debt Archives - Wontumi Online

09 Aug

Ministry Of Finance Announces Measures To Address Debt Crisis And Reduce Borrowing

Wontumi1Businessdebt, Ministry of Finance

The Ministry of Finance, following the recent domestic debt restructuring and ongoing negotiations with international creditors, has implemented strategies to stabilise the economy. Deputy Minister of Finance, Dr Alex Ampabeng discussed some measures to provide a clear roadmap out of the crisis. “What we are doing with GRA, and actually I am leading that with the Ghana Revenue Authority, is to reform a taxpayer database. We want to clean it to the point where the less active ones, we are able to track individuals and their businesses with the help of Ghana card, with the help of digitization, with the…

Government To Borrow ¢2.57Bn On September 29 To Refinance Maturing Bills

Wontumi1BusinessBoG, debt, T-Bills

The government will borrow about ¢2.57 billion today September 29, 2023, to refinance maturing bills worth ¢2.41 billion. This is coming after the country’s debt went up by about ¢6.3 billion between April and June 2023 to reach ¢575.5 billion. With improved liquidity and lower refinancing pressure, analysts expect the treasury to achieve the auction target. The Monetary Policy Committee (MPC) of the Bank of Ghana left policy rate unchanged at 30.00% on Monday September 25, 2023, citing the considerable decline in upside inflation pressures. The decision leaves the cumulative hikes for this year at 300 basis points. Databank Research…

Government Debt To IPPs To Hit $2.2Bn By July 31, 2023

Wontumi1Businessdebt, IPPs

The government’s indebtedness to the Independent Power Producers (IPPs) is expected to hit $2.2 billion by the end of July 2023. To this end, the IPPs will convey an emergency meeting tomorrow July 27, 2023, to strategise on how to retrieve some of the debt owed them by the government. They have declined to give any further comment until after the emergency meeting. Joy Business is learning that the IPPs are unhappy because the government has breached its promise to settle part of the debt and will not hesitate to cut power supply to the national grid. They had earlier…