Ken Ofori Atta Archives - Page 9 of 13

19 Jan

It Will Be Suicidal To Touch T-bills Under Debt Exchange Programme – Ofori-Atta

wontumionlineBusinessGhana, Ken Ofori Atta, T-Bills

Finance Minister, Ken Ofori-Atta has assured that government will not touch Treasury Bills (T-bills) under the Domestic Debt Exchange Programme. According to him, it will be suicidal for government’s own finances and fundraising programmes in the future to touch T-bills as part of the programme. Mr. Ofori-Atta noted that government has conducted a Debt Sustainability Analysis which does not include T-bills. “We can’t afford to touch it. Let me assure you, Treasury bills will forever remain sacrosanct. Treasury bills are exempted completely. We have done the sustainability analysis. We are not including treasury bills. That is how government funds its…

19 Jan

Government May Grant Some Demands By Individual Bondholders – Finance Minister

wontumionlineBusinessDomestic Debt Exchange, Ken Ofori Atta

The Finance Minister, Ken Ofori-Atta, has indicated that government will grant some concessions to Individual Bond holders under the e Domestic Debt Exchange Programme. He, however, ruled out any move to abolish the programme or grant total exemption to individual bondholders. “We are looking at a situation where maybe the zero coupon for bondholders in 2023 should be changed going forward”, he said. Mr. Ofori-Atta noted that government is fully committed to taking measures that will lessen the burden on individual bondholders who have expressed worry about the current structure of the Domestic Debt Exchange Programme. Mr. Ofori-Atta spoke in…

18 Jan

Individual Bondholders Forum To Meet Finance Minister Over Debt Exchange Programme

wontumionlineNewsDebt exchange programme, Individual Bondholders Forum, Ken Ofori Atta

The Ghana Individual Bondholders Forum has been invited to a meeting with Finance Minister, Ken Ofori-Atta on Wednesday, January 18, 2023. This follows a petition to the Minister for members to be excluded from the government’s domestic debt exchange programme. Among other things, the forum which consists of persons holding investments in the Government of Ghana’s Local Cedi Bonds, Government of Ghana’s Local USD Bonds, ESLA PLC Bonds, Daakye Bonds, Ghana Eurobonds, and others says the announcement of the programme has been extremely unsettling and catastrophic for its members and others affected. The group argues that the programme is one of…

16 Jan

Government Extends Deadline For Debt Exchange Programme To January 31

wontumionlineBusiness, NewsDomestic Debt Exchange Programme, Economy, Ken Ofori Atta

The Government has extended the deadline for its domestic debt exchange programme to January 31. This according to the state is to deepen stakeholder engagement on the proposed policy. A tweet by the Ministry of Finance on Monday explained that, the extension is to rally consensus towards a successful implementation of the programme. “Building consensus is key to a successful economic recovery for Ghana. “Pending further stakeholder engagement with institutional and individual investors, recently invited to join the debt exchange programme, government is extending the expiration of the DDE to Jan 31, 2023”, the tweet said. https://twitter.com/oofmghana/status/1614946436793176064?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1614946436793176064%7Ctwgr%5E93de805a79d3338744f748cf36181d5cc0fe9e79%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.myjoyonline.com%2Fgovernment-extends-deadline-for-debt-exchange-programme-to-january-31%2F Reacting to the…

12 Jan

Leave Domestic Investors Alone And Explore External Debt Reliefs – Economist Tells Govt

wontumionlineBusinessKen Ofori Atta

The Government of Ghana must strive to explore external debt reliefs in tackling the economic challenges and not target domestic individual investors to raise revenue, an economist Dr Badu Owusu-Sarkodie, has said. Speaking on the Ghana Tonight Show with Alfred Ocansey on TV3 Wednesday January 11, Dr Owusu-Sarkodie indicated that external debt relief packages are highly passible for the government to take advantage of in dealing with the challenges. Commenting on the debt exchange programme introduced by the government, he said “the government should explore external debt reliefs and leave the domestic investors alone. External debt relief package is possible.”…

