Finance Ministry Archives - Page 2 of 3

23 May

We Will Resume Picketing Finance Ministry – Pensioner Bondholders Forum To Government

wontumionlineBusinesscoupons, Finance Ministry, Pensioner Bondholders Forum, principals

The Pensioner Bondholders Forum has threatened to resume picketing the Ministry of Finance to further press home its demand for the payment of all coupons and principals in arrears, and an end to payment delays. This follows what it describes as the government failure to pay outstanding coupons to it members, as promised. In a statement, it said “we wish to state however, that if our requests are not met by 29th May 2023, we shall be left with no other option than to resume picketing the Ministry to further press home our demand for the payment of all coupons…

18 May

Finance Ministry, BoG To Sign Mou On How To Repay $3 Billion IMF Loan

wontumionlineBusinessBoG, Finance Ministry

The Bank of Ghana and the Ministry of Finance are expected to sign a Memorandum of Understanding that will outline the guidelines for repaying the $3 billion loan facility from the International Monetary Fund. The $3 billion loan which will be disbursed within 36 months has a 0% interest rate with a grace period of 5.5 years and a final maturity of 10 years. The programme under the Extended Credit Facility (ECF) is aimed at restoring macroeconomic stability and bringing fiscal operations and public debt to sustainable levels, supporting structural reforms, and promoting strong and inclusive growth while protecting the…

25 Apr

Bondholders Accuse Senyo Hosi Of ‘Private Meetings’ With Finance Ministry

wontumionlineBusinessFinance Ministry, IBF, Senyo Hosi

The Individual Bond Holders Association of Ghana (IBHAG) says one of the conveners of its counterpart, Ghana Individual Bondholders’ Forum (IBF) appears to be an appendage of the Ministry of Finance. The Association said Senyo Hosi has been doing the bidding of the Ministry contrary to the collective position of individual bondholders against government’s proposals on domestic debt exchange. The Convener of IBF has been representing individual bondholders at the Joint Technical Committee set up by the Minister of Finance, Ken Ofori-Atta, to consider their grievances in rolling out the Domestic Debt Exchange Programme (DDEP). But a letter to Mr Ofori-Atta on…

16 Feb

Full Text: Ken Ofori-Atta’s Statement To Parliament On DDEP

wontumionlineNewsDomestic Debt Exchange Programme (DDEP), Finance Ministry, Ken Ofori Atta, Parliament

The Finance Minister, Ken Ofori-Attah was in Parliament on Thursday to present a statement on the country’s Domestic Debt Exchange Programme (DDEP). He clarified those who were exempted from the Programme including pensioners who have been picketing the Finance Ministry since last week. The Finance Minister confirmed that all pensioners who failed to tender their old bonds for new ones under the exercise have been exempted from the programme. Addressing Parliament on the state of the Domestic Debt Exchange Programme, Mr Ofori-Atta said the pensioners have nothing to worry about. Read his full statement below; 1. Right Hon. Speaker and…

13 Feb

Pensioner Bondholders Continue Picketing Finance Ministry Over Domestic Debt Exchange

wontumionlineNewsDebt exchange programme, Finance Ministry, Government, Ken Ofori Atta, Pensioners

The Pensioner Bondholders Forum has continued its protest against the inclusion of their investments in the Domestic Debt Exchange programme. Members of the forum have returned to the Finance Ministry to picket for the sixth day. Their picket is to demand a total exemption of their investments from the programme. The former Chief Justice, Sophia Akuffo on Friday, February 10, joined the protest. She threatened to sue the government if their pension funds are included in the debt exchange programme. The pensioners have already rejected the government’s 15% coupon rate. The retirees have stated that they will not accept any…

06 Feb

Pensioner Bondholders To Picket At Finance Ministry

wontumionlineBusinessFinance Ministry

Pensioner Bondholders have served notice that they will from tomorrow, Monday February 6, 2023 begin picketing at the Ministry of Finance until their demands to spared the government hair cut on their bonds are met. A statement issued on their behalf my the Convenor of the Pensioners, Dr Adu Anane Antwi said " we have as of today not be granted our request" adding that " to further press home our request, we have informed the Police that 50 of our members intend to converge at the Ministry of Finance on every working day from 10am to 11 am beginning…

31 Jan

Deadline For Domestic Debt Exchange Programme Extended To Feb 7

wontumionlineBusiness, NewsDomestic Debt Exchange Programme, Finance Ministry, Ken Ofori Atta

Government has extended the deadline for the Domestic Debt Exchange Programme (DDEP) to February 7, 2023. The Finance Ministry in a press release on Tuesday added that a new settlement date of Tuesday, February 14, 2023, will be confirmed via the new Exchange Memorandum. The original deadline for the Programme expired at 4 pm today, January 31. Amidst lots of disagreement following the announcement of DDEP, the Ministry said it “has made significant progress with all stakeholders, including financial sector industry associations and representative groups of individual bondholders, with respect to their participation in the Programme.” The Finance Ministry announced…

27 Jan

Adjust Fiscal Measures And Save ¢83.5bn; Don’t Touch Our Funds – IBF To Government

wontumionlineBusinessFinance Ministry, IBF, Senyo Hosi

The Individual Bondholders Forum (IBF) has proposed some fiscal measures it say can help government save ¢83.5 billion, insisting the Ministry of Finance must not touch their funds. According to the group, government can save ¢20 billion from privatizing selected State Owned Enterprises to Tier-2 pension funds to drive efficiency and productivity. “The measures proposed, per the estimation of the IBF yield net savings of ¢83.5 billion. The IBF holds the position that the recommendations are competent enough to urgently address the fiscal challenges and enable us to reach the desired 55% debt-to-GDP target proposed to the IMF”, a statement…

27 Jan

Adjust Fiscal Measures And Save ¢83.5bn; Don’t Touch Our Funds – IBF To Government

wontumionlineBusinessFinance Ministry, IBF, Senyo Hosi

The Individual Bondholders Forum (IBF) has proposed some fiscal measures it say can help government save ¢83.5 billion, insisting the Ministry of Finance must not touch their funds. According to the group, government can save ¢20 billion from privatizing selected State Owned Enterprises to Tier-2 pension funds to drive efficiency and productivity. “The measures proposed, per the estimation of the IBF yield net savings of ¢83.5 billion. The IBF holds the position that the recommendations are competent enough to urgently address the fiscal challenges and enable us to reach the desired 55% debt-to-GDP target proposed to the IMF”, a statement…

26 Jan

Finance Ministry Develops Expenditure Management Guidelines

wontumionlineNewsFinance Ministry

The Ministry of Finance has started the preparation of a guideline for the management of expenditure during emergencies. The Emergency Expenditure Management Guideline is expected to provide the government with administrative protocols in times of emergency such as the COVID-19 pandemic to ensure compliance with relevant Public Financial Management (PFM) regulations. The guidelines, which are part of actions being taken by the ministry after the Auditor-General’s Special Audit Report of Government of Ghana COVID-19 expenditure, are also expected to enable the government to provide timely responses to emergencies. Steps In a statement issued yesterday, the Ministry of Finance welcomed the…