Ken Ofori Atta Archives - Page 3 of 13

14 Sep

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

wontumionlineBusinessKen Ofori Atta, Minister of Finance

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…

14 Sep

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

wontumionlineBusinessKen Ofori Atta

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…

12 Sep

Ofori-Atta Rallies African Countries To Achieve 40% Carbon Credit By 2030

wontumionlineBusinessKen Ofori Atta

Minister for Finance and Chairperson of the V20 Group, Ken Ofori-Atta, has rallied African nations to join forces in a groundbreaking initiative to accelerate carbon credit production on the continent. The call came during the Africa Climate Summit that took place from 4th to 6th September, 2023. The summit, held in Nairobi, Kenya, served as a platform to unite African countries in their commitment to combat climate change and unlock the vast potential of nature-based solutions across the continent. Addressing a large assembly of delegates, Minister of State at the Finance Ministry Dr. Mohammed Amin Adam, on behalf of Minister Ken Ofori-Atta,…

22 Aug

Government To Settle ¢2.4Bn Coupon Payments On DDEP Bonds

wontumionlineBusinesscoupon, DDEP bonds, Ken Ofori Atta

The Government of Ghana is expected to settle ¢2.4 billion of the first coupon payment on bonds occasioned by the Domestic Debt Exchange Programme (DDEP) on August 27, 2023 and August 28, 2023 respectively. This, the Minister of Finance, Ken Ofori-Atta, says is in line with the government’s commitment to the continued success and credibility of Ghana’s domestic debt operations. The bonds that are expected to mature in 2027 as indicated in the memorandum documents were originally expected to mature in 2023. They are in all the category bonds that are Category A Bonds, Category B Bonds, and the General…

11 Aug

Some Investors Optimistic Of Ghana’s Economic Recovery; Lauds Ofori-Atta

wontumionlineBusinessEli Cohen, GIPC, Israel, Ken Ofori Atta

Some international investors and corporate managers have expressed confidence in Ghana’s economy and the recovery processes. They have thus commended the Finance Minister, Mr. Ken Ofori-Atta, for his efforts in turning the economy around. Eli Cohen, Minister of Foreign Affairs of the State of Israel upon a visit to Ghana said the country will soon see a brighter and more resilient economy despite its current economic challenges. He observed that with the right knowledge and investment, the country is on the path of growth and prosperity. “Believe in the future of Ghana, I believe in the relations between Ghana and…

09 Aug

Debt Market Braces For Higher Government Borrowing, Refinancing Obligations

wontumionlineBusinessKen Ofori Atta

As the second half of 2023 unfolds, the domestic fixed-income market faces the prospect of increasing state borrowing on the money market even as government gears up to address higher refinancing obligations and fulfil various fiscal activities. Experts anticipate government to refinance maturing bills estimated at GH¢31.01billion in Q3-23, a significant increase from the previous quarter, thus 10.03 percent quarter on quarter (q/q) – up by approximately 112 percent y/y against GH¢14.67bn in Q3-22. The high refinancing amount and near-term inflation risks are expected to keep money market yields relatively high in early Q3-23. The Treasury in first-half 2023 (H1…

08 Aug

Calls For My Removal Were Warranted – Ofori-Atta

wontumionlineBusinessFinance Minister Ken Ofori-Atta, Ken Ofori Atta

Minister of Finance Kenneth Nana Yaw Ofori-Atta has described calls for his removal as “warranted” in a democracy. He, however, said he felt “battered and broken” by the calls. But he admits that in a democracy everyone has “the freedom to express what they want”. Mr Ofori-Atta expressed these sentiments over the weekend when he appeared on GTV’s Talking Point to discuss the mid-year budget review. During his presentation of the review to Parliament on Monday, July 31, the Finance Minister described the year 2022 as the most difficult for him as a minister of state. It was a year some New…

07 Aug

Energy Sector Has Become Difficult But Government Is Keen On Recovery – Finance Minister

wontumionlineBusinessKen Ofori Atta

Finance Minister, Ken Ofori-Atta has emphasized that negotiations will continue with key players in the energy sector towards finding a suitable solution in honoring debt obligations owed. According to him, despite the challenges in the sector, it remains very critical to the growth of the economy with government keen on implementing reforms in the Energy Sector Recovery Programme. “The energy sector has been very difficult for us but we are keen on the Energy Sector Recovery Programme 2.0 with some strong changes thus far. We have been able to get in about three tariff adjustments to allow for some automation of quarterly…

07 Aug

Government To Launch Public-Private Initiative To Fuel Economic Recovery

wontumionlineBusinessKen Ofori Atta

The centre-piece of the framework to firmly put the nation on a path to economic recovery and prosperity is the Ghana Mutual Prosperity Dialogues (GMPD), a public-private partnership aimed at attracting foreign and local investments while promoting shared growth anchored on job creation, exports and import substitution, finance minister Ken Ofori-Atta has disclosed. During the 2023 mid-year budget presentation, Mr. Ofori-Atta emphasised government’s commitment to creating an enabling environment for businesses to thrive, encouraging innovation and boosting productivity. He stressed the importance of strengthened financial intermediation and critical institutional support for the private sector to play a pivotal role in the country’s…

03 Aug

Optimism And Realities Of The 2023 Mid-Year Budget Review

wontumionlineBusinessimf, Ken Ofori Atta

The government is upbeat about the mid-year revisions it has made to the 2023 budget following Ghana’s entry into a new International Monetary Fund bailout programme. However, reality is not quite so bright. … examines the prospects offered by the first budgetary adjustments made under the country’s latest IMF programme. Inordinate optimism has been widely recognised by politically non-partisan public policy analysts and commentators as a particularly strong forte of the incumbent President Nana Akufo-Addo administration and this is illuminated most vividly in its take on Ghana’s economic circumstances. On Monday, July 31, 2023, this tendency was on show again…