Ken Ofori Atta Archives - Page 6 of 13

08 May

Support Government To Attain Macroeconomic Stability, Effective Fiscal Management – Ofori-Atta

wontumionlineBusinessFiscal Risk Committee, Ken Ofori Atta, macro-economic stability

The Minister for Finance, Ken Ofori-Atta has charged the newly sworn in Fiscal Risk Committee to support government’s quest to attain the twin objectives of macro-economic stability and effective fiscal management. Swearing in the 17-member committee, Mr. Ofori-Atta noted that, the event was “a milestone moment for the Government and, indeed, a vital step towards fortifying our commitment to restoring our economic fortunes as quickly as possible”. The Fiscal Risk Committee was inaugurated in July 2019, and has been established as part of the Economic Policy Coordinating Committee (EPCC) to supervise matters relating to fiscal risk management under regulation nine…

27 Apr

Debt-To-GDP Ratio Fell By Only 1% Despite Debt Restructuring – Fitch

wontumionlineBusinessFinance Minister, Ken Ofori Atta

International rating agency, Fitch, has stated that despite the debt restructuring programme embarked on by Ghana, its debt to GDP ratio is just one percent shy of 100%. It is estimated that the present value of Ghana’s public debt-to-Gross Domestic Product (GDP) has been reduced by only one percentage point to slightly above 100% of the GDP. Fitch arrived at this estimation by using the standard 5% discount rates that apply in the International Monetary Fund/World Bank debt sustainability framework for low-income countries. According to the agency, Ghana’s domestic debt exchange only increased the debt-to-GDP ratio by 0.6 percentage points…

21 Apr

‘Regardless Of Challenges, We Would Cross The Jordan’ – Ken Ofori-Atta

wontumionlineBusinessKen Ofori Atta

Finance Minister, Ken Ofori-Atta has expressed optimism that the actions and works of government in these trying economic times would ensure that Ghana comes out with a more robust economy. Speaking with the media during the International Monetary Fund (IMF) Spring meeting, Ken Ofori-Atta acknowledged that, the positive assurances from relevant stakeholders in Ghana’s bid to secure a $3 billion IMF loan bailout come with great pressure for the government to perform. However, the minister is confident that all the measures taken by the government to raise revenue and manage the country’s debt levels were on the right path. He said, “The pressure is…

21 Apr

IMF deal: ‘We Intend To Take The Community Across The Jordan’ – Finance Minister

wontumionlineBusinessIMF deal, Ken Ofori Atta

Finance Minister, Ken Ofori-Atta, says the government is committed to ensuring that the country and the investor community will be able to sail through the tough times ahead. According to him, “we are confident that we are doing the right thing, we’re on the right path.” The minister was speaking on the sideline of the IMF spring meeting with JoyBusiness’ George Wiafe in Washington, DC. Ghana has received massive assurances of support from the international community concerning the country’s IMF bailout bid. Speaking on that, the minister noted that he was pleased with the show of support, and added that…

15 Apr

Finance Minister Requests Participation Of Pension Funds As He Proposes New Debt Restructuring

wontumionlineBusinessimf, Ken Ofori Atta

The Minister of Finance Ken Ofori-Atta has proposed a new debt restructuring. He is inviting Board of Trustees of pensions funds to permit pension funds to be added in the new proposal. He explained that the proposal has been “crafted to facilitate the execution of the MoU, addressing the Government financial needs while maintaining the value of the pension funds.” “The proposed offer entails exchanging your current holdings of Treasury Bonds, ESLA bonds and Daakye Bonds for a menu of the currently outstanding New Bonds (issued in February 2023 and maturing in 2027 and 2028 respectively. New Bond 2027 and New Bond…

13 Apr

Ghana’s Debt-To-GDP To Hit 98.7% By Close Of 2023 – IMF Projects

wontumionlineBusinessFinance Minister, imf, Ken Ofori Atta

In its recent Fiscal Outlook Report released at the Annual IMF/World Bank Spring Meetings in Washington DC, USA, the International Monetary Fund (IMF) has projected that the country’s Debt to GDP ratio will increase further to 98.7 percent by the close of 2023. Advising the government on how Ghana can ensure financial stability, the Director of Fiscal Affairs at the IMF, Vitor Gaspar urged for fiscal policy to be consistent with monetary policy in order to restore price and financial stability, while supporting the most vulnerable. “Abrupt changes in financial conditions also call for fiscal restraint to tackle fiscal vulnerabilities. To that…

11 Apr

Ofori-Atta, Dr Addison In Washington To Make Final Push For $3 Billion IMF Deal

wontumionlineBusinessDr. Ernest Addison, imf, International Monetary Fund, Ken Ofori Atta

The Finance Minister, Ken Ofori-Atta, the Governor of the Bank of Ghana, Dr. Ernest Addison, and other members of the economic management team are currently in Washington, D.C., to deliberate on Ghana’s pending request at the International Monetary Fund. The meeting is crucial to determining Ghana’s next step with the Fund. Ghana is currently seeking a $3 billion financial bailout from the International Monetary Fund to help the country solve its balance of payment issues and the current economic crisis. The team is attending the IMF/World Bank Spring Meetings as an all-important opportunity for Ghana to make its case and secure a deal for the…

28 Mar

Debt Servicing Relief: China Pledges To Support Ghana

wontumionlineBusinessChina, Ken Ofori Atta, Liu Kun

China’s Finance Minister, Liu Kun, says his country has confidence in the management of the Ghanaian economy, and that his country would help Ghana seek debt servicing relief. At a meeting in Beijing with Ghana’s Finance Minister, Ken Ofori-Atta, last week, Mr. Kun said the Chinese authorities “have confidence in Ghana’s economic management and its long term economic viability.” Mr. Kun said he wanted to ensure that Ghana’s external debt treatment request was considered expeditiously and was thus accompanied to the meeting with Mr. Ofori-Atta by a high-level delegation including Mr. Wu Fuli, Chairman of China Exim-Bank. Minister Kun said…

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…

23 Mar

Ken Ofori-Atta Leads Delegation To Start Debt Restructuring Talks With China Today

wontumionlineBusinessChina, Ghana, Ken Ofori Atta

Finance Minister, Ken Ofori-Atta is today (23rd, March, 2023) leading government’s delegation to engage a Chinese government team on Ghana’s debt restructuring programme. The engagements are expected to end on Friday 24th March, 2023. The Ghana delegation is made up of Technical Officials from the Ministry of Finance, Ministry of Foreign Affairs and the Bank of Ghana. The team will engage representatives of the Chinese government and their counterparts from China’s Ministries of Finance, and Foreign Affairs as well as the Central Bank of China. Mr. Ofori-Atta leads the team after attending a UNECA High Level meeting in Ethiopia, where he…