Finance Minister Ken Ofori-Atta Archives - Page 3 of 5

23 Feb

Ghana Asks Devt Partner Creditors To Freeze Interest Payment On $8.5Bn

wontumionlineBusinessDevelopment Patners DP, Finance Minister Ken Ofori-Atta

The Minister of Finance, Ken Ofori-Atta, has appealed to Ghana’s development partners (DPs) to allow the country to suspend the payment of interests on about $8.5 billion owed to them for a minimum of three years. Mr Ofori-Atta also pleaded with the bilateral and multilateral creditors to assure the country that they will support its development efforts with grants for the period that it will be unable to borrow from the international capital market. In attendance at the meeting today were ambassadors and high commissioners of the country’s top creditor nations and representatives from international development agencies, a source in…

17 Feb

17 Banks At Risk Of Collapse Due To Debt Exchange Programme — Ato Forson

wontumionlineNewsDomestic Debt Exchange Programme (DDEP), dr Cassiel, Finance Minister Ken Ofori-Atta

he Minority leader in Parliament, Dr. Cassiel Ato Forson, has warned that 17 banks in the country are at risk as a result of the government's domestic debt exchange programme. Dr Cassiel Ato Forson and Ken Ofori-Atta According to him, the programme will rather shift the bankruptcy of the government to individuals and financial institutions, particularly banks. His warning comes after Finance Minister Ken Ofori-Atta was summoned to brief Parliament on the ongoing picketing at the Finance Ministry by pensioner bondholders for an exemption from the debt exchange programme. Ato Forson debating the programme on the floor of Parliament said it…

30 Jan

Digital Economy Is Here To Stay – Finance Minister

wontumionlineBusinessFinance Minister Ken Ofori-Atta

Finance Minister Ken Ofori-Atta has indicated that the digital economy that has been championed by the Akufo-Addo administration has come to stay. He explained that the digital economy will effectively represent 5.9% of African GDP growing to approximately 8.8% by 2050. “Digital economy is here, and it is here to stay. The IFC and google estimate that by 2025, the digital economy could contribute hundred and eighty billion a year to the African economy. Increasing to seven hundred and twelve billion a year by 2050. Assuming GDP growth is sustained at 45% a year by 2025. “The digital economy will effectively…

30 Jan

DDEP Non-participants Won’t Be Penalised – Ofori-Atta To Individual Bondholders

wontumionlineBusinessDebt exchange programme, Finance Minister Ken Ofori-Atta, IMF Programme

Ghana’s balance of payments further deteriorated to a deficit of $3.64 billion in December from a $3.4 billion deficit the previous quarter, central bank data showed on Saturday. The West African nation is facing an economic crisis that saw consumer inflation rise to 54.1% last month. The cedi currency has depreciated around 50% annually, and interest payments on government debt have swelled to between 70% and 100% of GDP. Recent balance of payments woes have been largely driven by a sharp reversal in capital flows, with Ghana’s capital account deficit having worsened to $2.18 billion in December from $1.64 billion in September.…

28 Jan

IMF Presses Ghana To Stop Borrowing From Its Central Bank

wontumionlineBusinessFinance Minister Ken Ofori-Atta, imf

The International Monetary Fund is pushing Ghana’s cash-strapped government to stop borrowing from its central bank, according to people familiar with the matter. The IMF wants the two entities to sign a commitment to zero financing, said the people who asked not to be identified because they’re not authorized to speak publicly on the matter. The accord is a condition Ghana is required to meet in order to secure final approval for a $3 billion IMF bailout, one of the people said. An IMF spokesperson didn’t immediately respond to an email seeking comment. Spokespeople for the Ghanaian finance ministry and…

12 Jan

We Can’t Exempt You From Debt Exchange Program – Ofori-Atta To Insurers Association

wontumionlineBusinessDebt exchange programme, Finance Minister Ken Ofori-Atta

According to a letter from the Minister, Ken Ofori-Atta, in response to an exemption request from the Ghana Insurers Association, the government cannot exclude them. The Finance Ministry stated that it has made some adjustments to the debt exchange programme due to feedback from the industry but cannot exempt the insurance industry. “Based on your letter and the feedback from you and other industry associations, the Government, working with its advisors, has made significant enhancements to the terms of the exchange instruments to address key concerns raised about accrued interest and zero coupons for 2023. The government has also improved…

20 Dec

Government Suspends Debt Payments For Consultations

wontumionlineBusinessFinance Minister Ken Ofori-Atta

The government has suspended temporarily the payment of selected external debts to entities that have lent money to the country. The category of debts includes dollar-denominated bonds issued on the international market (Eurobonds), the country’s commercial term loans and most of its bilateral debts and debts mostly granted by friendly countries to Ghana. It is to enable the government to again restructure the varied Eurobonds and the commercial loans on the country’s books, including those of state-owned enterprises, to make them more orderly and their servicing sustainable. A statement issued by the Ministry of Finance yesterday said holders of the…

19 Dec

The Finance Minister Will Prove His Competence With Time- Daniel Nkrumah

wontumionlineFeatured, News, TrendingDaniel Nkrumah, Finance Minister, Finance Minister Ken Ofori-Atta, Movement In The Morning

1st Vice Chairman of Okaikoi south constituency, Daniel Nkrumah, has urged Ghanaians to be patient with the Finance Minister as he proves his competence with time. Speaking in an interview with Kwaku Dawuro, on Movement In The Morning, on Movement TV/Wontumi radio, Mr Nkrumah reiterated that Ghanaians severely backlashing Ken Ofori-Atta, did not stop him from putting in effort to make the economy stable and better. He said this following the cedi appreciation and reduction of fuel prices. According to him traders have refused to reduce prices of commodities even after cedi appreciation against the Dollar. Mr Nkrumah during the…

14 Dec

IMF Staff-level Agreement Doesn’t Change Our Stance – Labour On Debt Exchange

wontumionlineBusinessFinance Minister Ken Ofori-Atta, imf

The Deputy Secretary-General of Ghana Federation of Labour (GFL), Kenneth Koomson, has disclosed that signing the Staff Level Agreement (SLA) between Ghana and the International Monetary Fund (IMF) does not in any way alter their opposition on the attempt by government to disturb pension funds in its debt restructuring programme. Labour has communicated right from the beginning that they are not in support of using bonds and pension funds for the debt restructuring, hence expected their position to be respected if the government is operating within the confines of the law. The responses from the various labour unions direct to one location…

09 Dec

You’ve Been Able To Prove Your Point, Now Call It A Day!- Chairman Nkansah Newlove To Ken Ofori-Atta.

wontumionlineFeatured, News, TrendingFinance Minister Ken Ofori-Atta, Ken Ofori Atta, Movement In The Morning

Chairman Nkansah Newlove, of the New Patriotic Party, has reiterated that Finance Minister, Ken Ofori-Atta should call it a day and step down. Speaking on Movement In The Morning, with Kwaku Dawuro, on Movement TV/Wontumi radio, Mr Newlove noted that Ken Ofori-Atta successfully proved a point that he was still worth keeping as the Finance Minister. According to Newlove, he would step down if he was Ken Ofori-Atta. He stated that ''Ken Ofori-Atta wanted to prove a point that he was blameless of anything, which he succeeded in doing so and majority backed him. If you observed yesterday, the manner…