Government Archives - Wontumi Online

10 Jan

Gov’t To Borrow GHȼ200bn From T-bill Market In 2025 – Report

wontumionlineBusiness, News, TrendingDatabank, Government, T-bill market

The government is expected to borrow approximately GH₵200 billion from the Treasury bill market in 2025, representing a reduction from an estimated GH₵220 billion in 2024, according to Databank Research. This projection reflects an average weekly borrowing of GH₵3.9 billion, down from GH₵4.2 billion in the previous year. In its 2025 Ghana Market Outlook report, Databank Research attributes the decline in short-term borrowing to improved access to alternative funding sources and a strategic pivot toward long-term securities. This shift aligns with Ghana’s broader economic recovery efforts and increased access to international financial markets, offering the government greater flexibility in exploring…

25 Aug

Government And IPPs Agree On $43M Monthly Payment For Consumed Energy

wontumionlineBusinessGovernment

The Government of Ghana and the Independent Power Producers have agreed on a $43 million monthly payment to address the former’s indebtedness threatening the energy sector in the country. The payment plan is however expected to cover only power generated and consumed by the state. This, according to the government, is because it has no money to pay for the excess capacity. In an interview on JoyNews’ PM Express on Thursday, the Minister of State for the Finance Ministry, Dr. Mohammed Amin Adam said the IPPs have accepted the offer. “We have negotiated with them [IPPs] and we’ve agreed to some monthly…

17 Aug

Pius Hadzide Fires NDC For Protesting 10% Betting Tax

wontumionlineBusinessBetting tax, Government, GRA, Pius Hadzide

The Chief Executive Officer of the National Youth Authority (NYA), Pius Enam Hadzide, has berated the opposition National Democratic Congress (NDC) for protesting the recently imposed 10% betting tax. He said the NDC’s conduct means they support activities that will affect the value systems of the country. The former Deputy Information Minister speaking in an interview with Citi FM on Wednesday, August 16, urged Ghanaians to call out the NDC. According to him, the NDC is just being populist for election purposes. “I’m pretty much scandalised listening to NDC, with the impression they are creating. If there is a problem…

09 May

T-bills Auction: Government To Borrow ¢3.33Bn This Week

wontumionlineBusinessGovernment, T-Bills

The government will borrow ¢3.33 billion from the treasury market on Friday May 12, 2023, to partly refinance maturities worth ¢2.31 billion. Joy Business understands that part of the ¢3.33 billion will be used to settle coupon payments of the pension bondholders. The amount which will be the biggest so far this year will be issued via the 91-day, 182-day and 364-day Treasury bills. Analysts perceive investors bidding higher yields on liquidity squeeze, as inflation data for April 2023 is expected to be release on May 10, 2023. But the $750 million loans approved by the Parliament of Ghana last…

24 Mar

We’ve Had Positive Talks With China Over $1.7Bn Debt – Finance Minister

wontumionlineNewsChina, Government, IMF Bailout, Ken Ofori Atta

Finance Minister, Ken Ofori-Atta says discussions with the Chinese government on the country’s debt restructuring programme have been positive. According to him, Ghana will soon secure external assurances from China. Mr Ofori-Atta in a tweet on Friday, March 24, also expressed optimism about the government passing the three new tax bills in Parliament. He added that the government is making significant progress on securing a deal with the International Monetary Fund (IMF). https://twitter.com/oofmghana/status/1639177019937423361?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1639177019937423361%7Ctwgr%5E5c24ef4c0062adb344d2974be781e37d59412088%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.myjoyonline.com%2Fweve-had-positive-talks-with-china-over-1-7bn-debt-finance-minister%2F “So far had very positive and encouraging meetings in China! Looking forward to securing external assurances very soon, even as we pass our outstanding domestic revenue bills…

15 Mar

T-bills Auction: Government To Raise ¢2.78bn This Week

wontumionlineBusiness182-day, 91-day, Government, T-Bills

The government will raise ¢2.78 billion via Treasury bills this week on the Treasury market. This is coming after weeks of oversubscription of Treasury bills at reduced prices. The funds will be raised via the 91-day and 182-day bills. The proceeds are expected to be used to refinance maturing principal amounts worth ¢2.64 billion. Analysts believe investor demand will remain strong and sustain the yield decline. The Ministry of Finance has assured that bondholders whose coupon and principal payments matured on February 6, 2023, and February 13, 2023 will receive their funds within the next 48 hours. The analysts believe…

09 Mar

Government Saves ¢220m From Significant Fall In Interest On T-Bills

wontumionlineBusinessGovernment, Interest rates, T-Bills

The Ghana Government saved ¢220 million from the significant fall in Treasury bills yields. According to the Executive Director of Dalex Finance, Joe Jackson, the interest rates on the Treasury bills will even drop further in the coming weeks. The government on Tuesday, March 7, 2023, beat the cost of its Treasury bills down significantly, securing ¢6.15 billion from the auction, about 121.6% oversubscription. According to results from the Bank of Ghana, the government reduced the pricing of the short term instruments from 35% to a yield of 24.16% for the 91-day T-bills. However, that of the 182-day and 364-day…

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…

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…

10 Feb

Former Chief Justice Sophia Akuffo Joins Pensioners’ Protest Against Inclusion In Domestic Debt Exchange

wontumionlineNewsDebt exchange programme, Government, Sophia Akuffo

Former Chief Justice, Sophia Akuffo has joined pensioners picketing the Finance Ministry to demand a total exemption of their investments in the controversial Domestic Debt Exchange Programme (DDEP). Mrs Akuffo was seen holding a placard with the inscription ‘We depend our bond yields to pay our rent, medical bills, electricity bills and water bills.’ Members of the Pensioner Bondholders Forum on Monday, February 6, began picketing the Finance Ministry to demand a total exemption of their investments from the Domestic Debt Exchange programme. Today is the fifth consecutive time members of the forum have showed up at the Ministry. Government…