Tunisia has repaid all its 2023 domestic and external debts despite all public finance constraints in 2023 and the difficulty to access foreign funding,” Finance Minister Sihem Nemsia said on Monday.
“In 2023, public finances faced major challenges due to a very tense regional and international context and an exacerbation of climate change, leading to a rise in inflation rates and in the prices of staple commodities on a global scale,” she added at the opening of a debate on “2024 Finance Law and new tax provisions” held on Monday in Tunis by the Tunisia Council of Joint Chambers (CCM).
“All these constraints have had a major impact on Tunisia’s financial balance, sharply reducing the authorities’ room for manoeuvre in controlling debt levels and meeting essential and sometimes unpredictable public expenditure, despite the good results achieved in raising tax resources and improving the performance of some sectors (services, tourism, etc.),” she pointed out.
Nemsia indicated that “the Tunisian project of
major reforms is a global project characterised by a balanced vision between a social component placing the middle class and vulnerable groups among its top priorities, and an economic component aimed at rewarding work and boosting private initiative and wealth creation.”
The Finance Law 2024 fits in with this approach and seeks to ensure a balance between two fundamental challenges: Reboot the economy and restore the investor’s confidence, and gradually rebalance public finances by encouraging comprehensive and sustainable development, combating the financial exclusion of small- and medium-sized enterprises (SMEs), establishing a system that enshrines tax justice, combating tax evasion and integrating the informal economy.
This law seeks to “maximise tax benefites by gearing them towards promising sectors such as renewables, green, blue and circular economies and sustainable development.”
“It also aims to further enshrine the social role of the State by supporting the financial inclusion of vulnerable and
low-income groups, guaranteeing the supply of staple commodities to the market and adopting alternative instruments to finance subsidy expenditure,” she said.
“The 2024 Finance Law also provides for a number of measures to support the agriculture, fisheries and water resources sector, by continuing to support small farmers, facilitating their access to financing and reducing the tax burden on certain fodder products,” Nemsia underlined.
However, this law failed to provide measures to remove tax benefits granted to economic operators or to increase the tax burden, the FinMin considered, adding that “Quite the contrary, it has introduced a range of measures aimed at supporting companies in order to preserve their survival, support their restructuring, improve their cash flow, ease their access to finance and encourage private initiative.”
Source: Agence Tunis Afrique Presse
Four employees of Fidelity Bank, a privately owned bank in Ghana, have received awards at the Ghana Association of Banks (GAB) Awards ceremony for their exemplary contribution to the banking sector.
They are Mr Atta Yeboah Gyan, Deputy Managing Director; Mr Simon Adu-Gyamfi, Director of Operations; Mr Ransford Nana Addo, Head of Financial Crime Management, and Mr Eric Frempong Amponsah, Head of Brand and Marketing Insights.
The four were honoured for outstanding leadership within the Ghana Association of Bankers Chief Finance Officers (CFO) forum; addressing industry challenges; fighting against fraud; and exemplary work in managing media relations and corporate communications for the financial sector respectively.
Mr Gyan earned an accolade for the pivotal role in ensuring that perspectives of banks were heard and considered not only significantly to the industry’s stability during challenging times, but also underscored his unwavering dedication to fostering collaboration and unity within the sector.
M
r Adu-Gyamfi was also recognised for his exceptional contribution in addressing industry challenges, particularly in facilitating communication among member banks, CIT vendors, and the Bank of Ghana.
His proactive measures that included data-driven analysis, introduction of a business model for navigating armoured bullion van deployment delays, and meticulous risk mitigation strategies were instrumental in ensuring smooth operations and minimising disruptions in operations.
Mr Addo was acknowledged for his relentless efforts, including a robust fraud education programme and active collaboration with the ACFE Ghana Chapter, which demonstrably reduced the incidence of Bank Account Takeovers.
His proactive approach extended beyond Fidelity, sparking industry-wide conversations, and leading to crucial reforms like SIM replacement regulations, a direct consequence of his dedication to safeguarding not only Fidelity’s customers, but those across the entire banking sector.
Mr Amponsah was duly recognised for his
exemplary work in managing media relations and corporate communications for the financial sector.
His commitment to effective communication and stakeholder engagement has been instrumental in shaping a more positive public perception of the banking sector, proving that clear and consistent messaging to build trust and understanding even amidst challenges.
A statement from Fidelity Bank said the acknowledgment firmly reinforced Fidelity Bank’s stature as a prominent force in the financial landscape.
It said the Bank, propelled by its recent financial report, remained on an impressive growth trajectory, spearheading innovation, prioritising customer protection, and contributing to the overall stability of the industry.
Source: Ghana News Agency