Category: Local Economy
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AGI calls for clearer modalities on DDEP
The Association of Ghana Industries is calling on government and its key institutions to carefully consider some components of the Domestic Debt Exchange Programme (DDEP) as the current structure of the programme has the propensity to stifle the flow of liquidity to its members. Government is embarking on a debt restructuring programme to enable it access…
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DDEP: Govt extends window for bondholders to complete tendering process
Government has granted bondholders a 3-day administrative window to complete processes for tendering their bonds. The move comes after government learned of technical challenges faced by some bondholders who tried to complete the online tender process. A statement issued by the Ministry of Finance said the window ends at 4pm on Friday February 10, 2023.…
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DDEP: Government hopeful bondholders will register for programme
Government is optimistic all bondholders will sign up for the Domestic Debt Exchange Programme, as registration unto the programme expires today, February 7, 2023. This, according to Minister of Finance, Ken Ofori-Atta will ensure macro-economic stability is restored. Addressing Ghanaians on the Monday, he noted that, “As a government, our singular motivation for taking this…
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DDEP: Non-participation will prolong efforts to revive economy – Ofori-Atta
The Finance Minister, Ken Ofori Atta, has warned that non-participation in the Domestic Debt Exchange Programme by individual bondholders will prolong the efforts by the government to revive the economy. Addressing the nation on Monday, February 6, Mr Ofori-Atta said “frankly, non-participation or a lower-than-expected turnout for the DDEP will prolong efforts to resolve the…
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We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners
Finance Minister Ken Ofori-Atta has stated that failure to secure a bailout with the International Monetary Fund (IMF) by mid-March may ground Ghana’s economy to a halt. Addressing Pensioner bondholders who have resisted their inclusion in a domestic debt exchange programme on Monday, February 6, the Finance Minister pleaded with the pensioners to accept a…
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Pensioners to picket at Finance Ministry over DDE
Pensioner Bondholders Forum, a group fighting for the protection of the pensioners who have invested in government bonds has vowed to picket at the premises of the Finance Ministry until its members are exempted from the Domestic Debt Exchange Programme (DDEP). The group in a statement explained that attempts to have their investment exempted from…
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Ghana begins to locally manufacture its own bullion vans to combat robbery
Ghana has started assembling Cash-in-Transit (CIT) armored trucks to keep the country’s banks’ movement of large sums of money secure and impervious to robbery assaults. The first four vehicles that DIHOC- KENAKI Manufacturing Company Limited (DIKMAC) equipped at its armored vehicle assembling facility at Burma Camp in Accra are now prepared for usage. The Defence…
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Gold-for-oil: Govt spent $40m on first consignment – NPA
The National Petroleum Authority (NPA) has revealed that the initial 40,000 tonnes of diesel that arrived in January under the Gold-for-oil policy were valued at US$40 million. The clarification by the NPA comes after several calls by industry experts including the Institute of Energy Securities for the government to provide details on how much it…
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Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany
President Nana Addo Dankwa Akufo-Addo on Friday urged Germany to “encourage” China, an ad hoc member of the Paris Club, to support Ghana’s debt restructuring efforts. He said it was critical that the Paris Club swiftly establishes, with the participation of other official creditors, a creditors committee, to support the efforts that would enable Ghana…
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Government to securitize $3.3bn in Central Bank loans
Ghana plans to convert an estimated 40 billion cedis ($3.3 billion) of loans owed to the Bank of Ghana into bonds, making the Central Bank the single largest holder of domestic government securities and exposing it to the ongoing debt restructuring process. According to people familiar with the matter, the bonds will be issued by…