78.4%, which is the latest data available. December’s revenue collections are seasonally the largest for any year, it is unlikely that our financing requirements in December will result in us exceeding 80% debt-to-GDP by December 2021. The Bloomberg article gave wrong historical debt-to-GDP figures. It is essential we make the correction that Ghana’s debt-to-GDP figures, a decade ago, were 39.67% and 47.80% for 2011 and 2012, respectively, and not 31.4% as stated in the Bloomberg publication. Again, it is important to note that for the period prior to the COVID-19 global pandemic, Ghana experienced an average debt-to-GDP ratio of 56.4% from 2015 to 2019. In 2020, Ghana’s GDP grew by 0.4% because of the impact of the COVID-19 Pandemic on the economy. Financing of the additional COVID-19-related expenditures, in addition to revised revenue targets, due to the impact of the pandemic, led to an increase in debt-to-GDP from 62.4% in 2019 to 76.1% in 2020. The current 78.4% debt-to-GDP ratio as of the end of November 2021 indicates rather a reduction in the rate of debt accumulation (i.e. declined by half to 18% as of November 2021 from 34% in 2020). This attests to an improvement in our debt and liability management, contrary to what the article seeks to suggest. Furthermore, with the positive primary balance target for 2022 – one of the key fiscal anchors in 2022 – Ghana should see improved stability and reduction in the debt-to-GDP ratio in 2022 and through the medium term. It is most unfortunate to note that foreign investors and market participants are on edge following the impasse in parliament, in relation to the passage of the E-levy Bill. The market seems to now be pricing into our bonds the perceived risks of having a slim majority in parliament and the consequences thereof. The markets also seem to be

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