Radio Gold 90.5 FM
  • Home
  • News
  • Politics
  • Sports
  • Business
  • Technology
  • Education
  • Opinion
  • World
  • Insurance
  • Radio
No Result
View All Result
  • Home
  • News
  • Politics
  • Sports
  • Business
  • Technology
  • Education
  • Opinion
  • World
  • Insurance
  • Radio
No Result
View All Result
Radio Gold 90.5 FM
No Result
View All Result
Home Top Story

Government has $750m sitting here; we don’t have to go out to borrow – Deputy Finance Minister

by Ahmed Kabore
January 22, 2022
in Top Story
Reading Time: 3 mins read
0
john kumah
30
SHARES
659
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT

Deputy Finance Minister, John Kumah has hinted that the government would not be seeking financial assistance from the international market to manage the economy this year.

Speaking on JoyNews’ Newsfile, Mr. Kumah noted that the government has put in place measures to cater for its expenditure without relying on the international market for assistance.

Aside from raising revenue domestically, the Deputy Minister said the government has put aside $750million out of $1billion it received from the International Monetary Fund (IMF) as Ghana’s Special Drawing Right (SDR).

ADVERTISEMENT

According to him, that is approximately the amount needed by the Akufo-Addo-led government to meet its target expenditure for 2022.

“In 2022, the government is looking more within to raise the financing. The good news for Ghana is that the IMF gave Ghana Special Drawing Right (SDR) $1billion dollars and we spent $250 million of that in last year’s budget. We still have $750million sitting in Ghana.

So we don’t have to go out to the market to borrow. We have factored that and all the external financing we are looking at is just about $750 million for us to be able to achieve the expenditure target for 2022.

We think that we have enough capacity within our domestic market to be able to raise enough financing to achieve the budget target.”

His comment comes as a response to concerns by citizens after International rating agency, Fitch, downgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B‘ from ‘B-’ with a negative outlook.

Fitch in their report noted that “Government’s ability to deliver unplanned fiscal consolidation effort could be hindered by the heavy reliance on domestic debt issuance with higher interest cost in the context of an already exceptionally high-interest expenditure to revenue ratio.”

But Mr. Kumah disagreed with the agency’s findings as to the country in 2017, sought no assistance from the international market to meet its expenditure target.

“That is where we disagree with Bloomberg, Fitch, and some of these rating agencies. It appears that if Ghana says that we are not going to the international market, then we don’t have an alternative to finance our expenditure in this country.

This is not the first time Ghana has not gone on the market. In 2017, Ghana didn’t go on the market and yet we met our expenditure target and revenues. They have their doubts but one year is not far away. Just like they doubted us in 2021, we delivered.”

The Deputy Finance Minister emphasized that “an economy growing above 5 percent in Covid and meeting its revenue target cannot be said to be having a negative outlook.”

“I believe that if this is the basis of concern for them to be rating us at the levels that they are doing, we are very surprised,” he added.

Meanwhile, John Kumah, who is also the MP for Ejisu, has assured the public that government will continue to manage the economy in the best interest of its citizens.

“We are all entitled to disagree but I want to assure the country that irrespective of other people’s lack of confidence in us, we have strong confidence in our ability to deliver the best and manage the economic affairs of Ghana in the best of means possible. All the targets we have set for 2022 shall be met by the grace of God,” he stated.

Source: myjoyonline.com
Tags: Deputy Finance MinisterJohn Kumah
Share30TweetSendShare
Previous Post

Work on Apiatse road destroyed by explosion begins

Next Post

Coup underway in Burkina Faso, president detained by the military – RFI

Related Posts

TESCON
News

UENR TESCON Patron Appointed by Akufo-Addo as Electoral Commissioner

March 21, 2023
Mahama
Politics

Mahama reveals why he stopped attending Independence Day celebration

March 6, 2023
John Mahama
News

It’s a bit silly – John Mahama blasts those calling on him to refund ex-gratia

March 5, 2023
Load More
Next Post
Coup underway in Burkina Faso, president detained by the military – RFI

Coup underway in Burkina Faso, president detained by the military – RFI

Nima violence: Another suspect arrested, others being pursued

Nima violence: Another suspect arrested, others being pursued

Police woman

Policewoman killed by unknown assailants in Bawku

  • Some Ashaiman ladies selling their egg

    Some Ashaiman ladies selling their egg, ovaries for Ghc3000 or iPhone with portrait imagery — Report

    239 shares
    Share 239 Tweet 0
  • From Tears to Joy, Kwabena Yeboah Smiles Again, Africa to Get 10 Places At The World Cup.

    73 shares
    Share 73 Tweet 0
  • VIDEO: Details about Lake Bosomtwe s3xtape emerge as bonking lovers get stuck

    55 shares
    Share 55 Tweet 0
  • Headmistress withheld results as Tyrone Marghuy tops the class in Science & Elective Maths, despite admission woes

    244 shares
    Share 244 Tweet 0
  • Am surprised at how everybody is now talking about Paul’s alleged cheating- Barker

    19 shares
    Share 19 Tweet 0

radio gold 90.5 fm is one of the first private radio station in Ghana. radio gold 90.5 fm Your Power Station

Recent Posts
  • Exempt sanitary pad imports from import duty and VAT – NDC Women Organizer champions cheap pads agenda May 31, 2023
  • ‘Sad what politics can do to a fine mind’ – Mahama slams Akomea May 26, 2023
  • You will lead Ghana to a future of prosperity, development, and unity – Concerned NDC members in UK and Ireland congratulates JDM May 15, 2023

© 2018 Radio Gold 90.5 fm –  All rights reserved. Own and operated by Network Broadcasting Company Ltd.

  • Contact
  • Privacy Policy
  • Terms and Conditions
  • Advertise
  • Disclaimer
No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2023 Radio Gold 90.5 fm - Operated and own by NewbyNetwork Broadcasting Company Ltd Radio Gold.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT