Category: Featured
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Fitch affirms Ghana’s rating at ‘RD’; expects agreement with official creditor to be reached by end-2023
Fitch Ratings has affirmed Ghana’s Long-Term Foreign-Currency (LTFC) and Long-Term Local-Currency (LTLC) Issuer Default Ratings (IDR) at ‘RD’. Fitch on February 21, 2023, downgraded Ghana’s LTFC IDR to ‘RD’ from ‘C’ due to a missed Eurobond coupon payment. According to Fitch, Ghana has since made progress with official creditors for external debt restructuring, aiming to…
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![Mid-year budget review 2023 [Full statement]](https://citibusinessnews.com/wp-content/uploads/2023/06/ken-ofori-Attah.jpg)
Mid-year budget review 2023 [Full statement]
The Minister of Finance, Ken Ofori-Atta on Monday, July 31, 2023, presented the mid-year budget review in Parliament. The presentation happened after it was postponed twice from July 25 to July 27 and finally to July 31. Mr. Ofori-Atta in his presentation disclosed that Ghana is currently making modest gains in turning the economy around…
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Govt launches GHS 31 billion pension funds domestic exchange
Government has commenced an alternative offer for pension funds exchange inviting holders of domestic notes and bonds of the central government, E.S.L.A Plc and Daakye Trust Plc. The government is seeking to exchange approximately, GHS 31 billion in principal amount of the eligible bonds for a package of new bonds. “This invitation is intended to…
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Govt revises macroeconomic targets downwards: Real GDP growth adjusted to 1.5%
Finance Minister, Ken Ofori-Atta, during the presentation of the 2023 mid-year budget review today, July 31, announced significant revisions to the country’s macroeconomic and fiscal frameworks. The revision aims to align with the targets of the IMF-supported PC-PEG due to recent developments and global economic conditions. Notable revisions include a decrease in overall Real GDP…
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We’ve stabilised exchange rates, inflation, other fiscal challenges – Ofori-Atta
The Minister of Finance, Ken Ofori-Atta in his 2023 mid-year budget review has indicated that the measures put in place by the government in attempts to mitigate the impacts of COVID-19 and the current economic challenges have resulted in stabilizing fluctuating exchange rates, softened inflation, and brought down interest rates. The Finance Minster in his…
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Govt committed to pursuing robust strategy for economic boom – Ofori-Atta
The Minister of Finance, Ken Ofori-Atta has assured Ghanaians of the government’s commitment to pursuing a robust growth strategy within the country’s limited fiscal space and the fiscal consolidation programme to ensure an economic boom. “This will be done by attracting domestic and foreign private sector investments and expanding production, which will be encouraged and…
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Budget review: We’re making progress, we won’t ask for more money – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, says the Nana Addo Dankwa Akufo-Addo government will not ask Parliament for any additional money. According to him, this was necessitated by the progress made in non-oil tax revenue collection within the year. The Finance Minister made these remarks when he presented the mid-year budget review in Parliament on July…
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2022 was my most difficult year as Finance Minister – Ofori-Atta
The Minister of Finance, Ken Ofori-Atta says 2022 was his worst year as the manager of Ghana’s public purse. Presenting the 2023 mid-year budget review in Parliament on Monday, July 31, Mr. Ofori-Atta indicated that the aftermath of the COVID-19 pandemic posed a great challenge for him and the governing New Patriotic Party forcing the…
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Economic crisis: We’ve turned the corner – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has revealed that Ghana is currently making modest gains in turning the economy around after experiencing severe economic hardship in 2022. During the 2023 Mid-Year Budget Review presented in Parliament on July 31, Mr Ofori-Atta highlighted that the government’s plans and programmes are starting to yield positive results. In his…
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IPPs anticipating provision for payment in mid-year budget review
The Chamber of Independent Power Producers and Bulk Consumers is demanding that the government captures the payment of the about US$ 2.3 billion debt owed them in the mid-year budget review. The continuous accumulation of the debt, according to the chamber, is impeding its ability to sustain power generation. Ghana may face an impending power…