Bussiness
Go to IMF for liquidity support; your finances not good – gov’t told
Government has been advised to overlook public criticisms and go for financial support from the International Monetary Fund to put the fiscal economy in a better shape.
According to Head of Finance Department at the Valley View University, Dr. Williams Peprah, the time is up for government to go to the Fund for liquidity support.
Finance Minister, Ken Ofori-Atta, last week pointed out that the public sector could no longer employ new people and therefore fresh graduates should go into entrepreneurship.
But Dr. Peprah who is one of the few persons to predict that the government could turn its attention to the Fund because of the precarious nature of public finances, tells Joy Business the return to the Bretton Wood for an economic programme is inevitable.
“I’ve always been mentioning the fact that we’ll have to seek help from the IMF to be able to survive. My assertion is based on the budget [2021] and then also the actual figures as presented by the Finance Minister. Just recently, the Finance Minister confirmed that our payroll is full, and also we have gone above our payroll limit within the budget.”
“Government says it’s going to spend ¢25 billion. Now we’re around ¢30 billion which is about 20% higher than what we projected to spend. So looking at this particular issue on our wage bill, and then also noticing that our revenue generation from taxation has gone down, this is the reason why I’ve stated that we will need to go to IMF for some liquidity support.” Dr. Peprah further intimated.
On why government is playing politics with the state of the economy, Dr. Peprah said it is wrong for politicians to play politics with the economy, adding, “I’ve always been arguing that we should do away with the politics and face the reality. Now the reality is that, we don’t have the liquidity to survive as a country”.
“We’ll need support from IMF…I mean liquidity injection. I think in your report this morning, you reported that banks are going to slowdown in investing in government securities because Christmas is coming. Their customers should be coming in for more funds from the banks, so they have to slowdown their investments in government securities”, he pointed out.
“This is the right time for government to go to IMF, go with a plan. First is your labour wage bill, that you’re going to control your wage bill and based on that, also show how some capital expenditure and also recurrent expenditures will be managed. These are the areas that we have to look at.”
Every support from the IMF comes with conditionality, but Dr. Peprah said the government should outlined its plan to the Fund, a strategy the Bretton Wood institution will accept.
“As a country, we can go with our own plan and tell IMF that we’re going to restrict ourselves when it comes to labour, employment. We’re going to restrict ourselves when it comes to capital expenditure and we’re going to restrict ourselves when it comes to recurrent expenditures.”
Source: Joy Business
Bussiness
Finance Minister tranfers funds to DACF, NHIS and GETFUND
The Minister for Finance Hon. Cassiel Ato Forson has disclosed that a sum of nine hundred and Eighty-Seven Million, Nine Hundred and Sixty-Five thousand and Seventy-Three Ghana Cedis (GHS987,965,073.00) from the Consolidated Fund into the District Assembly Common Fund Account, being the first quarter amount due to the DACF.
Furthermore, the Finance Minister informed the House that a total amount of Two Billion, Thirty- Three Million, Four Hundred and Sixty-Nine Thousand, Six Hundred and Seven Ghana Cedis (GHS2,033,469,607) has been disbursed to the National Health Insurance Fund.
While the Ghana Education Trust Fund has also received a total of Two Billion, Seven and Ten Million, Two Hundred and Twenty-Seven Ghana Cedis (GHS2,710,227,947.00) for the months January, February, March and April,2025.
The Finance Minister disclosed this in his statement to Parliament on the payments to statutory funds on the floor of the House.
In addition, he cautioned that the Administrator of the District Assembly Common Fund is required to ensure that 80% of this amount is transferred directly to the Assemblies without fail and expenditure returns submitted to the Ministry of Finance before subsequent releases will be made.
He added that Members are encouraged to monitor the utilization of these amounts sent to their respective Assemblies in line with the approved guidelines by Cabinet.
In his closing remark, Ato Forson said he’s going to take the concerns of the House seriously.
For his part, the Majority Leader, Mahama Ayariga made known the President’s prioritization of women in the country stating that President Mahama is “Pro-women”.
This is due to the fact that women are going to be the core beneficiaries from the expenditures going to be made by the MMDA’s, he added.
The Minority Leader Alexander Afenyo-Markin questioned the Finance Minister why road contractors have not been paid for more than five months. He said the Minister must not be applauded for since the allocation of these funds were long overdue.
Bussiness
Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’
Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.
This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.
Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.
The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).
This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.
It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.
The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.
The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities
The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.
The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.
