Minister of Finance Archives

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…

30 Dec

2023 Budget Will Boost Revenue But Expenditure Estimate Is Not Realistic – Fitch Solutions

wontumionlineBusinessExpenditure, Fitch solutions, Minister of Finance, Revenue, VAT

Research and market information firm, Fitch Solutions, expects Ghana’s revenue collection to improve significantly in 2023 on the back of an increase in the Value Added Tax (VAT) rate and other tax measures. However, it is worried the expenditure estimate for next year is well above its 2022 target, despite its weak fiscal position. Speaking on the outlook of the Ghanaian economy for 2023, a Senior Country Risk Analyst at Fitch Solutions, Mike Kruninger, expressed worry that the 2022 Budget was expansionary rather than contractionary and failed to address the weak economic fundamentals. “Minister of Finance, Ken Ofori Atta, presented…

06 Dec

We Reject Debt Exchange Programme; It Will Destroy Savings Of Ghanaians – Pensions Chamber

wontumionlineBusinessDebt exchange programme, Minister of Finance, Pensions Chamber

The Chamber of Corporate Trustees has rejected the debt exchange programme proposed by the Ministry of Finance. According to the chamber, the proposal put forth by the Minister of Finance, Ken Ofori-Atta, is inferior to market expectation and will destroy the savings of Ghanaians and further undermine market confidence. “We have carefully analysed the announcement by the Minister of Finance on the Debt Exchange Programme and are of the opinion that it is injurious to the interest of contributors to pension schemes”, it said in a statement. “The proposal as put forth by the Minister of Finance is inferior to…

05 Dec

Debt Exchange Programme Is Key Requirement For IMF deal – Ofori-Atta

wontumionlineBusinessDebt exchange programme, imf, Ken Ofori Atta, Minister of Finance

The Minister of Finance, Ken Ofori Atta, has admitted that the launched Debt Exchange Programme is part of a key requirement for the government to get an economic deal from the International Monetary Fund. According to him, the government has no choice but to undertake the debt restructuring programme to put the debt level on a sustainable path. An IMF mission team is presently in the country to continue discussions with the authorities on the country’s post-COVID programme for economic growth and associated policies and reforms that could be supported by a new IMF lending arrangement. The Finance Minister however…