Finance Ministry

Pensioner Bondholders Forum Threatens To Picket At Ministry Of Finance 
17 Jan

Pensioner Bondholders Forum Threatens To Picket At Ministry Of Finance 

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The Pensioner Bondholders Forum has threatened to picket at the Ministry of Finance on January 23, 2023, if government fails to exempt them from the Domestic Debt Exchange Programme. The Forum said it had written to the District Commander of the Ghana Police Service at the Ministries in Accra to notify the police of their intended action. Dr Adu A. Antwi, the Convener, Pensioner Bondholders Forum, speaking at a press briefing in Accra, said the Forum had petitioned the government to exempt its members from the Domestic Debt Exchange Programme. Dr Antwi said the Forum on January 13, 2023, presented…
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Bondholders To Receive 2% Cash Fee In Domestic Debt Exchange – Finance Ministry
12 Jan

Bondholders To Receive 2% Cash Fee In Domestic Debt Exchange – Finance Ministry

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Participating holders of the 2023 bonds will receive a 2% cash fee, the Finance Ministry has said. This is to compensate for the maturity extension. It said the investors will only get new bonds maturing between 2027 and 2033. “Given that holders of Eligible 2023 Bonds are being asked to extend the maturities of what are now effectively short-term instruments, investors will receive a cash tender fee of 2% of the outstanding amount of such 2023 Bonds tendered and accepted, to compensate for the maturity extension”, it explained In the Amendments to the Invitation to Exchange. It emphasised that the…
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Finance Ministry Responsible For ₵9.2bn Tax Irregularities – IMANI Africa
23 Dec

Finance Ministry Responsible For ₵9.2bn Tax Irregularities – IMANI Africa

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IMANI Africa says the Finance Ministry is responsible for the 99.6 per cent that is GH₵9.2 billion tax irregularities. This tax irregularity is recorded from the year 2015 to 2020. This is contained in IMANI Africa’s 2nd Fiscal Recklessness Index 2020 Project. According to the report, the Finance Ministry “(and subsidiary agencies) tops the list of MDAs as the most fiscally reckless MDA on an annual basis and also over the six years between 2015 and 2020.” It added that the Ministry of Finance had the highest combined Fiscal Recklessness Score (FRS) of 0.8797. The report noted that two key irregularities…
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Finance Ministry Provides Update On Possible Debt Operations
25 Nov

Finance Ministry Provides Update On Possible Debt Operations

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The Ministry of Finance has provided updates on the progress of technical work on possible debt operations, as part of ongoing negotiations with the International Monetary Fund (IMF). This update follows statements made on the sides of the presentation of the 2023 budget in Parliament on Thursday 24th November, 2022. Regarding possible Debt Operations, the Ministry said as stated in the Budget Speech by the Minister for Finance, Ken Ofori-Atta, the Government of Ghana is contemplating a debt operation aimed at alleviating the pressures on the national budget and restoring debt sustainability. “This would also open up financing streams and provide needed…
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We Refute Claims Government Does Not Have A Programme For Consideration By IMF – Finance Ministry
31 Oct

We Refute Claims Government Does Not Have A Programme For Consideration By IMF – Finance Ministry

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The Ministry of Finance has dismissed allegations that negotiations with the International Monetary Fund are not going well because the Fund does not see any seriousness on the part of the government. Again, the Ministry refutes the claims that the government does not have a programme for consideration by the IMF, whilst officials of the Fund have discovered inaccuracies in the macroeconomic figures presented by the government’s Economic Management Team. “None but accurate figures have been presented to the IMF; and the Ministry has been fully transparent at all times. The Ghanaian negotiation team remains credible and highly respected, and…
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Ofori-Atta Is Still At Post, Disregard Reports He’s Resigned – Finance Ministry
26 Oct

Ofori-Atta Is Still At Post, Disregard Reports He’s Resigned – Finance Ministry

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The Finance Ministry has denied reports that its Sector Minister, Ken Ofori Atta, has resigned from his position. It follows reports from some traditional media and social media outlets that the Minister has resigned. This action was said to have taken place after a meeting with President Akufo-Addo. About 80 Members of Parliament from the majority side yesterday October 25, 2022, demanded the resignation of Mr. Ofori-Atta, saying, he has failed to live up to expectations for worsening the economic situation in the country. But persons close to the minister and some senior officials at the Finance Ministry have told…
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Finance Ministry To Continue IMF Negotiations In U.S.A
04 Oct

Finance Ministry To Continue IMF Negotiations In U.S.A

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The Finance Minister, Ken Ofori-Atta has described initial negotiations with the International Monetary Fund (IMF) for a bailout programme as collaborative. According to him, government is discussing debt restructuring plans with the Fund to improve the country’s credit ratings. An IMF team arrived in Ghana in the in the last week of September 2022, to commence official discussions with government for a programme. Speaking at the signing of a $1.13 billion cocoa syndicated loan in Accra, Mr. Ofori-Atta announced that a government team will meet the IMF in Washington DC, U.S.A in the coming weekend to continue the negotiations. He…
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We’re Engaging Finance Ministry To Ensure Government’s Outstanding Debt Of ¢3.3bn Is Settled – SSNIT
05 Sep

We’re Engaging Finance Ministry To Ensure Government’s Outstanding Debt Of ¢3.3bn Is Settled – SSNIT

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The Social Insurance and National Insurance Trust (SSNIT) has given indication that it is engaging the Ministry of Finance to ensure that the government’s outstanding debt of about ¢3.3 billion is settled. The 2021 Auditor General’s Report had revealed that the Government of Ghana owed the Trust ¢4.33 billion. However, in a statement, SSNIT said government has made some efforts to settle part of the indebtedness, adding “in 2020, two bonds totalling ¢1.0 billion were received as part payment of the indebtedness”. It chronicled how the debt came about, saying “the Controller and Accountant General Department (CAGD) as of December…
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