Ken Ofori Atta

Ofori-Atta Advocates For Expansion Of Digital Payments For A More Climate Resilient Africa
14 Feb

Ofori-Atta Advocates For Expansion Of Digital Payments For A More Climate Resilient Africa

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Ghana’s Finance Minister, Ken Ofori-Atta, argues that digital technologies and responsible payment systems have a major role to play in climate adaptation and climate emergency responses. The ‘Global Stocktake’ during COP28 in Dubai last December will be seen as a critical milestone for African economies for at least two reasons: the agreement to ‘transition away’ from fossil fuels and the operationalisation of the Loss and Damage Fund. In the long history of climate change activism and actions, with common but differentiated responsibility set out in the Paris Agreement, these are giant steps that will help the African continent to build…
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$600m IMF Cash Will Be Advanced Towards Budget Support – Ofori-Atta
18 Jan

$600m IMF Cash Will Be Advanced Towards Budget Support – Ofori-Atta

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The Minister of Finance, Ken Ofori-Atta, has revealed that the $600 million second tranche International Monetary Fund (IMF) bailout package expected next week would be used for some programmes in the 2024 Budget. The Executive Board of the IMF is hoping to meet on Friday, January 19, 2024, in Washington DC, USA to carry out Ghana’s first review under the Fund programme. The board is expected to approve the $600 million and disburse same to Ghana within the next three working days. Speaking on PM Express Business Edition which will be aired today January 18, 2024, on JoyNews, Mr. Ofori-Atta…
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Ghana Gets Debt-Relief Terms, Enough To Unlock IMF $600M
12 Jan

Ghana Gets Debt-Relief Terms, Enough To Unlock IMF $600M

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Ghana has received a draft term sheet on debt relief from its official creditors that is sufficient for the International Monetary Fund to disburse $600 million to the West African nation, Finance Minister, Ken Ofori-Atta said. The term sheet from the Paris Club Group of creditors and new ones including China comes after months of negotiations to restructure as much as $5.4 billion of bilateral debt. The IMF board is expected to meet in a week. “We are reviewing the draft term sheet,” Ofori-Atta said in an interview in the capital, Accra, declining to provide details in the draft accord.…
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Ghana To Be Food Sufficient From Next Year – Finance Minister
29 Nov

Ghana To Be Food Sufficient From Next Year – Finance Minister

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Ghana's Minister of Finance, Ken Ofori Atta, expresses confidence in the nation achieving food self-sufficiency by next year, citing strategic measures taken by the government already. After touring the Agrifest exhibition, a five-day showcase of agriculture and food innovations, Hon. Ofori Atta applauds Ghanaians' commitment to supporting the government's agenda for food sufficiency. Highlighting the government's focus, he said government aims to boost the agricultural sector's growth from 6.3% last year to end imports, saving approximately "US$2 billion worth of food in poultry, rice, etc." In a bold move, the Ministry of Finance allocates GHc1 billion in the 2024 budget,…
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Contractor On La General Hospital Reconstruction Expected On Site Next Week – Finance Minister
15 Nov

Contractor On La General Hospital Reconstruction Expected On Site Next Week – Finance Minister

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Finance Minister Ken Ofori-Atta has given assurance that the La General Hospital Project, which had been stalled, will resume construction next week. He disclosed that the terms with the contractor have been successfully renegotiated, and funding for the project will now be sourced from the national budget. The minister emphasised that the contractor has been directed to make substantial progress by the end of the year. Ken Ofori-Atta Mr Ofori-Atta highlighted the government's commitment to ensuring the successful completion of the project to fulfil its intended purpose. “Mr Speaker, the Government has renegotiated the contract terms of the La General…
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Ghana’s Economy On The Rise – Ken Ofori-Atta
09 Oct

Ghana’s Economy On The Rise – Ken Ofori-Atta

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Government has reached a staff level agreement (SLA) with the International Monetary Fund (IMF) for a first review of the IMF-supported Post COVID-19 Programme for Economic Growth (PC–PEG). This consensus comes after five months of negotiations, and paves the way for further progress toward approval of the first review by the IMF Executive Board in November 2023. Finance Minister Ken Ofori-Atta, speaking in Accra at a joint press conference with the IMF, expressed optimism about the economy’s outlook, saying: “The economy is responding positively and strongly to the news of government and the IMF reaching an SLA for the first review; and we are…
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Ken Ofori-Atta Commends G20 For Africa’s Inclusion In Decision-Making Body
22 Sep

Ken Ofori-Atta Commends G20 For Africa’s Inclusion In Decision-Making Body

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Minister for Finance, Ken Ofori-Atta, expressed his appreciation for the Group of 20 (G20) for its historic decision to include the African Union in its decision-making body. Mr. Ofori-Atta highlighted the significance of this move, emphasizing that Africa would now have a prominent platform to articulate its narrative, address its challenges, and provide recommendations from an African perspective, thus allowing the continent to play a more active role in global development. "There had been a number of decisions taken without Africa on the board and thank God the G20 agreed that Africa will have a seat so we will be part…
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Central Banks Can Operate With Negative Equity – Ofori-Atta Defends BoG’s Losses
15 Sep

Central Banks Can Operate With Negative Equity – Ofori-Atta Defends BoG’s Losses

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Ghana's Finance Minister, Ken Ofori-Atta, has defended the operational capacity of central banks to function with negative equity, emphasising that such losses incurred by central banks should not be viewed in the same light as commercial banks or enterprises. His remarks came in response to criticisms and calls for the resignation of the Governor of the Bank of Ghana, Dr. Ernest Addison, following a reported GHS 60 billion loss. In an article defending the Bank of Ghana's actions during unprecedented global events, Mr Ofori-Atta cited examples of central banks in other countries that have faced similar losses. He argued that in…
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Many Central Banks Have Incurred Losses; BoG Is Not Exception – Ofori-Atta
14 Sep

Many Central Banks Have Incurred Losses; BoG Is Not Exception – Ofori-Atta

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Finance Minister, Ken Ofori-Atta, has stated that many central banks incurred losses as a result of the impact of Covid-19 pandemic and the Russian/Ukraine war on their respective economies. Citing examples such as the Bank of Jamaica, the central banks of Argentina, Brazil, Chile, the Philippines, Singapore, Turkey, and UK, he also said historically, some central banks have operated with negative equity as a result of losses yet fully met their policy objectives, as long as they remain policy solvent. In an article “Standing strong with the Central Bank”, Mr. Ofori-Atta pointed out that the pandemic and Russia-Ukraine war have…
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Government Launches New DDEP For E.S.L.A. Plc And Daakye Trust Plc Bondholders
14 Sep

Government Launches New DDEP For E.S.L.A. Plc And Daakye Trust Plc Bondholders

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The Government of Ghana through the Ministry of Finance has launched another round of Domestic Debt Exchange Programme inviting E.S.L.A. Plc and Daakye Trust Plc bondholders to exchange their bonds for new ones. In a statement issued by the Ministry on September 13, it called on holders of the domestic notes and bonds to voluntarily accept the invitation and participate in government's debt swap programme. “The Government announced today that it is reopening its invitation to the exchange that settled in February 2023 (the “February 2023 Exchange”) and is therefore once again inviting holders of the domestic notes and bonds…
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