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Covid-19 Can’t Be Excuse For Benchmark Value Reversal – NDC

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Covid-19 can’t be excuse for benchmark value reversal – NDC

National Communications Officer of the National Democratic Congress (NDC) Sammy Gyamfi says the government cannot blame its recent decision to reverse the benchmark value at the ports on the coronavirus pandemic.

Speaking at the party’s press conference on Wednesday, January 5, Sammy Gyamfi noted that the government exceeded its revenue target during the covid-19 pandemic in 2020, therefore it cannot be an excuse for the government to cite covid-19 as its reason for the benchmark review.

He added that checks by the party indicate that the government has exceeded its revenue target for 2021 as well, stressing that it would be inconvenient for covid-19 to be a justification for the government’s decision.

“As always, it would come as no surprise to us for government’s apologists led by Dr. Bawumia himself to once again canvass the COVID-19 pandemic as a convenient excuse for the decision to reverse benchmark value discounts. However, it is important to state forcefully that COVID-19 can never be blamed for the reversal of benchmark values. The government exceeded its revenue target for the year 2020 (COVID year) and actually raked in more revenue than they did before COVID struck.

“For instance, in the year 2019 before the advent of COVID-19, total tax revenue stood at just about GHS43 billion, while total tax revenue for 2020 (covid-year) stood at GHS45.3 billion, thereby exceeding government’s tax revenue target for 2020 by a whopping GHS2.5 billion.

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“Also, whereas the government projected total tax revenue of GHS55 billion for the 2021 fiscal year, our checks show that this revenue target has been exceeded. Therefore, we contend that COVID-19 can neither be a reasonable justification for the reversal of benchmark discounts on imported products nor the imposition of unprecedented hardships and misery on Ghanaians by this government,” he explained.

According to Sammy Gyamfi, the reversal of benchmark value discounts is “a draconian policy which will adversely affect the living conditions of all us irrespective of our social backgrounds and political affiliations.”

The benchmark review policy which is supposed to take effect on January 4, 2022, has been suspended until January 6, 2022.

A credible source at the Ghana Revenue Authority revealed to JoyNews, and checks at the ports show that agents are clearing their goods with the old charges.

It is unclear what informed the sudden change of plan and the implementation of the old charges at the ports.

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Source: GhArticles.com

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Ghana Politics

Government Expected To Borrow Up To ¢3.78bn In First Quarter Of 2022

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Government Expected To Borrow Up To ¢3.78bn In First Quarter Of 2022
Looks like Government will borrow ¢3.78 billion in the first quarter of this year to finance part of the budget, its Issuance Calendar has revealed.

For the first three months of 2022, government plans to issue a gross amount of ¢24.5 billion, of which ¢20.7 billion is to rollover maturities.

This indicates that the government’s debt level is not going to reduce anytime soon.

As usual, most of the funds to be mobilised will come from the 91-day Treasury bills, a move that has helped reduce foreign debt but rather crowded out the private sector from access to financing on the domestic market.

According to the data, the government will borrow as much as ¢11.3 billion of the 91-day T-bills during the period, higher than the previous quarter.

It will be followed by the 182-day T-Bills in which a total of ¢3 billion will be mobilised. Then, finally, the biggest of ¢1.6 billion will be issued in March 2022.

¢2.15 billion will, however, be mobilised from the 364-day bills. The majority of the funds are expected to be raised this month.

¢2 billion is also expected to be raised from a 6-year bond. This is expected to be done in January 2022.

Again, the government is expected to issue a 7-year and 10-year bond in February and March 2022, respectively. ¢1.2 billion and ¢800 million are expected to be borrowed from both resident and non-resident investors.

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Government said the calendar is developed based on the Net Domestic Financing provided in the 2022 Budget, the 2022 domestic maturities for the period, the 2022 Borrowing Plan and the Medium Term Debt Strategy.

Public debt stock hits ¢341.8bn as of September 2021

Ghana’s public debt stock hit ¢341.8 billion in September 2021, the November 2021 Bank of Ghana Summary of Economic and Financial Data revealed.

This was equivalent to 77.8% of Gross Domestic Product (GDP).

Between July and September 2021, ¢5.9 billion fresh loans were added to the total debt. The surge in debt came largely from the domestic debt and due to the slight depreciation of the cedi to the dollar.

However, the government had indicated in its Issuance Calendar for the final quarter of 2021 that it will borrow just about a billion cedis.

According to the data from the Bank of Ghana, the domestic debt went up to ¢178.1 billion in September 2021, up from ¢173.9 billion recorded in July 2021. This was equivalent to 40.5% of GDP.

 

 

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Here Are All The Beautiful Pictures You Missed At The Wedding Of Hawa Koomson’s Son

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Here Are All The Beautiful Pictures You Missed At The Wedding Of Hawa Koomson's Son
Ato, the son of the Minister of Fisheries and Aquaculture Development, Mavis Hawa Koomson and his fiancee, Jasmine have completed their marriagewith a white wedding.

The event which was full of glitz and glamour took place during the weekend.

The peach-white-themed event took place at the Teshie Methodist Church, Accra and swiftly followed with a grand reception.

The Vice President, Dr Bawumia and his wife, Samira together with other high-profiled personalities and well-wishers graced the occasion.

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This comes on the back of a colourful traditional wedding ceremony that took place on New Year’s eve at a private venue in Accra.

Take a look at the lavish photos below:

Here Are All The Beautiful Pictures You Missed At The Wedding Of Hawa Koomson's Son

Here Are All The Beautiful Pictures You Missed At The Wedding Of Hawa Koomson's Son

Here Are All The Beautiful Pictures You Missed At The Wedding Of Hawa Koomson's Son

Here Are All The Beautiful Pictures You Missed At The Wedding Of Hawa Koomson's Son

Here Are All The Beautiful Pictures You Missed At The Wedding Of Hawa Koomson's Son

Here Are All The Beautiful Pictures You Missed At The Wedding Of Hawa Koomson's Son

Here Are All The Beautiful Pictures You Missed At The Wedding Of Hawa Koomson's Son

 

 

 

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Ghana Politics

NPP Suspends Regional Communicator For Campaigning For Alan Kyerematen

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NPP Suspends Regional Communicator For Campaigning For Alan Kyerematen
The Northern Regional Communications Directorate of the New Patriotic Party (NPP) has suspended a member of its communication team indefinitely for allegedly campaigning for Alan Kyerematen.

Alhaji Ibrahim Kaleem has been accused of publicly projecting the Trade and Industry Minister as a suitable candidate to lead the governing party into the 2024 presidential elections.

A statement signed by the Regional Director of Communications, Mohammed Sheriff Ibrahim said Kaleem’s conduct violates the party’s constitution.

“As already noted in Chairman’s statement dated December 30, 2021, the unfortunate situation of peaking before time has the tendency to disrupt H.E. Nana Addo Dankwa Akufo-Addo’s governance and the peace within the New Patriotic Party in the region,” the statement said.

The statement warned that Kaleem ceases to represent the NPP as a communicator with immediate effect and the party will not be liable for any activity of his.

According to him, he attended an event organised every Tuesday by ‘Friends of Alan’ to espouse the trade minister’s achievement but he did not engage in any campaign activity.

“It’s an absolute lie. It’s not true. The programme was organised by ‘Friends of Alan’ and I happen to go there every Tuesday and it’s not about campaigning.

“It’s talking about Alan’s Ministry, what he has done, the factories and other things that he has done so it’s an absolute lie,” Alhaji Ibrahim Kaleem said.

Below is the suspension letter:

NPP Suspends Regional Communicator For Campaigning For Alan Kyerematen

 

 

 

 

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