19 Dec

Economic Crisis: 2023 Will Be Our Comeback Year – Ofori-Atta

wontumionlineNewsFinance Minister, Ken Ofori Atta

The Finance Minister, Ken Ofori-Atta, says the government will put in place stronger foundations in 2023 to change the country’s economy for the better. Mr Ofori-Atta made the comments when he addressed the public on Monday regarding the suspension of the external debt payment. “The ensuing years will focus on building an entrepreneurial and export-driven economy as we grow the economy to protect and create jobs, tackle inflation, and strengthen our currency. The importation of food should soon be a thing of the past. “2023 must be our “comeback” year. A year in which we put in place stronger foundations that would allow us…

14 Dec

Cedi Appreciates As $1 Now Goes For ¢10.70

wontumionlineBusinessCedi to dollar, Ken Ofori Atta

The Ghana cedi has in less than five hours today, December 14, 2022, gained 5.6% value against the US dollar, resulting in a cumulative gain of approximately 33.6% in the month of December alone. $1 is now trading at an average rate of ¢10.70 with a market range spanning GH¢10.70 to GH¢11.28. This put the cedi as the strongest performing currency against the American ‘greenback’ in December 2022. The cedi slumped by more than 54% against the dollar before December 2022. However, it has strengthened by more than 33% since the beginning of December 2022 after Finance Minister, Ken Ofori-Atta, launched government’s domestic debt exchange programme, followed by the latest…

13 Dec

Economy Responding Positively; We Will Leverage That To Get ‘Programme’ Approval From Board – Government, IMF Mission Team

wontumionlineBusiness2023 Budget, IMF Mission Team, Ken Ofori Atta, Stéphane Roudet

The Government of Ghana and the International Monetary Fund are eager to leverage the positive response of the economy through the Staff-Level Agreement to get a board approval from the IMF Executive Board. In a joint statement signed by Finance Minister, Ken Ofori-Atta and leader of the IMF Mission team, Stéphane Roudet, they expressed optimism that the 2023 Budget adjustment strikes the right balance between determination and pragmatism. “Already, the economy is responding positively to the news of Government of Ghana and the IMF reaching an SLA [Staff-Level Agreement] and we are eager to leverage this momentum to the very…

09 Dec

You’ve Been Able To Prove Your Point, Now Call It A Day!- Chairman Nkansah Newlove To Ken Ofori-Atta.

wontumionlineFeatured, News, TrendingFinance Minister Ken Ofori-Atta, Ken Ofori Atta, Movement In The Morning

Chairman Nkansah Newlove, of the New Patriotic Party, has reiterated that Finance Minister, Ken Ofori-Atta should call it a day and step down. Speaking on Movement In The Morning, with Kwaku Dawuro, on Movement TV/Wontumi radio, Mr Newlove noted that Ken Ofori-Atta successfully proved a point that he was still worth keeping as the Finance Minister. According to Newlove, he would step down if he was Ken Ofori-Atta. He stated that ''Ken Ofori-Atta wanted to prove a point that he was blameless of anything, which he succeeded in doing so and majority backed him. If you observed yesterday, the manner…

08 Dec

Debt Exchange: Stress Tests Conducted For Banks, Insurance Firms, Asset Managers, Others

wontumionlineBusinessDebt exchange, Ken Ofori Atta

Following the creation of the Debt Exchange Programme by the Finance Minister Ken Ofori-Atta, the Bank of Ghana (BoG) has announced that stress tests have been conducted by the relevant financial sector regulators to estimate the potential impact of the programme for banks, specialised deposit-taking institutions (SDIs), insurance firms, asset managers, collective investment schemes, pension fund trustees, and regulated pension schemes, that could result from their participation in the debt exchange. The BoG said to help manage the potential impacts of the Debt Exchange on the financial sector, financial sector regulators will deploy all regulatory and supervisory tools to mitigate risks…