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NDC government overspent budget by GHC4.2 billion in 2016 – Auditor General’s report

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[dropcap]L[/dropcap]ast year, the government overspent its budget by a little over GH¢4.2 billion, although its revenue fell by almost GH¢9.5 billion.

The over expenditure and the shortfall in public revenue have been captured by the Auditor-General in its 2016 Report.

Blaming the development on the government’s weakness in budgetary management, the report stated that all major line items — direct tax, indirect tax, non-tax, compensation, interest, subsidy and other expenses — registered unfavourable variances.

“I noted, in this connection, wide variations between approved budget estimates and recorded actuals, ranging from 8.3 to 94 per cent in the main budget line revenue and expenditure items, resulting in a revenue shortfall of GH¢9,456,812,168 and excess expenditure of GH¢4,202,131,992,” the report, signed by the Auditor-General, Mr Daniel Y. Domelevo, stated.Revenue shortfallsAlthough the government’s revised budget projected to collect GH¢11,358,930,103 in direct taxes, the Ghana Revenue Authority (GRA) got GH¢9,651,034,001 (GH¢1,707,896,102 less).For indirect tax, it expected to bag GH¢16,645,233,966 but got GH¢12,830,514,554 (GH¢3,733,011,618 shortfall), while in the case of non-tax revenue, it expected GH¢6,818,217,965 but got almost 59 per cent less, GH¢ 2,802,313,517 (a shortfall of GH¢4,015,904,448).High expenditure

With some 700,000 public sector workers expecting their compensation from the treasury, the government budgeted GH¢13,955,740,709 for salaries and emoluments, but by the end of the 2016 financial year GH¢15,113,039,498 had been spent.

The government estimated to pay interest of GH¢10,490,266,111 but ended up paying GH¢12, 960,355,281 (GH¢ 2,470,089,170 extra).

According to the government’s projections, GH¢50 million was to pay for subsidies, but it ended up spending a little over GH¢97 million (GH¢47,000,989 more).

Additionally, the revised budget projected other expenses to cost the public purse GH¢903,015,636 but GH¢1,430,758,680 was spent (GH¢527,743,044 more).

The Auditor-General’s review of the 2016 financial statements also showed that four ministries, departments and agencies (MDAs) — the Ghana Education Service (GES), the Ghana Health Service (GHS), the Ministry of Finance and the Office of Government Machinery (General Government Services) — exceeded their budget allocations by  GH¢5,206,284,575.

Originally, the government budgeted almost GH¢131 million as compensation for the GES but revised it to a little over GH¢3.3 billion. However, by the end of the year, a little over GH¢5 billion was spent (GHc1.7 billion more).

For the GHS, a little over GH¢837 million was originally presented to Parliament, which was later revised to a little over  GH¢909 million. But at the end of 2016, almost GH¢1.3 billion had been spent (over GH¢385 million more).

The case of the Ministry of Finance was not different. It started with close to GH¢14.6 million, which was revised to a little over GH¢8.2 million but ended the year with a little more than GH¢41.7 million (over GHc33.4 million more)

The highest overrun was at the Office of Government Machinery, which originally budgeted a little more than GH¢768.1 million, which was adjusted upward to almost GH¢3 billion but, typical of an election year, ended up spending more than GH¢6.1 billion (a difference of more than GH¢3.1 billion).

Monitor

According to the Auditor-General, the excess expenditure was as a result of failure by the Budget Division of the MoF to ensure that approved activities were regularly monitored and reviewed against the approved budget.

He, therefore, recommended that the Budget Division of MoF strengthened its monitoring functions to ensure that all MDAs operated within their approved budget.

MoF’s response

Responding to the Auditor-General’s query, the Ministry of Finance stated that revenue projections were based on assumptions, which were out of its control.

“As a developing country, we are sometimes affected by external economic factors that affect us adversely. On the expenditure side, the overrun in compensation was the result of financial clearance granted to the ministries of Education and Health and the consequent payment of salary arrears which was over and above the provision made for the year,” it said.

It said the government was putting in mechanisms such as strengthening expenditure controls, improvement in revenue mobilisation and ensuring fiscal discipline.

The explanation notwithstanding, it said “the ministry will put measures in place to strengthen monitoring mechanisms to ensure that there is improvement and credibility in the national budget in subsequent years.

