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Seth Tekper: Former minister slams BoG’s report on public debt; gives reasons
A former minister of Finance, Seth Tekper, has argued that Ghana’s public debt cannot be 659.3% of Gross Domestic Product (GDP) as announced by the Bank of Ghana (BoG).
He explained that it can only be so if the government is intent on continuing with the controversial “parallel” fiscal reporting that it denies.
Tekper indicated that both the 2019 Debt Report and the International Monetary Fund show the end-2019 debt level as 63%.
Ghana makes almost $1 million from the export of cassava starch – GEPA
The Ghana Export Promotion Authority (GEPA) has revealed that Ghana earned almost $1 million from the export of cassava starch two years ago.
YEN.com.gh understands that the export of the starch brought in US$935,000 and US$27,000 from exports to the United States of America (USA) and Italy respectively.
Information available shows that the two countries accounted for about 96.4% of total cassava starch exports from Ghana.
Banks in Ghana give over GHC1.5 billion loan relief to customers - Report
YEN.com.gh has learned that customers of banks in Ghana have enjoyed holidays on repayment of loans to the tune of GHC1.6 billion as of April 25, 2020.
According to the president of the Ghana Association of Bankers (GAB), Alhassan Andani, the rescheduling formed part of relief measures to support businesses and individuals directly affected by COVID-19 pandemic
Andani explained that businesses in the services sector have benefitted from loan deferments for up to a year.
COVID-19: Gov’t to outdoor “The Ghana Cares Programme” to save the economy
YEN.com.gh has learned that plans are in place to roll out the “The Ghana Cares Programme” to save the economy from COVID-19.
The three-year programme was drawn to tally with the projected duration of the coronavirus in Ghana.
YEN.com.gh earlier reported that the Finance Minister, Ken Ofori-Atta, revealed that Ghana’s economy may take three years to recover from COVID-19.
OVER THE WEEKEND:
Gold output from large-scale mining sector up six percent in 2019
Gold output from the large-scale mining sector increased six percent to 2.989 million ounces in 2019 from 2.807 million ounces in 2018, according to the annual report of the Ghana Chamber of Mines.
During the period, small-scale production decreased to 1.588 million ounces in 2019 from 1.984 million ounces in 2018.
The 20 percent fall in the small-scale mining sub-sector resulted in an overall decline in total gold production to 4.577 million ounces in 2019 from 4.792 million ounces in 2018, Eric Asubonteng, President of the Chamber, said in the report during a virtual annual general meeting.
Ghana to lose GHS15.85bn in revenue in 2020
Ghana is expected to lose about GHS15.85 billion in revenue as a result of the coronavirus pandemic, a report from the Ministry of Finance has stated.
The nation is targeting about GHS67 billion in revenue (tax and non-tax) for this year.
According to the Finance Ministry, Ghana's fiscal gap as a result of the COVID-19 will hit about GHS21.42 billion.
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