News
Reconstruction of 2 major markets in Shai Osudoku begins
Work on the reconstruction of two major markets in the Shai Osudoku District of the Greater Accra Region has commenced.
The GH¢4.6 million project is expected to provide the Dodowa and Asutuare markets with 40 lockable stalls, 40 open sheds and a creche under the first and second phase respectively
The project being executed by the Coastal Development Authority (CODA) under the One Constituency One million Dollar government programme is expected to be completed in six months to boost the socio-economic activity of the district.
The area is one of the biggest producers of farm produce, including rice, mango, maize, cassava and vegetable, among others, but has little to show for it due to the lack of a dignified market, places of convenience, stores to house produce of traders, modern car parks and proper sheds to protect the traders from the vagaries of the weather.
The Greater Accra Minister, Ishmael Ashitey, who performed the ground-breaking ceremony, commended CODA for supporting the assembly to undertake the projects, which are indicators of the government’s belief in transforming the lives of the people through the provision of infrastructural projects.
The structures housing the previous markets, he explained, have become outmoded and do not provide any protective cover for the traders, hence the need to transform to deal with the proliferation of hawkers and unsightly littering of kiosks and containers in the cities and towns.
The minister said the provision of basic fundamental services to stimulate economic growth would improve the quality of life of the people, and urged the people to jealously guard the project to enable the contractor to ensure early completion.
Mr Ashitey charged the assembly to effectively supervise the contractor to ensure they adhere strictly to the health and safety protocols of the coronavirus disease (COVID-19), adding that the workers need to wear their face masks and other personal protective equipment to safeguard themselves and the entire community against the spread of the pandemic.
The Chief Executive Officer (CEO) of CODA, Jerry Ahmed Shaib, who also presented over 4,000 nose masks for the various social and religious groups in the beneficiary communities, said the facilities would transform the socio-economic lives of the people.
He charged the contractor to recruit the labour force from the area, and also urged the people to offer the contractor the needed support to ensure that the project was completed on schedule.
The chairman of the occasion, Okukurubour Nene Tei-Kwesi Agyeman V, urged the people to report any malfeasance or unproductive altitude of the contractor to the traditional authorities, and advised those recruited from the area as artisans to obey simple instructions towards ensuring peace and harmony at the site of the construction.
The District Chief Executive, Mr Daniel Akuffo commended his predecessors for initiating the project and CODA for promoting the local economic development of the people.
Source: Ghanaian Times
News
Over GH₵80m was collected in betting tax, Amin Adam got it wrong – Finance Minister
Ghana’s Minister for Finance Ato Forson says the claim by former Finance Minister Mohammed Amin Adam that the erstwhile administration never implemented the betting tax is not factual.
Speaking at a new conference on Tuesday, March 11, shortly after the Finance Minister presented the new government’s first budget statement and abolished the e-levy, betting tax among others, the former Finance Minister said the NPP government never enforced the controversial tax on lottery and sports betting winnings.
Dr Amin Adam said it was deceptive for the NDC government to claim to abolish a tax that was never collected although the law was passed in 2023.
“Betting tax that they said they have abolished, we never collected Betting Tax. So to come and tell Ghanaians that you have abolished something that you have not implemented, is to deceive the people of Ghana.”
Responding to the claims in an interview with Evans Mensah on JoyNews’ PM Express on Tuesday night, the Finance Minister said his colleague on the other side appears not to be on top of that issue.
“I don’t think he’s on top of that matter because my checks revealed that it was implemented in the second half of 2024. And my checks also reveal that year-to-date, the government of Ghana has collected over GH₵80 million from betting tax, so I don’t know what he’s talking about. It is not the fact. The fact on the ground does not support his assertion. Clearly, the betting tax was implemented,” he insisted.
News
Whoever created BoG’s GH₵53bn negative equity mess should be held responsible – Dr. Atuahene
Banking consultant Richmond Atuahene has called for accountability over the Bank of Ghana’s (BoG) GH₵53 billion negative equity, insisting that those responsible for the mess must be held accountable.
In an interview on Joy FM’s Midday News on Wednesday, March 12, he called for those responsible for breaching financial regulations to be summoned before Parliament to explain their actions.
“There was a law that stated they should not exceed a 5% fiscal financing threshold, yet they went as high as 60%. This is a clear violation, and they cannot claim ignorance. The Governor, the Minister, and those involved must be held accountable for their actions,” he asserted
His comment comes after the Finance Minister, Dr. Cassiel Ato Forson, advised BoG to explore internal cost-cutting measures instead of relying on taxpayer funds for a GH₵53 billion bailout to address its negative equity position.
Dr. Atuahene supported the Finance Minister’s stance that the government cannot afford to recapitalise the central bank at this time, given the nation’s fiscal constraints.
“Like the Minister said, you don’t create a mess and leave it for others to clean up. Whoever created this mess must take personal responsibility. When they engaged in the monetisation of fiscal deficits in 2021 and 2022, some of us warned them about the consequences, but they didn’t listen,” he stated.
Dr. Atuahene stressed that rather than relying on external funding, the Bank of Ghana should explore internal restructuring, cost-cutting, and asset sales, including a sale-leaseback arrangement on some of its properties, to raise the necessary capital.
He also highlighted the potential damage to Ghana’s international credibility if the Bank of Ghana remains in a financially distressed position.
“This affects Ghana’s credibility. BoG has correspondent relationships with the Bank of England, the Federal Reserve, and the African Development Bank. If it continues to operate in a capital-deficient state, international institutions may lose confidence in our financial system,” he warned.
Dr. Atuahene also criticised the central bank for insisting that it is “policy solvent,” arguing that capital solvency is more critical in this situation.
“You can claim policy solvency all you want, but if you are capital insolvent, it means you cannot function properly. BoG has been making losses year after year. They made losses in 2023, and they are making losses in 2024. How long will this continue?” he questioned.
Source: Myjoyonline.com
