Category: Top Stories
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Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG
Latest data released by the Bank of Ghana puts Ghana’s total public debt stock as at November 2022, at GHS 575.7billion. The November 2022 debt figure brings Ghana’s debt to Gross Domestic Product (GDP) ratio to 93.5%. According to the Bank of Ghana’s January 2023 Summary of Economic and Financial Data, the debt stock increased…
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Govt strikes deal with Insurance Association on debt exchange programme
The government and the Ghana Insurers Association (GIA) have made headway on the terms of the Domestic Debt Exchange Programme for insurance companies. This was announced in a joint statement by the Ministry of Finance and the Association issued on Thursday, January 26, 2023. “The insurance companies will participate in the exchange on similar terms…
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We must invest in crucial infrastructure to accelerate AfCFTA’s success– Bawumia to African Leaders
The Vice President, Dr Mahamudu Bawumia, has highlighted the need for more investments in crucial infrastructure by African governments and businesses to facilitate trade under the African Continental Free Trade Area, (AfCFTA). Dr Bawumia noted that critical investment in infrastructure will help ensure continued productivity and sustainable economic growth on the continent. Speaking at the…
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Tax on agro inputs a threat to agribusiness and food security – Analysts
CropLife Ghana together with the Chamber of Agribusiness Ghana, Peasant Farmers Association of Ghana (PFAG), National Seed Trade Association of Ghana (NASTAG) and the Ghana Rice Interprofessional Body (GRIB) have jointly held a press conference to urge Government to restore the tax exception on Agro-inputs. The President on September 12, 2022 assented to the tax…
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Completely exempt individuals from DDEP over GAB agreement – Senyo Hosi to govt
The Convener of the Individual Bondholders Forum, Senyo Hosi, has stated that the agreement between the Ministry of Finance and the Ghana Association of Banks on the Domestic Debt Exchange Programme (DDEP) affirms their position for individuals to be completely exempted. In a statement, Mr Hosi hailed the agreement between the Ministry of Finance and…
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Government and Association of Banks reach agreement on DDEP
Finally, there is an agreement between the government and the Ghana Association of Banks over the Domestic Debt Exchange Program. The Association had earlier instructed commercial banks to hold off on approving the revised debt exchange offer until its members’ needs were satisfied. They claimed that the key reason for this was the lack of…
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DDE: Banks secure 5% coupon for 2023; other revisions
The government has revised some terms of its Domestic Debt Exchange Programme (DDEP) following discussions with the Ghana Association of Banks. Hitherto, the new bonds under the programs were not to accrue any interest until 2024, starting at 0% coupon in 2023 which steps up to 5% in 2024 and 10% from 2025. But after…
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Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments
Retail customers not interested in a rollover of their cocoa bills would now be paid using COCOBOD’s deposits at the banks. That’s the agreement reached among the Bank of Ghana, Ghana Cocoa Board (COCOBOD) and the commercial banks following the COCOBOD’s bills default. This comes after Government last week, defaulted in the payment of matured…
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SIGA awaits cabinet approval on listing of SOEs on GSE
Director-General of the State Interests and Governance Authority (SIGA) Amb. Edward Boateng has disclosed that his outfit is awaiting approval from Cabinet on the listing of selected state-owned enterprises (SOEs) to raise capital from the Ghana Stock Exchange, GSE. As part of efforts to make SOEs profitable and attractive to investors, SIGA last year set…
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Re-engage IMF; renegotiate terms – Theo Acheampong to gov’t
Economist and Political Risk Analyst, Dr. Theo Acheampong is urging government to review its target of reaching a 55% Debt-to-GDP ratio by 2028. He views the target as too ambitious adding that it imposes undue pressure on government, forcing it to further burden some categories of bondholders. Dr. Acheampong believes that if the 55% Debt-to-GDP…