Big allocations, little releases

Although government’s spending shot up, the report stated that a review of the classification of expenditure by cost centres indicated that most of the MDAs’ budget on goods and services was not met, as their actual releases were far less than their budget, leading to a huge shortfall.

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Ndoum resigns from board of Gold Coast Brokerage; changes company’s name

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The Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom has resigned from the Board of Gold Coast Brokerage Limited.

A statement from the Ghana Stock Exchange to Citi Business News confirmed the announcement.

Dr. Papa Kwesi Nduom is resigning from the Board together with Patrick Kobina Anumel.

They are being replaced by Dr. Olivia Anku-Tsede, Mr. Joseph Kusi-Tieku as well as Mr. Kwesi Abedu Wilson.

It is unclear what has led to the resignation of the two from the Board of Gold Coast Brokerage.

Meanwhile, the statement from the Ghana Stock Exchange has equally indicated the change of name of the company to Teak Tree Brokerage Limited.

Gold Coast Brokerage is a licensed brokerage firm offering stock brokerage, investment advisory & Treasury management services.

It is licensed by the Securities & Exchange Commission as a Broker-Dealer and registered as a Licensed Dealing Member of the Ghana Stock Exchange (GSE) as well as a Central Securities Depository participant.

Gold Coast Brokerage is a member of Groupe Nduom which is a family business group of Ghanaian and American Origin.

The company was incorporated on June 8, 2012 and started operations on July 1, 2012, to continue the tradition of service excellence from our mother company Gold Coast Securities.

This was as a result of a regulatory directive to separate the Fund Management license and the Broker-Dealer license.

Meanwhile, the name of the company has been changed effective Monday, September 9, 2019. Here is a news desk report on the announcement.

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Top 5 online shops in Ghana

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Online shops in Ghana are now getting much better and sophisticated. With the increase in demand for digital products, convenience and the rise in peoples’ trust in the online business, a lot for online shops have been created.

Unlike years back, when most people fear to buy things online, today, people feel ease to key their credit cards on the internet stores to purchase any goods they want with a high percentage believe that they will get their products. We have seen the coming into being of many online shops in Ghana for the past years. Each day, new Ghanaian online shops are being created and these stores offer a wide variety of products that anyone from Ghana and beyond can buy have it shipped to wherever he/she stays in Ghana.

ALSO READ: Standard Chartered Bank Branches and Contact in Ghana

The like of Jumia and that of Kikuu has been the talk of the day. Most people feel like these two popular stores are the only shops in Ghana that offer great products at a cheaper price. But little do they know there are others that can compete with these stores. In this post, we are going to look at these Ghanaian owned online shops you can buy from. So without wasting further time lets dive to the point.

Below are some of the online stores you can buy from in Ghana:

  • Jumia
  • Kikuu
  • Zoobashop
  • Superprice
  • Melcom Ghana

Now let’s look at these sites in details. What they sell and how you can purchase from the site.

Jumia Ghana

Jumia is currently one of the leading online shops in Africa selling all categories of products. It has operations in almost all the Africa countries including Ghana. Jumia Ghana has grown to the stage where all their products can easily be accessed from every corner of the country.

jumia shop

 

With its best delivery method and supportive staff, customers turn to love them most. Jumia Ghana offers a variety of products ranging from Phones & Tablets, Electronics, Computing, Fashion, Home & Office, Health & Beauty, Gaming, Accessories, Clothing, Grooming & Healthcare Kits, Diapering, Grocery. etc. It has recently added a section for travel that allows one to book hotels. If you are from the capital city, you can use the Jumia food section to order food and get it delivered to your location within the city.

Kikuu

Kikuu is a Chinese based store with operations in Ghana. Kikuu has been one of my favourite stores for online shopping. the products offer on this shopping site are amazing because of the price, the time taken to get the goods in Ghana, and the payment method used for buying items. A lot of people have fallen for this site also.

kikuu

The Kikuu shop is well patronized by students and unemployed graduates. Most students use this site for their benefit. I got to know of this site way back in 2016 when I was in the university through a female friend. This friend of mine by then knew of this shop which she uses to make some decent amount of money on campus.

During that time, the store was not all that popular among the students. So most people who were aware of it bought products at cheaper prices and then sold them to their colleague students at a profit margin. What makes Kikuu the best is the fact that they have their agents all over the regions and district capitals of Ghana.

Once you shop on this store, you are given a tracking page most especially when you use the app. With the tracking, you get to know the status of your order at any checkpoint.

