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Tag Archives: Ken Ofori Atta

$1bn 30 yr bond to support mortgage industry

Finance Minister, Ken Ofori-Atta

Ghana’s maiden thirty year bond will be channeled into reducing the country’s rising housing deficit. This will also be achieved through the provision of mortgages and the completion of the government’s affordable housing unit projects. Finance Minister, Ken Ofori Atta disclosed this in an exclusive interview with Citi Business News after the issuance of Ghana’s sovereign bond. The thirty year ...

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Eurobond: Ghana raises $2bn at lowest interest rates

Eurobond money

Government secured more than it targeted for its Eurobond which was closed on Thursday, May 10, 2018,  in London. The government was seeking to raise 750 million dollars. However upon completion, the Sovereign bond accrued 2 billion dollars from investors. The bond was in two categories; 10 and 30 year bonds respectively. The 10 year bond raised 1 billion dollars ...

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Ghana’s debt nears distress levels – World Bank

Ken Ofori-Atta - Finance Minister

Ghana stands a high risk of returning to a debt distress situation if it fails to manage its rising debt levels. That is the caution from the World Bank. According to the Bank, this will also mean the country will find difficulty meeting key government expenditure and impact on investments into the country. These among others are the highlights of ...

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Finance Ministry gets 11 member Advisory Board

Ken Ofori Atta - Finance Minister

An 11-member Advisory Board for the Ministry of Finance (MoF) has been inaugurated at a ceremony held at the Conference Room of the Ministry. The Board was established in accordance with Section 39 of the Civil Service Act, 1993, (PNDC Law 327), which states, that all Ministries are mandated to establish Ministerial Advisory Boards. According to the Act, the purpose ...

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Investors to ditch Ghana over calls to remove Minister

Mahama Iddrisu  - Investment Banker

An Investment Banker, Mahama Iddrisu has told Citi Business News calls for the resignation of Finance Minister, Ken Ofori-Atta might cause investors to boycott investment decisions to Ghana going forward. He argued that the move is also likely to affect subscription of the country’s bonds expected to be issued in the first quarter of this year – 2018. The Minority in ...

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Economist urges Ken Ofori Atta to resign over $ 2.25bn bond

Ken Ofori-Atta - Finance Minister

Economist Dr. Lord Mensah has impressed on Finance Minister, Ken Ofori Atta to vacate his post over claims that he breached sections of the Public Financial Management Act (PFMA) in the issuance of the 2.25 billion dollar bond. In his view, the move could partly be blamed on the relatively high-interest rate the bond attracted. “If you know very well ...

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PIAC criticizes Finance Minister for breaching petroleum laws

Ken Ofori-Atta - Finance Minister

The Public Interest and Accountability Committee (PIAC) is alarmed at the absence of an Investment Advisory Committee in the management of Ghana’s oil revenue for 2017. According to PIAC, the situation means the Finance Minister, Ken Ofori Atta has breached Section 29 of the Petroleum Revenue Management Act, hence must work to resolve the situation. This is among the findings ...

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Corporate tax to be slashed from next year

Tax

Businesses that pay 25% of their profits in corporate taxes should expect to pay less from next year (2018). The corporate tax is expected to be reduced to twenty percent eventually. It follows what the Finance Minister, Ken Ofori Atta says is the consideration of reducing the tax in the 2018 budget. This is also part of the tax cuts ...

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Appointment of board & DG of SEC questioned

Daniel Ogbarmey Tetteh

Concerns are being raised in the financial sector over the recent appointment of a new Director General and board for the Securities and Exchange Commission (SEC). The commission has been without a board and substantive Director General since last year. It follows the retirement of the former Director General Dr A A Antwi and the dissolution of the board last ...

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Ofori Atta defends GH¢10m adb loan approval

Ken Ofori-Atta - Finance Minister

Finance Minister, Ken Ofori Atta has rejected claims he breached due process when he approved a loan facility from ADB to McDan Shipping Company Limited. He argues that the ultimate approval or otherwise relied much on ADB’s credit committee. The Minority has accused Ken Ofori Atta for flouting public procurement rules by approving the GHc 10,459,500 loan for the company ...

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