Finance Minister Archives - Page 2 of 4

08 Aug

Ghana’s Economy Faces Huge Risks In The Short Term – Analyst

wontumionlineBusinessEconomy, Finance Minister, Joe Jackson, Ken Ofori Ata

The Ghanaian economy faces huge risks in the short term, a financial analyst, Joe Jackson, has observed. This is despite the assurance by Finance Minister Ken Ofori-Atta that the corner has turned relative to the economic challenges. “The Ghanaian economy faces huge risks in the short term,” he tweed while rejecting Mr Ofori-Atta’s claim of turning the corner. He added “Protect yourself by 1. Reduce expenses – cut unnecessary spending 2. Hold on to your job and income 3. Find alternative sources of income 4. Keep saving 5. Avoid taking on debt.” Mr Ofori-Atta has however insisted that the government…

01 Aug

Planting For Food And Jobs Have Increased Food Security In Ghana – Ofori-Atta

wontumionlineBusinessFinance Minister, Planting for Food and Jobs

The Finance Minister Ken Ofori-Atta has touted the achievements of the Planting for Food and Jobs Initiative. Planting for Food and Jobs is a flagship agricultural Campaign of the Government, with five implementation modules. Presenting the 2023 mid-year budget in Parliament on Monday, July 31, the Finance Minister said that the initiative has brought substantial improvements in Ghana’s agriculture sector. “This has resulted in increased food security, employment along agricultural value chains, and accessibility of raw materials for developing industries. “The programme has directly contributed to increased crop yields for major food staples such as maize, rice, and soya by…

19 Jun

Ghana Hopeful Of Completing Outstanding Debt Restructuring By September

wontumionlineBusinessFinance Minister, imf, Ken Ofori Atta

The Government says it is hopeful of completing Ghana’s outstanding debt restructuring by September 2023 for a fruitful implementation of the US$3 billion International Monetary Fund (IMF) loan-support programme. Mr Ken Ofori-Atta, Finance Minister said this when he provided an update on Ghana’s economy, the IMF programme and growth agenda on Sunday evening in Accra. He said that the Government had “successfully worked with the Paris Club and other creditors to determine the parameters for official debt restructuring under the G20 common framework for debt treatment.” The country was also in the process of getting a Memorandum of Understanding (MoU)…

27 Apr

Debt-To-GDP Ratio Fell By Only 1% Despite Debt Restructuring – Fitch

wontumionlineBusinessFinance Minister, Ken Ofori Atta

International rating agency, Fitch, has stated that despite the debt restructuring programme embarked on by Ghana, its debt to GDP ratio is just one percent shy of 100%. It is estimated that the present value of Ghana’s public debt-to-Gross Domestic Product (GDP) has been reduced by only one percentage point to slightly above 100% of the GDP. Fitch arrived at this estimation by using the standard 5% discount rates that apply in the International Monetary Fund/World Bank debt sustainability framework for low-income countries. According to the agency, Ghana’s domestic debt exchange only increased the debt-to-GDP ratio by 0.6 percentage points…

13 Apr

Ghana’s Debt-To-GDP To Hit 98.7% By Close Of 2023 – IMF Projects

wontumionlineBusinessFinance Minister, imf, Ken Ofori Atta

In its recent Fiscal Outlook Report released at the Annual IMF/World Bank Spring Meetings in Washington DC, USA, the International Monetary Fund (IMF) has projected that the country’s Debt to GDP ratio will increase further to 98.7 percent by the close of 2023. Advising the government on how Ghana can ensure financial stability, the Director of Fiscal Affairs at the IMF, Vitor Gaspar urged for fiscal policy to be consistent with monetary policy in order to restore price and financial stability, while supporting the most vulnerable. “Abrupt changes in financial conditions also call for fiscal restraint to tackle fiscal vulnerabilities. To that…

23 Feb

Government Postpones Meeting With China On Debt Cancellation To March 2023

wontumionlineBusinessChina, Finance Minister, G20 Common Framework, Ken Ofori Atta

Finance Minister, Ken Ofori-Atta, has hinted that a planned high-level government delegation to China has been postponed to late March 2023. This is owing to the upcoming National People’s Congress of China meeting scheduled for early March. However, the Finance Minister said bilateral talks will continue ahead of this important mission. The government is seeking under the G20 Common Framework for Debt Treatment to get debt forgiveness from some bilateral and multilateral partners. Key among them is China, whom Ghana is indebted to the Far East country to the tune of over $1.7 billion. This is compared with $1.9 billion…

16 Feb

Finance Minister To Appear Before Parliament Today Over Debt Exchange Programme

wontumionlineNewsDebt exchange programme, Finance Minister, Ken Ofori Atta, Parliament

The Finance Minister, Ken Ofori-Atta will today, Thursday, February 16, appear before Parliament over the controversial Debt Exchange Programme (DDE). The Minister is expected to brief the house on the exercise. The Speaker of Parliament summoned the Minister after the North Tongu MP raised the matter in the house. Samuel Okudzeto Ablakwa’s concern was due to the ongoing picketing at the Finance Ministry by pensioner bondholders for an exemption from the programme. Deputy Majority Leader, Alexander Afenyo-Markin presenting the business statement of Parliament last Friday said it was necessary for the Minister to appear before Parliament to provide answers to…

14 Feb

Coupon Payments And Maturing Principals Will Be Honoured – Government

wontumionlineBusinessDebt exchange programme, Finance Minister, Government, Ken Ofori Atta

The Government has assured persons who refused to participate in the just ended Domestic Debt Exchange Programme that they will be paid their outstanding coupons and maturing principals. According to the government, this will be done with Government fiscal commitments. “The Government would like to reassure all individual bondholders who elected not to participate that your coupon payments and maturing principals, like all Government bonds, will be honoured in line with Government fiscal commitments,” the government said in a statement issued by the Ministry of Finance on Tuesday, February 14. The Government in the said statement also thanked the people…

07 Feb

DDEP: Non-Participation Will Prolong Efforts To Revive Economy – Ofori-Atta

wontumionlineBusinessDomestic Debt Exchange Programme, Finance Minister, Ken Ofori Atta

The Finance Minister, Ken Ofori Atta, has warned that non-participation in the Domestic Debt Exchange Programme by individual bondholders will prolong the efforts by the government to revive the economy. Addressing the nation on Monday, February 6, Mr Ofori-Atta said “frankly, non-participation or a lower-than-expected turnout for the DDEP will prolong efforts to resolve the current economic crisis. In addition, the prospects of international financial support and other financial assurances would be jeopardized. This development could further put strain and stress on the Government’s capacity to honour key commitments. This is not what we want for our economy.” He added,…

07 Feb

Full Text: Finance Minister’s Speech On DDEP Deadline Eve

wontumionlineBusinessbondholders, Domestic Debt Exchange Programme (DDEP), Finance Minister, Ken Ofori Atta

Finance Minister Ken Ofori-Atta addressed the nation on Monday recommending that bondholders accept the Domestic Debt Exchange Programme (DDEP) otherwise, reviving the economy will be a Herculean task for Akufo-Addo’s government. He stated that Tuesday, February 7, 2023, deadline for signing up for the Programme will not be extended. Read his full speech below; Good Evening Ladies and Gentlemen: On Monday5thDecember,2022, Government launched the Ghana Domestic Debt Exchange Programme as part of a broader response to recent macroeconomic challenges. At that time, we indicated that the Debt Exchange Programme had been informed by the Debt Sustainability Analysis which revealed that:…