Finance Minister Ken Ofori-Atta

Banks Write Off ¢2.416Bn As Bad Loans As Of August 2023
23 Oct

Banks Write Off ¢2.416Bn As Bad Loans As Of August 2023

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Banks wrote off ¢2.416 billion as bad debt in the first eight months of this year, 36.4% increase over the previous year, highlights of Banks Income Statement by the Bank of Ghana as of August 2023. This is compared with ¢1.713 billion bad loans recorded ending June 2023. The provisioning was made up of loan losses, depreciation, among others. According to the Bank of Ghana, the banking industry’s asset quality weakened during the period under review reflected by the pickup in the Non-Performing Loan (NPL) stock and Non-Performing Loan (NPL) ratio. The industry’s NPL ratio rose to 20.0% in August…
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Suppress Appetite For High-Interest Loans – Gov’t Told
20 Sep

Suppress Appetite For High-Interest Loans – Gov’t Told

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The Institute of Statistical, Social and Economic Research (ISSER), has cautioned the government to suppress its appetite for high-interest loans. Director of ISSER, Professor Peter Quartey, noted that Ghana’s ongoing US$3 billion loan-support programme with the International Monetary Fund (IMF) could soon position the country to access loans on the capital market. He said this in an interview with the media after a discussion on “Ghana’s public debt management: facts, impact, and the way forward,” in Accra. The Economist cautioned that: “When we go to the capital market, we borrow at six, seven, or eight percent – that’s is a…
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Calls For My Removal Were Warranted – Ofori-Atta
08 Aug

Calls For My Removal Were Warranted – Ofori-Atta

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Minister of Finance Kenneth Nana Yaw Ofori-Atta has described calls for his removal as “warranted” in a democracy. He, however, said he felt “battered and broken” by the calls. But he admits that in a democracy everyone has “the freedom to express what they want”. Mr Ofori-Atta expressed these sentiments over the weekend when he appeared on GTV’s Talking Point to discuss the mid-year budget review. During his presentation of the review to Parliament on Monday, July 31, the Finance Minister described the year 2022 as the most difficult for him as a minister of state. It was a year some New…
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Chamber Of Corporate Trustees Signals Readiness To Participate In New DDEP
07 Aug

Chamber Of Corporate Trustees Signals Readiness To Participate In New DDEP

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The Chamber of Corporate Trustees has indicated its preparedness to participate in the alternative Domestic Debt Exchange Programme (DDEP) being offered by the Government of Ghana (GOG). This comes on the back of an earlier announcement by the Ministry of Finance for the restructuring of ¢31 billion pension funds in the second phase of its Domestic Debt Exchange Programme (DDEP). According to the ministry, the exercise will affect the E.S.L.A. Plc and Daakye Trust Plc. In a statement signed by the Executive Secretary of the Chamber of Corporate Trustee, Thomas Kwesi Esso, the Chamber noted that it has collaborated with…
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The Call For The Removal Of Ofori-Atta As Finance Minister Is Unnecessary Now – Tolon MP
26 Jul

The Call For The Removal Of Ofori-Atta As Finance Minister Is Unnecessary Now – Tolon MP

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Ghana’s Minister for Finance, Ken Ofori Atta has been under intense fire by a cross-section of the public for some months now over the weak Ghanaian economy. Prior to landing an IMF bailout, some Members of Parliament belonging to the ruling party expressed their displeasure with the performance of Mr. Oforiwa Atta and also impressed upon President Akufo Addo to remove him as Finance Minister. However, the President requested that the minister be allowed to conclude the IMF negotiations which he had already commenced and after concluding the deal further asked for him to present the budget for the year…
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Presentation Of Mid-Year Budget Review Rescheduled To July 27
21 Jul

Presentation Of Mid-Year Budget Review Rescheduled To July 27

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The presentation of the mid-year budget review by the Finance Minister, Ken Ofori-Atta has been rescheduled to Thursday, July 27, 2023. The Second Deputy Majority Whip, Habib Iddrisu said this when he presented the business statement for the ensuing week in Parliament in Accra on Friday, July 21, 2023. “The committee also took into account a formal communication from the Finance Ministry that the mid-year budget review will be presented on Thursday, July 27, 2023, instead of Tuesday, July 25, 2023, as announced by the business committee,” he stated. The First Deputy Minority Whip, Ahmed Ibrahim expressed worry that the…
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Finance Minister To Meet Independent Power Producers Today Over Plan To Cut Power Supply
23 Jun

Finance Minister To Meet Independent Power Producers Today Over Plan To Cut Power Supply

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Finance Minister Ken Ofori-Atta will be meeting the Independent Power Producers (IPPs) over their threat to cut power supply due to non-payment of their arrears. A Government Spokesperson George Ayisi said on the Big Issue on TV3 Friday, June 23 that the Minister will be meeting the IPPs today Friday. The IPPs had said they will not be in a position to continue the generation of electricity. They said their earlier request to the Finance Minister to pay an interim 30 percent of their arrears to enable them to continue to operate has not been heeded by the Ministry. “We…
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#Ken Must Go: I’m Not The Right Person To Decide- Hon Andy Appiah-Kubi
09 Jun

#Ken Must Go: I’m Not The Right Person To Decide- Hon Andy Appiah-Kubi

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Member of Parliament for Asante Akim North constituency, Hon Andy Appiah -Kubi has refused to share his two scents on the quest to kick Ken Ofori Atta out of office. In an interview with Kwaku Dawuro, on Movement In The Morning, on Movement TV/Wontumi radio on Thursday, June 7 2023, Hon Appiah Kubi declined to give his take on the Minister of Finance, Hon Ken Ofori Atta stepping down from his position. According to him he is in no position to determine the finance minister's fate in parliament. ''I'm happy you brought the chronology of events before putting across the…
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No Second Round Of DDEP For Pension Funds – Ofori-Atta Assures
15 Apr

No Second Round Of DDEP For Pension Funds – Ofori-Atta Assures

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Finance Minister, Ken Ofori-Atta, has explained that there will not be another round of domestic debt restructured. An earlier report had indicated that whiles the minister was making an address at the ongoing IMF/World Bank Spring meetings, he hinted at a possible debt restructuring targeted at pension funds. According to him, the statement he made was misconstrued to mean he said there would be a second round of DDEP. “We are not planning a second round of the domestic debt exchange programme for pension funds. I think it was a misunderstanding,” he is quoted by myjoyonline.com He maintained that the…
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Ghana, Bondholders’ Advisers Kick Off Debt Talks Under Non-Disclosure Agreements — Sources
29 Mar

Ghana, Bondholders’ Advisers Kick Off Debt Talks Under Non-Disclosure Agreements — Sources

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Ghana's government and international bondholders are pushing forward with formal debt talks after advisors to both sides signed non-disclosure agreements (NDA), three sources with direct knowledge of the matter told Reuters today. According to the report monitored by Graphic Online, the government which suspended payments on most of its external debt last year, has picked Lazard as its financial adviser, while a group of international private lenders are represented by Rothschild & Co. The report said Ghana's dollar-denominated debt is more than $13 billion across maturities ranging from 2023 to 2061, according to Refinitiv data. Reuters also noted that after…
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