Ken Ofori Atta Archives - Page 8 of 13

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…

08 Feb

DDEP: Government Commends Bondholders Who Have Tendered Their Bonds

wontumionlineBusinessbondholders, Domestic Debt Exchange, Ken Ofori Atta, ministry of finance

The Government of Ghana has commended all bondholders who have so far tendered their bonds. In a statement signed by the Finance Minister, Ken Ofori-Atta, the government, however, expressed concern about the technical challenges some bondholders face as they tried to complete the online tender process. As a result, the government said it was providing bondholders with a window to complete processes for tendering their bonds, in response to the terms of Exchange as amended pursuant to the 2nd Amended and Restated Exchange Memorandum. This window ends on Friday February 10, 2023 at 4:00 pm (GMT). The timetable of the…

08 Feb

DDEP: Government Grants 3-Day Administrative Window For Bondholders To Complete Processes

wontumionlineBusinessKen Ofori Atta, ministry of finance

Government has announced an administrative window for bondholders to complete processes for tendering their bonds. A statement issued by the Ministry of Finance and signed by the Sector Minister, Ken Ofori-Atta, said the window ends at 4pm on Friday February 10, 2023. According to the statement, the extension of the window is as a result of technical challenges experienced by some bondholders as they tried to complete the online tender process. It is believed that a sudden rush by bondholders to sign up close to the deadline placed a strain on the IT infrastructure. The statement explained that the timetable…

07 Feb

DDEP: Non-Participation Will Prolong Efforts To Revive Economy – Ofori-Atta

wontumionlineBusinessDomestic Debt Exchange Programme, Finance Minister, Ken Ofori Atta

The Finance Minister, Ken Ofori Atta, has warned that non-participation in the Domestic Debt Exchange Programme by individual bondholders will prolong the efforts by the government to revive the economy. Addressing the nation on Monday, February 6, Mr Ofori-Atta said “frankly, non-participation or a lower-than-expected turnout for the DDEP will prolong efforts to resolve the current economic crisis. In addition, the prospects of international financial support and other financial assurances would be jeopardized. This development could further put strain and stress on the Government’s capacity to honour key commitments. This is not what we want for our economy.” He added,…

07 Feb

Remarkable Progress With Ongoing IMF Programme Is Significant To Recovery Efforts; Momentum Must Be Sustained – Ofori-Atta

wontumionlineBusinessDomestic Debt Exchange Programme, imf, Ken Ofori Atta

Finance Minister, Ken Ofori-Atta, has stated that the government has made a significant progress with the ongoing International Monetary Fund Programme (DDEP) which is significant boost to the country’s recovery efforts. According to him, the continuous progress will steer Ghana further away from the “slippery precipice” it recently faced. Addressing the nation on the Domestic Debt Exchange Programme vis-à-vis the IMF programme, the Finance Minister said the momentum must be sustained. “Our remarkable progress with the ongoing International Monetary Fund Programme is a significant boost to our recovery efforts. Continuous progress will steer us further away from the slippery precipice…

07 Feb

Full Text: Finance Minister’s Speech On DDEP Deadline Eve

wontumionlineBusinessbondholders, Domestic Debt Exchange Programme (DDEP), Finance Minister, Ken Ofori Atta

Finance Minister Ken Ofori-Atta addressed the nation on Monday recommending that bondholders accept the Domestic Debt Exchange Programme (DDEP) otherwise, reviving the economy will be a Herculean task for Akufo-Addo’s government. He stated that Tuesday, February 7, 2023, deadline for signing up for the Programme will not be extended. Read his full speech below; Good Evening Ladies and Gentlemen: On Monday5thDecember,2022, Government launched the Ghana Domestic Debt Exchange Programme as part of a broader response to recent macroeconomic challenges. At that time, we indicated that the Debt Exchange Programme had been informed by the Debt Sustainability Analysis which revealed that:…

07 Feb

DDEP Will Get Economy Fully Back On Track – Ofori-Atta

wontumionlineBusinessDomestic Debt Exchange Programme, Economy, Ken Ofori Atta

Finance Minister Ken Ofori-Atta has called on bondholders to sign up for government’s Domestic Debt Exchange Programme as the expiration date is to be due on February 7. This, according to him, is to ensure the economy is restored. “What we want is an economy that is back on track, stable, vibrant, productive, dynamic; meeting the needs of individuals, households, and enterprises; delivering shared and inclusive growth; and improving incomes and livelihoods,” he pointed out. He reiterated that government’s objective for the programme is to “restore macro-economic stability, achieve debt sustainability and get the economy fully back on track.” “We…

31 Jan

Deadline For Domestic Debt Exchange Programme Extended To Feb 7

wontumionlineBusiness, NewsDomestic Debt Exchange Programme, Finance Ministry, Ken Ofori Atta

Government has extended the deadline for the Domestic Debt Exchange Programme (DDEP) to February 7, 2023. The Finance Ministry in a press release on Tuesday added that a new settlement date of Tuesday, February 14, 2023, will be confirmed via the new Exchange Memorandum. The original deadline for the Programme expired at 4 pm today, January 31. Amidst lots of disagreement following the announcement of DDEP, the Ministry said it “has made significant progress with all stakeholders, including financial sector industry associations and representative groups of individual bondholders, with respect to their participation in the Programme.” The Finance Ministry announced…

24 Jan

We Need To Close Tax Revenue-To-GDP Ratio – Ofori-Atta To GRA

wontumionlineBusinessGRA, Ken Ofori Atta, tax revenue

Finance minister, Ken Ofori-Atta, has applauded the Ghana Revenue Authority (GRA) for putting in efforts to mobilise revenue for the country beyond its target. The GRA has reported over ¢3 billion above its revenue target for 2022. Speaking to Joy Business after inaugurating the Independent Tax Appeals board in Accra, Mr. Ofori-Atta said more will be needed from the authority in order to close revenue leakage and boost the tax revenue to Gross Domestic Product (GDP) ratio gap, which presently hovers around 14%. Establishment of the board is aimed at promoting fairness in tax administration and boosting investor confidence in…

23 Jan

Expenditures Are Being Cut To The Bone – Ofori-Atta

wontumionlineBusinessKen Ofori Atta

Finance Minister Ken Ofori-Atta has said the government has been “cutting expenditures to the bone” Ofori-Atta said, “…certainly we have a team that is going to continue to be vigilant about what MMDAs spend.” He said the country is on course with the national expenditure rationalisation efforts. There has been an incessant call for the government to cut down on expenditures to ensure debt sustainability. For instance, CDD-Ghana boss H Kwasi Prempeh has said although there is the need to raise more revenue domestically, the government has been profligate in its spending. He maintains that the citizens must feel confident…