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Government Is Restoring The Economy To Benefit All Ghanaians – NPP

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Government Is Restoring The Economy To Benefit All Ghanaians – NPP

The New Patriotic Party (NPP) has assured Ghanaians that the Akufo-Addo administration is working hard to ameliorate the hardships they are going through.

The Director of Communications of the NPP, Mr Richard Ahiagbah says the government is taking difficult decision to restore the economy in order to benefit all Ghanaians.

“Misinformation of economic data, & consistently drum it, is the NDC’s strategy. Unfortunately, it does not cover for their lack of policy ideas. The NPP is making the difficult decisions to restore this economy for the benefit of all Ghanaians,” he tweeted.

Meanwhile, the Finance Minister, Mr Ken Ofori-Atta has said that Ghana is making progress in the Gross Domestic Product  (GDP) growth rate.

This progress, he said, gives the government a solid foundation to confront the challenges ahead.

Addressing a press conference in Accra on Wednesday September 28, Mr Ofori-Atta indicated that overall, Ghana’s growth outturn of 3.4% and 4.8% in Q1 and Q2 of 2022 respectively, coupled with modest improvements in our fiscal position, suggests the economy is gradually on the upswing despite the numerous shocks that the country has faced over the past two years.

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“These figures demonstrate that in spite of recent challenges, there has been economic growth, modest as the gains so far may be.

“This progress gives us a solid foundation to confront the challenges ahead. Undoubtedly, global risks remain on the horizon, including a strengthening US dollar. and higher interest rates which negatively affect external borrowing.

“This development is exerting enormous pressure on our Balance of Payment position, and thus the need for us to expedite our engagement with the IMF.”

He added “Within this context, Government is finalizing its Post-COVID-19 economic programme as the domestic blueprint to engage the IMF.

This document has already benefitted from input from key stakeholders including Civil Society Organizations (CSOs), social partners (Labour unions, employers, and FBOs), academia, industry professionals, and the leadership of Parliament.

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“Additional stakeholder engagements will be held to solicit further inputs for the programme.”

Mr Ofori-Atta further explained that since 2020, Ghana’s  economy has seen considerable economic uncertainty.

The priority for Government since the COVID-19 episode and the Russia-Ukraine war has been to address macro stability and welfare challenges that confronted the economy.

“Yet we have seen inflation spiral and significant depreciation of our domestic currency that has affected many families and businesses,” he stressed.

“Globally, this development is now being described as the worst global cost of living crisis in 50 years. Specifically, inflation remains high at 33.9% (August 2022), and the cedi has depreciated by 37.1% against the US Dollar as at 27th September 2022.

“Indeed, during the 2022 Mid-Year Budget Review, I highlighted that our present situation was a painful one to report on. We haven’t seen anything like this since August 2001 when the inflation rate hit 33.9%. We are at an important moment in our economic history; and in the context of today’s briefing, it is important to focus on the progress being made to put us firmly on a path of macroeconomic stability.”

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Source: www.GhanaCNN.com

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Bawumia Launches Employable Skills Programme To Benefit Young People In Ahafo  

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Bawumia Launches Employable Skills Programme To Benefit Young People In Ahafo

The Vice President, Dr. Mahamudu Bawumia on Wednesday launched a youth development employable skills programme that seeks to create jobs for more than 1,200 young people in the Ahafo Region.

Dubbed “Promoting Youth Employment through Employable Skills Training and Entrepreneurship”, the Newmont Ghana Gold Limited (NGGL) and the German Development Cooperation (GIZ) are sponsoring the programme.

The beneficiaries would be engaged in welding and fabrication, barbering, fashion design, hair dressing and dressmaking, bakery, masonry, wood technology, vulcanizing, general spraying and auto mechanics.

Speaking at the ceremony held at Goaso, the Ahafo Regional capital, Dr. Bawumia said about 72 per cent of the nation’s population were young people below 35 years, and thus commended the Ahafo Regional Coordinating Council for the initiative.

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The Vice President noted “this is the first regional-led youth employment and skills training initiative in the country” and promised the government’s support for the programme to yield positive outcomes.

