The government has assured investors of ongoing work being done to ensure that Ghana’s economic rebound anchored in fiscal consolidation and debt sustainability is successful.
This follows concerns raised by investors pertaining to a number of issues including clarity on policy to cut the 2022 expenditure by 20% across board, the 2022 revenue target and the Government’s ability to meet this target among others.
Speaking to the media after an engagement between government officials and investors as part of the 2022 Non-Deal Investor Roadshow, Minister of State at the Finance Ministry, Charles Adu Boahen said he was positive of sustained investor confidence going forward.
“I think the feedback is evident in how the bonds have performed since then. You see that they have tightened across the curve. I think what struck me as quite interesting was that a lot of them were quite apologetic about how our bonds have performed. It sounds like they feel we are being unfairly treated or that our bonds are not reflecting the true position or the strength of the fundamentals. As a government, we felt it necessary to speak directly with our investor base and assure them of the steady progress being made towards an economic rebound anchored on fiscal consolidation and debt sustainability, as we have done in the past,” he said.
Earlier this month, the Government embarked on a three-day non-deal investor roadshow to engage with both offshore investors (Banks and Fund Managers) and onshore investors to update them on Ghana’s recent economic performance and outlook.
The engagements were led by senior officials from the Ministry of Finance and the Bank of Ghana.
According to a statement from the Finance Ministry, the roadshow, among other things, provided the opportunity for Government to respond to questions or concerns.
The Finance Ministry noted that these investors have assets under management in excess of US$4 trillion.
“They also actively participated in Ghana’s Eurobond Issuance Programme and have been keenly following the Ghana development story.”