Govt will track businesses to avoid judgement debts — Ken Ofori-Atta

Business News of Saturday, 21 January 2017



Ken Ofori Atta 1Mr Ken Ofori-Atta

Mr Ken Ofori-Atta,the Minister designate of Finance,has indicated that his ministry would put in place a risk management plan to track all government businesses when given the opportunity.

The measures would seek to address any outstanding issues that could lead to the payment of judgement debts or needless compensation.

Additionally, he said the ministry would ensure that all the major sectors of the economy received the timely financial support in order for them to deliver their mandate without interruption

“One major focus for the Finance Ministry is to ensure proper attention is given to all the sectors and empower them to discharge their full mandatory obligations,” Mr Ofori-Atta said when he appeared before the Appointments Committee of Parliament yesterday in Accra.

Mr Ofori Atta has been nominated by President Nana Addo Dankwa Akufo-Addo to head the finance ministry.

He led an investment bank, Databank, for many years.

He said his plan for the Ministry of Finance was to walk Ghana out of its financial difficulties by protecting the public purse through the implementation of programmes that would increase revenue generation and halt needless expenditure.

Mr Ofori-Atta was of the view that although the New Patriotic Party (NPP) government intended to accomplish every single promise it made in the build-up to the 2016 elections, the ministry would align the state resources to address problems that hampered the progress of the nation.

The minister designate said there would be no more outstanding arrears, particularly for teachers who had devoted their life to teach and train the younger generation.

“We do not believe in allowing our hardworking teachers to suffer for any reason. We will not compromise teaching and learning by delaying the payment of teachers’ salaries and arrears,” Mr Ofori-Atta said.

On the payment of feeding grants, he said issues that had to do with children’s welfare and progress would be sorted out in time.

Tax relief

Although the NPP made a lot of promises to scrap some “killer” taxes that confront the growth of businesses, Mr Ofori-Atta said those issues would be taken care of in the next budget to be presented by the government.

According to him, the abolishment of those taxes would not drag the nation backwards but rather measures would be implemented to sustain state revenue generation.

On the issue of the payment of DKM customers and other microfinance companies, Mr Ofori-Atta stressed the need for the central bank to enforce it regulations regularly to avert future occurrences.

He also said among others that the National Identification Scheme would be executed within 12 to 18 months of the Akufo-Addo administration.