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2022 Budget: Ken Ofori-Atta Hints On heavy Job Creation And Entrepreneurship

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2022 Budget: Ken Ofori-Atta Hints On heavy Job Creation And Entrepreneurship

Finance Minister, Ken Ofori-Atta has indicated that the 2022 budget will be heavy on job creation and entrepreneurship.

According to him, government is committed to putting in place those measures that will help deal with the unemployment situation in the country as well as recent challenges with the employment of fresh graduates for the public sector.

The minister added that “I don’t think we can wait any longer, because the time is now on how to create an entrepreneurial state and deal with this issue once and all.”

“Certainly the issues of youth and jobs will be the center of this budget presentation,” the Minister added.Mr. Ken Ofori-Atta noted that creating an entrepreneurial state has been a challenge for government, and he hoping to use the 2022 budget to deal with this problem.

Asked whether he will remove taxes on petroleum products as expected, the Minister was tight-lipped about that question, only to highlight the current challenges facing government and the need to do everything to improve the revenue situation.

The 2022 Budget and other issues

Based on the 2022 -2025 Guild lines for presenting the budget, the Finance Ministry is projecting that, spend about ¢128 billion, when it comes to revenue, government to mobilized about ¢89 billion.

However, we are learning that these targets have been revised.

This is because some new developments have come up since it was put out in May this year.

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JoyBusiness is learning that the 2022 Budget will focus heavily on fiscal consolidation, empowering the Private Sector to employ more and widening the tax net.

However, one is not sure for now whether this “widening of the tax net” may result in government increasing some tax rates or putting in place some measures that will improve efficiency when it comes to collections.

Sources say the government may likely propose some review in the road tolls and also some taxes on prices of petroleum products.

This is because government wants to raise more revenue to finance or improve the bad road infrastructure and also look at raising more revenue when it comes to the petroleum taxes to finance the rising budget deficit.

The Minister is expected to announce some policy measures aimed at assisting businesses or let’s say the private sector to help deal with the unemployment situation in the country.

Introduction of new taxes?

We are learning that the finance minister could announce some new taxes in the budget.

He is also expected to reduce some taxes in some areas and even remove some as well.

 

 

 

 

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Ghana Politics

NDC’s MPs Vote Against 2022 Budget As Parliament Reject It

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NDC's MPs Vote Against 2022 Budget As Parliament Reject It

News gathered by GhArticles.com indicates that the 2022 year budget dubbed “Agyenkwa Budget” has been rejected by the House of Parliament.

The budget which was debated on today and voted for had 137 against it and 0 votes for it’s approval.

This means that the new policies introduced by government for 2022 can not be implemented.

In a report filed by Mynewsghana.com, the Minority had requested the Finance Minister to scrape the E-Levy and make provisions for the Ketu sea defense project.

Though members of the majority were absence from the chamber for almost four hours, they came back after a call from the minority to Ghanaians to call on their MPs to part take in the debate and voting.

However, after debating the budget, the Minister of Finance appeared before the house and prayed on the Speaker to put on hold the approval of the budget for further consultation with leaders of both side but was met with rejection as those who said No were approved by the Speaker.

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After the approval on the NOs the deputy majority leader rose up and called out the speaker for not pronouncing the right judgement.

He prayed on the Speaker to rely on ‘Division’ in order 114. Subsequent to the implementation of order 114, the majority walked out of the chamber, after the Speaker ordered ministers who are not MPs to leave the House as stated in order 114.

This led to their side recording zero (0) when the Speaker returned to assume proceedings after recusing the House for 5 minutes. It must be noted that this is the first time a budget is being rejected in the fourth Republic.

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Source: GhArticles.com

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Ghana Politics

Keep Quiet, Gov’t Is Responding To Pressure To Build More Infrastructure – Information Minister Tells Ghanaians

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Keep Quiet, Gov't Is Responding To Pressure To Build More Infrastructure - Information Minister Tells Ghanaians

Kojo Oppong Nkrumah, Information Minister has descended on Ghanaians who are criticizing the government over the new taxes introduced in the 2022 budget to aid in building more infrastructure in the country.

