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 Minister of Finance designate targets 8% cedi depreciation

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DR Cassiel Ato Forson
DR Cassiel Ato Forson

 DR Cassiel Ato Forson, the Finance Minister-des­ignate, has an­nounced plans to reduce the country’s currency depreciation rate to 8 per cent within the shortest possible time.

He made this statement yesterday, January 13, during his vetting before the Appointments Committee of Parliament.

“We intend to reduce depreci­ation to 8 per cent in the shortest time,” Dr Forson said.

He explained that achieving this target would require imple­menting a comprehensive strategy to stabilise the economy and restore confidence in the local currency.

Dr Forson outlined several measures to address the issue, including enhancing foreign ex­change reserves, boosting export revenues, and curbing unneces­sary imports.

According to him, these inter­ventions would not only reduce depreciation but also improve the

overall economic outlook.

The Finance Minister-desig­nate emphasised his commitment to addressing the root causes of currency instability.

He assured the Committee of his readiness to work with stakeholders in order to create a sustainable economic environ­ment that promotes growth and benefits all Ghanaians.

The annual rate of deprecia­tion has been around an average of 23 per cent.

At the end of 2024, market data shows it lost about 20 per cent of its value against the dollar.

The Ghana cedi lost 0.48 per cent to the dollar last week, increasing its year-to-date loss to 1.27 per cent with just 13 days into 2025.

This is due to prevailing cor­porate demand and poor foreign exchange liquidity, as the Bank of Ghana’s daily forex auctions took a breather post-yuletide season.

The local currency closed at a mid-rate of GH¢15.68 to one American greenback. It also de­preciated by 0.62 per cent to the euro, while it gained 0.26 per cent versus the pound.

It began this week, going for GH¢15.85 to one American greenback.

Dr Forson also expressed concerns about the current tax exemption regime, describing it as opaque and prone to favouritism.

He called for greater transpar­ency and fairness in the applica­tion of tax exemptions.

“My problem with tax ex­emptions is the opaqueness and favouritism,” Dr Forson stated.

He noted that the lack of clarity in the process undermines public confidence and creates opportunities for abuse.

According to him, such prac­tices hinder the nation’s ability to mobilise adequate revenue for development.

Additionally, Dr Forson emphasised the need to reform the tax exemption framework in order to ensure it is both equita­ble and beneficial to the country.

“Tax exemptions should be granted based on clear, transpar­ent, and merit-based criteria,” he argued.

He further indicated that addressing these issues would be a priority should his nomination be approved.

The Finance Minister-des­ignate also underscored the importance of balancing revenue mobilisation with fostering a business-friendly environment.

He assured the Committee that under his leadership, efforts would be made to streamline the exemption process while main­taining fairness and accountability in the nation’s financial policies.

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 Telecel Ghana rolls out ‘2Moorch Money’ promo

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• Consumers are expected to pay one cedi levy on every litre of fuel at the pumps
• Consumers are expected to pay one cedi levy on every litre of fuel at the pumps

 Telecel Ghana has launched its most rewarding consumer promotion, Telecel 2Moorch Money, a nationwide cash give­away campaign set to reward customers daily, weekly and climax with a staggering grand prize of GH¢ 1.2 million.

The promo, which runs from June until September, will reward over 10,000 customers with daily, weekly, and grand prize draws.

Throughout the duration of the promotion, 120 customers will each win GH¢ 100 daily; up to eight winners will receive GH¢ 20,000 every week; and at the end of the campaign, the luckiest Telecel user will take home the life-changing sum of GH¢ 1.2 million.

Speaking at the launch held in Accra yesterday, Aneth Muga, Acting Director of Consumer Business at Telecel Ghana, highlighted the telco’s commitment to rewarding its loyal customers.

“Our customers are at the heart of everything we do, and the 2Moorch Money promo is our way of showing apprecia­tion for their continued trust

and loyalty. This year, we’ve taken the rewards a notch higher with more cash, more winners, and more reasons to smile every day on the Telecel network,” she said.

All draws are conducted under the supervision of the Na­tional Lottery Authority (NLA) on the Caritas Lottery platform ensuring fairness, transparency, and full regulatory compliance.

At the launch, Beryl Adom, Marketing Executive of NLA, reiterated the organisation’s role in safeguarding the integrity of the promotion.

“As regulators, our role is to ensure that each draw is secure, random, and above all, fair. Telecel customers can participate with full confidence knowing the process is credible and transpar­ent. We take this opportunity to encourage all Ghanaians who wish to participate to do so responsibly and within their means.”

Daily winners will be credit­ed directly via Telecel Cash and notified via SMS only, with no phone calls. However, only week­ly and grand prize winners will be contacted directly by an official Telecel representative, with a 48-hour window to claim their prize after which the prize will move to the next winner.

Customers are reminded never to disclose their PINs or make payments to claim prizes, plus it is essential to have an active Telecel Cash account to receive winnings.

Ellen Oparebea Akoi, the grand prize winner of last year’s More Money campaign, shared her experience of how the cam­paign transformed her life.

“Winning GH¢ 1 million in last year’s promo really changed my life. I will advise customers to join as it can also turn their lives around like it did mine. The 2Moorch Money promo can be your stepping stone in life,” she said.

The Telecel 2Moorch Money Promo is an enhanced version of last year’s highly successful Telecel More Money campaign and is designed to reward the telco’s loyal customers across the country.

The promo is open to all prepaid, hybrid, and enterprise customers with users simply opting in for free and participat­ing by recharging their airtime or buying bundles on the network.

 BY KINGSLEY ASARE

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 Find innovative ways to clear power sector debt —COPEC urges govt

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Consumers are expected to pay one cedi levy on every litre of fuel at the pumps

 The Chamber of Petroleum Con­sumers (COPEC) has asked govern­ment to develop innovative ways to clear the power sector debt and not unnecessarily burden petroleum consumers with the one cedi fuel levy.

Government as part of mea­sures to clear the power sector debt introduced the one cedi levy on every litre of fuel at the pumps.

The levy, which was assented to by President John Mahama was met with criticisms for lack of engagement with key stakeholders, including the Oil Marketing Companies. The Ghana Revenue Authority has subsequently postponed the im­plementation of the levy to June 16, 2025.

Speaking to Joy Business in Accra yesterday, the Executive Secretary of COPEC, Duncan Amoah criticised government for imposing the levy on consumers, pointing out that it will increase hardship on Ghanaians.

He advised government to prioritise efficiency in the power sector and cut down financial and technical losses.

“It is as if the Electricity Company of Ghana (ECG) has money that they can use for cor­rupt things in the power sector and we have allowed them to misuse the money and then they come back to tell us there is no money to pay for the Indepen­dent Power Producers and fuel. So Ghanaians must pay through levies,” he said.

Listing some major challeng­es influencing the power sector debt, Mr Amoah stressed the need to address revenue leakages and transmission losses, particu­larly on the part of the ECG.

“The power sector debt is not out of vacuum. Something let to the accumulation of the

 debt. The transmission losses is one, poor revenue generation and collection, is two, and the use of the revenue is three,” he said.

He added that it was time to punish staff of ECG engaged in acts of corruption that lead to the power distributor making losses.

“The procurement breaches and corruption and blatant disre­gard for the laws and sometimes even common sense. We must check that,” he said.

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Finance Minister tranfers funds to DACF, NHIS and GETFUND

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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.

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