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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

  • Business
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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    E-cedi will not affect MoMo business – Bank of Ghana

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    Vodafone agrees sell stake in Ghana’s business to Telecel

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    IIPGH to enter coding education partnership with Telecoms Chamber

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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$2.25bn bond was necessary for debt restructuring- BoG Governor

bycitibusinessnews
May 17, 2017
in Banking And Finance, Government, Top Stories
Dr. Ernest Addison, Governor of the Bank of Ghana

Dr. Ernest Addison, Governor of the Bank of Ghana

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The Governor of the Bank of Ghana, Dr. Ernest Addison has stated that the issuance of the 2.25 billion dollars bond by government was necessary to restructure Ghana’s debt.

Government in April this year issued four bonds totaling 2.25 billion dollars.

The Minority in Parliament has petitioned the United States Securities and Exchange Commission after alleging that the issue was done in secrecy.

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The Bank of Ghana has already defended the bond ruling out any wrongdoing.

Speaking at the National Policy Summit, Dr. Addison maintained that the bond was already yielding positive results due to the restructuring.

“We talked the issue of the reprofiling of the debt and that I think is important. It almost like a chicken and egg situation. You need to in a sense create that fiscal space. That I think we agreed very firmly on that. We have already seen some improvement in terms of the inflation outcomes over the last few months. Also, if you look at the execution of the budget we have seen some improvement in terms of the size of the fiscal deficit”, he said.

“Fortunately for us, this first quarter in terms of the balance of payment and current account we have also seen some improvement in terms of export. They are doing relatively well. We are seeing stronger growth export so the current account is also moving in the right direction,” he added.

Dr. Addison maintained that restructuring the debt has given government some fiscal space to influence all the macroeconomic indicators as they are already beginning to show signs of stability.

“We have also talked about improvement in the reserves of the central bank which has also brought stability on the side of the exchange rates which also feeds into inflation,” he said.

–

By:Lawrence Segbefia/citibusinessnews.com/Ghana

 

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