According to him, Ghanaians are always on the streets of the country protesting against lack of roads, lack of infrastructure and other issues.

Addressing the Parliament in their recent meeting, the Information Minister said the government is responding to the pressure from Ghanaians to build more infrastructure in the country in the coming years.

He further noted that MPs tell people in their constituency they are going to Parliament to fight for infrastructure for their area and so believes the new taxes will help government to achieve this dream.

“Everyday we demonstrations in all our constituencies asking for more roads, everyday we see more calls on government to spend money on more infrastructure. Mr Speaker the government has responded by making available in the 2022 budget GHS16billion for infrastructure,” Kojo Nkrumah said.

He said this is another good reason for all Ghanaians to support the government’s agenda.

 

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Earlier on GhArticles.com reported that, the government, as part of strategies to widen the country’s tax net, has announced an Electronic Transaction Levy.

It will be a 1.75 percent charge on all electronic transactions.

This fee, according to the Finance Minister, Ken Ofori-Atta, is to enhance financial inclusion and protect the vulnerable.

Transactions covering mobile money payments, banks transfers, merchant payments, and inward remittances will have the levy imposed on them and will be borne by the sender.

However, the levy will be waived for transactions that amount to GHS 100 or less in a day or approximately GHS 3,000 per month.

The government says portions of revenue collected from the levy will be used to support entrepreneurship, youth employment, cybersecurity, digital, and road infrastructure among others.

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Source: GhArticles.com

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Sky Train In Ghana Not Possible, It’s Was Just A Campaign Promise – Peter Amewu Tells Ghanaians

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Sky Train In Ghana Not Possible, It’s Was Just A Campaign Promise – Peter Amewu Tells Ghanaians

Minister of Railway Development, John Peter Amewu, has stated that the government will not be able to build a sky train in the country.

It is impossible for him to do so, according to him;…. On the fringes of the African Investment Forum in South Africa in November 2019, the government, through then-Minister for the Sector, Joe Ghartey, inked a deal for the building of the Accra SkyTrain Project.

The proposed initiative in Accra calls for the construction of five routes, four of which are radial routes that originate at the proposed Sky Train Terminal, which is located at the Kwame Nkrumah Circle in the heart of Accra, and one route that provides an intra-city commuter loop distribution service.

The idea called for a total track length of 194 kilometers across all lines.

Following that, the Ghana Railway Development Authority’s management announced that feasibility studies for the projected Accra sky-train project had been completed.

Richard Diedong Dombo, the Authority’s Chief Executive Officer (CEO), stated that after reviewing the report, the government will begin implementing the project.

“Instead of being subterranean, the sky trains travel on an elevator platform. They’ll be sprinting over Accra’s cityscape on platforms. It will be a local train rather than an intercity train. The visibility studies have been finished, and the contract is currently being evaluated before it is signed,” he stated in a Citi News interview.

However, current sector minister John Peter Amewu stated on Citi TV’s Face to Face show on Tuesday, November 23, 2021, that the government will not proceed with the sky railway project.

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The government, he claims, will not be able to support the project since it is capital intensive.

“The sky train we’re talking about is one that will operate on columns in the sky, similar to those seen in Dubai, but no agreement has been inked.”

“It’s not possible right now.” I don’t think a sky train will be built in the next 3-4 years. There will be no Sky train service in the country. “It’s impossible.”

He also stated that the government’s ability to fund the building of some of the projects that have already begun is becoming a challenge.

“Rail construction takes a long time and requires a lot of money. In terms of building an asphaltic road, a kilometer of railway line costs about four to five times as much as a kilometer of concrete infrastructure.”

“So, given the budgetary space that we have in the country, the government’s ability to absorb it is becoming a challenge, and you know our current debt to GDP ratio is above 70%.”

 

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