• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Huge consumption spending, deceit by Government killing economy – Seth Terkper says

5 years ago
in Business, Economy, Editor's pick, highlights, Home, home-news, latest News
2 min read
0 0
0
91
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Ghana’s Sports Minister Urges Envoys to Promote Country as Investment Hub for Sports and Recreation

Ferrari 1-2 in Free Practice as Hamilton Tops Timesheet in Monza

Kwasi Sibo Receives Late Black Stars Call-Up for Crucial World Cup Qualifier Against Mali

Former Finance Minister Seth Terkper, has said the current Finance Minister’s penchant to churn out questionable figures during budget presentations so his books will look good, is contributing to Ghana’s troubled economy.

According to the lead partner of tax firm, PFM Tax Africa, because Ken Ofori-Atta usually fails to provide the true figures of, for instance the budget deficits, the financial system — which he said cannot be cheated — is bringing out the true nature of the economy.

“Even today as we speak, look at the budget. We have the arrears figure for the 2020 budget – it is GH¢ 1.4 billion or so…and we just did the Mid-Year Review…look at this number and ask yourself if we are going to pay the IPPs considering that ESLA is already encumbered as revenue does the deficit reflect the fact that you are going to pay IPPs?

“Does the deficit reflect all the payments we are making to depositors of defunct financial institutions? Because the Securities and Exchange Commission says it will refund their money…do they reflect in the fiscal that was presented? And once you pay these things, the financial systems will throw them out. You may buy yourself time but the system will throw them out,” he said.

Noting that some of Ken Ofori-Atta’s figures that do not add up.

Mr Terkper made the assertions while speaking in a round table discussion with business journalists on Friday, November 20, 2020, on ways to achieve a healthy economy.

The Finance Minister has on several occasions been accused most often by the NDC of cooking up figures presented in his budget statements.

Last year, Minority Leader, Haruna Iddrisu, accused him of massaging figures in the 2020 budget.

He said the minister manufactured figures to deceive Ghanaians into thinking that the economy was healthy.

Speaking bfurther in the round table discussions, Mr Terkper said another reason Ghana’s economy under Nana Addo Dankwa Akufo-Addo’s government is facing challenges is due to his huge consumption expenditure.

“I think that there is a lot that is being spent on expenditure and that is something which I think as a nation, we can’t keep spending on consumption,” Mr Terkper said.

The former minister also bemoaned what he believes is a particularly high-interest payment on loans.

“Our compensation and interest payments are high. We are using more than 100% of tax revenue for compensation. You can argue that you have non-tax revenue and others but remember your tax revenue includes the earmarked funds,” he emphasized.

Tags: Debtfiscal deficitHuge consumption expenditureinterest paymentsKen Ofori-AttaSeth Terkper
No Result
View All Result

Highlights

GCB Bank Launches Hajj Savings Product With GHS 50 Entry Amount 

Ministry of Health Calls for Urgent Action Against Non-Communicable Diseases at National Strategic Meeting

Ghana Cedi Defies Gloom, Emerges Among World’s Best-Performing Currencies

MOBEX Africa Opens Nominations for Continent’s Most Prestigious Technology Awards

GCB Bank Launches Hajj Account to Empower Ghanaian Pilgrims 

BoG Engages on Framework for Non-Interest Banking and Finance

Trending

Business

Ghana’s Sports Minister Urges Envoys to Promote Country as Investment Hub for Sports and Recreation

September 5, 2025

Ghana's Sports Minister Urges Envoys to Promote Country as Investment Hub for Sports and Recreation Kofi Adams,...

Ferrari 1-2 in Free Practice as Hamilton Tops Timesheet in Monza

September 5, 2025

Kwasi Sibo Receives Late Black Stars Call-Up for Crucial World Cup Qualifier Against Mali

September 5, 2025

GCB Bank Launches Hajj Savings Product With GHS 50 Entry Amount 

September 5, 2025

Ministry of Health Calls for Urgent Action Against Non-Communicable Diseases at National Strategic Meeting

September 5, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.