Dr. Bawumia, therefore, stressed the government’s commitment to transform Technical and Vocational Education Training (TVET) to make the sector more attractive for the youth.

Mr George Yaw Boakye, the Ahafo Regional Minister, said the programme’s implementation would well position the beneficiaries to create jobs for themselves to reduce youth unemployment in the region.

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“This would also economically empower young people and help to end the issues of illegal mining and logging in the region,” he added.

Mr Boakye said the Management of NGGL had set aside GhC1 million for the procurement of training equipment and start up tools, and applauded the company for that assistance.

He said an amount of GhC25,000 has been set aside for each of the six politically-administrative districts and municipalities for the implementation of the programme.

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Nana Kwasi Bosompra I, the Paramount Chief of Goaso Traditional Area, advised the youth to develop interest in employable skill training and avail themselves to benefit from the programme.

Source: www.GhanaCNN.com

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2023 Budget: Minority Vows to Resist 2.5% Increment In VAT

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2023 Budget: Minority Vows to Resist 2.5% Increment In VAT

The Minority in Parliament has vowed to resist any attempt by the government to revise the rate of Value Added Tax (VAT) upwards in the 2023 budget.

Government has given an indication VAT rate will be increased from the current 17.5% to 20%.

Speaking to the media in parliament, MP for Asuogyaman, Thomas Ampem Nyarko argued such a move will further exacerbate the current hardship in the country.

The NDC MPs rather want the government to cut down expenditure especially from the presidency vault.

“In fact the information we are picking up doesn’t look good for our dear country. The budget that is due to be read tomorrow promises to be a budget full of taxes. What we are hearing is that this government intends to increase VAT by 2.8 percent. They intend to increase income taxes and they intend to remove a lot of exemptions to Mobile Money (MoMo). So even merchants are going to be subjected to taxes.

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“We have known this government to be insensitive but we never knew that their level of insensitivity would be this high. Because in this time of serious hardship in this country with inflation so high none of us expected that they would be increasing taxes to this level,” the Member of the Finance Committee stated.

He continued: “Our (Minority) posture is that we are willing to support the government in these difficult times. Because they need help if we don’t help this economy will crash. However, the government must come clear to show they are going to reduce expenditure drastically.”

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The Vice Chairman for the Finance Committee, Patrick Yaw Boamah on his part expects that the budget will address the debts unsustainability challenge and offer hope to Ghanaians.

“I pray that the Minister presents a good budget to give Ghanaians the hope for debt sustainability, to ease the economic hardship. To bring a program in collaboration with the Central Bank towards the standardization of our currency.

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“Ghanaians need hope from the budget, that is all what Ghanaians need,” the Member of Parliament for Okaikoi Central reiterated.

Source: www.GhanaCNN.com

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Nobody Has The Right To Be A Minister; Ofori-Atta Must Go – ACEP Director

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Nobody Has The Right To Be A Minister; Ofori-Atta Must Go – ACEP Director

The Executive Director for Africa Centre for Energy Policy (ACEP) has added his voice to calls for the Finance Minister, Ken Ofori-Atta to resign.

Speaking in an interview on JoyNews’ The Probe, Mr Benjamin Boakye stated that being a minister is not a constitutional right therefore if people are calling for his resignation, he should go.

“When you have 85% of the people’s representative saying that they have lost confidence in you, they do not want you, I do not think that anybody has the right to be a minister – there is no constitutional right to be a minister for which anybody can defend,” he said.
This comes after the Finance Minister appeared before the 8-member Adhoc Committee of Parliament hearing a motion of censure against him by the Minority to defend himself.

According to Mr Boakye, there is no need for Mr Ofori-Atta to defend himself.

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“This is an unnecessary addition to what we need to do at this point in terms of what we need to do to recover,” he said.

“It is the constitutional process of people voting and the will of the people that say that he has to go at this point. We are told that 85% of his people in his own camp says he should go and the entire Minority, put that together, it is an overwhelming number,” he added.

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He stressed that the Finance Minister must resign.

Mr. Boakye added that “considering the difficulty that Ghanaians are in, we have to clear the air and give confidence to the market and people who want to deal with Ghana for us to come out of the difficulty.”

Source: www.GhanaCNN.com

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