ministry of finance Archives

09 Aug

Ministry Of Finance Announces Measures To Address Debt Crisis And Reduce Borrowing

wontumionlineBusinessdebt, ministry of finance

The Ministry of Finance, following the recent domestic debt restructuring and ongoing negotiations with international creditors, has implemented strategies to stabilise the economy. Deputy Minister of Finance, Dr Alex Ampabeng discussed some measures to provide a clear roadmap out of the crisis. “What we are doing with GRA, and actually I am leading that with the Ghana Revenue Authority, is to reform a taxpayer database. We want to clean it to the point where the less active ones, we are able to track individuals and their businesses with the help of Ghana card, with the help of digitization, with the…

28 Feb

Ministry Of Finance Reveals GH¢300 Million In Judgment Debt Payments From 2017 To 2022

wontumionlineNewsjudgement debt, ministry of finance

The Ministry of Finance has disclosed alarming figures concerning judgment debt payments made by the government between 2017 and 2022. According to documents provided in a letter dated August 2023, a total sum of GH¢300,385,317.52 was disbursed during this period. The documents further reveal that payments were made to over 70 individuals and entities, reflecting a broad distribution of funds among various recipients. Notable beneficiaries include companies such as NDK Financial Services, Vacuum Salt Products, Balkan Energy, and several others. See the full report from the Ministry of Finance below: Source: Ghanaweb

13 Jan

Government Reaches Agreement With Bilateral Creditors On Debt Treatment

wontumionlineBusinessministry of finance

In a significant milestone for Ghana's economic recovery, the government of the Republic of Ghana has announced that it has successfully reached an agreement with its official creditors under the G20 Common Framework. The agreement, which goes beyond the Debt Service Suspension Initiative, marks a crucial step toward restoring Ghana's long-term debt sustainability. "The Government of the Republic of Ghana announces that it has reached an agreement with its Official Creditors under the G20 Common Framework, on a comprehensive Debt Treatment Beyond the Debt Service Suspension Initiative," the ministry said. The announcement comes following the completion of the Domestic Debt…

12 Oct

Don’t Blame Finance Ministry For Delay In Payment Of Bailout Funds To Gold Coast Customers – SEC

wontumionlineBusinessBailout funds, Black Shield, Gold Coast, ministry of finance, SEC

The Securities and Exchange Commission (SEC) has pointed out that the Ministry of Finance cannot be blamed for the delay in payment of bailout funds to affected customers of Gold Coast Fund Management Limited. According to the SEC, the delay in payment of bailout funds to the affected customers is not due to the refusal of the Ministry of Finance to provide funds. It rather said in a statement that “The delay is principally due to the legal action by Blackshield/Gold Coast contesting the liquidation petition brought by the Official Liquidator (Office of the Registrar of Companies) at the request…

21 Aug

Impact Of DDEP Impairment Losses On Banking Sector And Role Of Ghana Financial Stability Fund – The Case Of Local Banks

wontumionlineBusinessBoG, DDEP, Ghana Financial Stability Fund, imf, local banks, ministry of finance, world bank

The Ghanaian financial sector has been in severe distress, characterised by an insolvent banking system as result of the domestic debt exchange in 2022. Using the 16% discount rate for the Net Present Value calculation for government bonds, the Domestic Debt Exchange Programme losses of 22 banks stood at ¢37.7 billion with the private domestic banks and state-owned banks accounting for losses of ¢19.9 billion, while foreign owned banks accounted for ¢17.8 billion. The DDEP impairment losses have technically rendered some of Ghanaian local owned banks insolvent that would require additional capital support from shareholders or participate fully in the…

13 Jul

Some Financial Sector Stakeholders Commend Ofori-Atta For Fulfilling His Promise To Domestic Bondholders

wontumionlineBusinessDDEP, Extractive Governance Reporting Centre, Ken Ofori Atta, ministry of finance

Some stakeholders in Ghana’s economic and financial sector have commended the Minister of Finance, Ken Ofori-Atta, for fulfilling his promise to the domestic bondholders, a move that has finally ended the agitations and complaints that surrounded the government’s Domestic Debt Exchange Programme. The Extractive Governance Reporting Centre (EGRC) in a statement acknowledged the sincerity of the finance minister and officials of the Ministry of Finance in their dealings with the domestic and individual bondholders. “We are happy that the concerns of the individual bondholders have been addressed. Let’s all support the Finance Minister, Ken Ofori-Atta and the government to address…

15 Mar

Expect Coupon, Principal Payments On Bonds In 48hrs – Finance Ministry Assures Bondholders

wontumionlineBusinessbondholders, DDEP, ministry of finance, Senyo Hosi

The Ministry of Finance has assured that bondholders whose coupon and principal payments matured on February 6, 2023, and February 13, 2023 will receive their funds within the next 48 hours. The assurance comes after bondholders complained of not receiving their payments on Monday, March 13, 2023. According to a statement, the processes to settle the payments on outstanding bonds commenced on the March 13, 2023. “The initial instruction covers coupon and principal payments on bonds that matured on March 6, 2023 and February 13, 2023. Holders of the afore-listed bonds should therefore expect to receive their payments within the…

02 Mar

Our Meetings With Chinese Delegation Progressing Well, Fruitful – Finance Ministry

wontumionlineBusinessChina, Ghana, ministry of finance

The Ministry of Finance has said that the government’s meetings with the Chinese delegation from EXIM Bank China are progressing well. In a statement on its website, it said discussions have so far been highly cordial and fruitful. The Chinese delegation ended a 3-Day mission to engage the Government of Ghana, following a request for the restructuring of Ghana’s $1.9 billion indebtedness to China. Joy Business understands that the two governments have exchange data with discussions being held at the technical level, on the parameters of an effective debt treatment. The government is believed to be seeking among other reliefs,…

28 Feb

Payments Of Coupons, Principals Of Old Bonds To Resume By March 13 – Finance Ministry

wontumionlineBusinessBonds, coupons, fixed income market, ministry of finance, principals

In fulfillment of government assurance to bondholders who did not tender their old bonds, the Ministry of Finance is taking administrative steps to ensure that payments of coupons and principals of the old bonds resume by March 13, 2023. In a statement, the Ministry, however said the newly issued bonds have been settled and listed and will become the new benchmark bonds for the fixed income market. “The Ministry of Finance will work with relevant stakeholders, as agreed, to ensure that these new benchmark securities become the basis for deepening the domestic sovereign debt market”, it pointed out. S&P rating…

14 Feb

Finance Ministry Confirms Over 80% Participation In DDEP

wontumionlineBusinessbondholders, DDEP, ministry of finance

The Finance Ministry has confirmed that government secured over 80% participation in the Domestic Debt Exchange Programme (DDEP). This indeed confirms an earlier report by Joy Business that the Government of Ghana has met its target with about 86% participation. In a statement, it said the “Government’s Domestic Debt Exchange Program (DDEP) closed on Friday February 10, 2023 with over 80% participation of eligible bonds. The government wants to thank the people of Ghana for their forbearance and support throughout these very difficult times”. It however maintained that the programme is voluntary, insisting that persons that have challenges have the…