Zoobashop

Another great e-commerce shop in Ghana that has been in the system for some time now is the Zoobashop.

It offers products ranging from home appliance, phones, groceries, food and drinks, beauty, fashion, baby products, books & games, kids and toys. This site was once among and still belong to the largest market online shop in Ghana.

zoobashop

Zoobashop has a well define product categories which allows you to easily navigate through the site to find what so ever product you want. Check the site here to see for yourself.

Melcom Ghana

Melcom shopping Centre is not a new deal to many since they are already familiar with their local brick and mortar stores. Every ordinary Ghanaian knows of this shopping Centre.

Melcom in its quest to be among the business that serves customers both online and offline created the Melcom online shopping Centre.

 

melcom online

This online shop serves as the digital presence of the Melcom Shopping Centre. On this shop, you can easily order goods and service that you could have order offline when you visit the physical shop outlet.

Thanks to the internet and the coming into existence of the Melcom online shop, today you can sit in the comfort of your home and order these same products then get them delivered to your home with no extra cost.

SuperPrice

 

Just like zoobashop.com, the superprice online shopping site also offers great products that you can easily add to your cart. electronics products and other items such as cloths include the Zoobashop.

superprice

The website has a wide variety of items such as smartphones, Men’s Fashion, Women’s Fashion, Kids & Baby Fashion, TV Audio & Video, Home & Living, Beauty & Perfumes, Sports & Fitness, Landline Phones, Books & Other Categories.

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Ecobank Branches in Accra

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Ecobank Ghana is a commercial bank in Ghana. It is one of the commercial banks licensed by the Bank of Ghana, the national banking regulator. Ecobank Ghana is a member of the Pan-African Ecobank chain

With over 1,300 branches in 36 countries, Ecobank has one of the biggest branch networks on the continent. While you can enjoy Ecobank banking services online, on your mobile and at ATMs, the bank continues to offer friendly advice and support for your everyday banking in their branches.

All their branches are designed to easily meet their customers’ banking needs. They have tailored each branch interior to clearly identify how they efficiently serve their customers.

Key features:

  • For Classic customers – a welcoming, inclusive and accessible teller experience
  • For Advantage customers – dedicated touchscreen spaces offering extra support
  • For Premier customers – special lounges, wherever possible
  • Direct banking spaces, including ATM galleries and Internet access points, for quick electronic banking.

In Ghana, Ecobank has 67 branches network with 230 ATMs across the country. The list below is the branches of Ecobank in Accra:

    
Ecobank Abeka Branch
Akweteyman
030 700 1497
Ecobank Haatso Branch
Accra
030 221 3999
Ecobank Ghana Limited (Head Office)
Accra
030 221 3999
Ecobank Tema Motorway branch, Gyau Towers
Tema
030 330 5510
Ecobank - Silver Star, Airport Branch
Accra
030 276 7404
Ecobank Dansoman branch
Accra
030 232 6580
Ecobank - Darkuman Branch
Accra
030 221 3999
ECOBANK ABEKA-LAPAZ BRANCH
030 223 0061
EcoBank Ghana - Kotobabi Branch
Accra
030 221 3999
ECOBANK SAKUMONO BRANCH
030 221 3999
Ecobank Okponglo Branch
Accra
030 292 2401
Ecobank Abeka Branch
Akweteyman
030 700 1497
Ecobank A&C Mall Branch
ANC shopping center
Accra
Ecobank Tudu Branch
Accra
026 778 3452
Ecobank - Madina Branch
Madina
030 221 3999
Ecobank Tesano
030 221 3999
ECOBANK KWABENYA BRANCH
Dome
030 240 9241
Ecobank Westlands Branch
Accra
030 241 4872
Ecobank Legon Main Branch
University of Ghana campus, Near Alumni Office, Accra
Ecobank Mile 7 Branch
Nsawam Road
Ecobank - Spintex Branch
Accra
030 221 3999
ECOBANK ASHAIMAN BRANCH -
Accra
Ecobank - Accra Mall Branch
030 282 3053
ECOBANK EAST AIRPORT BRANCH
Accra
030 221 3999
Ecobank Roman Ridge Branch
Accra
030 224 1883
Ecobank - Osu Branch
Accra
030 268 1167
Ecobank Labone Branch
Accra
Ecobank Weija Branch
Accra
030 285 3202
Ecobank - Ring Road Branch
Accra
030 224 4007

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