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Ken Ofori-Atta makes 6 new changes to 2022 budget (DETAILS)

Minister of Finance Ken Ofori-Atta has announced 6 key concessions in the 2022 budget to cater for concerns raised after the outdooring the budget two weeks ago.

 

The new concessions were announced at a Press conference in Accra covered by MyNewsGh.com where the Minister said the Keta will now be considered in the budget while sections of the budget on AKER Energy and Agyapa will also see some amendment.

On the E-Levy, while for the mean time the percentage is unchanged, the Minister said he was open to engage the Minority on an agreeable percentage.

“With regards to Agyapa Royalties Ltd, we shall amend paragraphs 442 and 443 to take out references to mineral royalties collateralisation. It is important to note that, any reference to Agyapa was for informational purposes, and as such was not reflected in the fiscal framework” he said.

“In respect of the unfortunate tidal waves which rendered about 3,000 people homeless in Keta, we shall make the necessary budgetary allocations of at least GHS10 million to complete the Feasibility and Engineering studies for the coastal communities adversely affected. We will broaden the scope of the study to consider a more comprehensive solution to protect Ghana’s 540 Km of coastline, including the 149 Km between Aflao and Prampram. Meanwhile, NADMO has responded to the humanitarian crisis created by the tidal waves on the Keta coastline;” he explained.

On AKER, Benchmark values and E-Levy

“Relating to the Aker Energy transaction, we shall amend paragraph 829 of the 2022 Budget on the acquisition of a stake from Aker Energy and AGM Petroleum by GNPC, to reflect the resolution of Parliament dated 6th July, 2021 that “the terms and conditions of the loan for the acquisition of the shares shall be brought to Parliament for consideration pursuant to article 181 of the Constitution” Ofori Atta said

“On the benchmark values, we shall avert any hardships to importers and consumers while safeguarding the interest of local manufacturing industries to secure and expand jobs for our people. This administrative exercise which reviewed 43 out of 81 line items, has the objective to promote local manufacturing and the 1D1F policy, including the assembling of vehicles. It is important to note that this adjustment affects only 11.4% of the total CIF value, of which 50% is for vehicles. From our analysis, the potential increase in retail prices should be relatively insignificant and therefore inflation should be muted.” He said.

“The YouStart policy will also support our accomplished Traders with appropriate training and access to capital to become Manufacturers in order to expand the industrial base of our society and our import substitution strategy, in line with our Ghana Beyond Aid agenda

Source: MyNewsGh.com/2021

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