Tag: Finance Ministry
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Govt reopens domestic debt exchange program
Government has reopened its Domestic Debt Exchange Program (DDEP). This to enable individuals who could not sign up to the initial debt restructuring exercise but wish to participate do so now. With this announcement from the Ministry of Finance, the window has been opened for interested investors seeking to hold onto government papers as government…
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Finance Ministry launches Emergency Expenditure Guidelines, Audit recommendations instructions
In a bid to enhance Ghana’s financial resilience and accountability, the Finance Ministry has launched the Emergency Expenditure Management Guidelines (EEMG) in conjunction with the Audit Recommendations Implementation and Follow-up Instructions (ARI&FIP), focusing keenly on bolstering Public Institutions. The EEMG, introduced as a solution to the nation’s often inflexible Public Financial Management (PFM) system, is…
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Government to offset DDEP losses with $1.5 billion
The Finance Minister, Ken Ofori Atta has disclosed that the government will inject 1.5 billion dollars, into the National Stability Fund to help offset the losses incurred during the Domestic Debt Exchange Programme (DDEP). The banking sector is predicted to lose about ¢41.3 billion to the DDEP, between 2023 and 2028 which has resulted in…
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Finance Ministry failed to transfer 5% ABFA to DACF for 2 consecutive years – PIAC report
For two consecutive years, the Ministry of Finance failed to transfer five percent of the Annual Budget Funding Amount (ABFA) to the District Assembly Common Fund (DACF), despite a directive by the Supreme Court in 2019. In 2021, the Ministry of Finance was only able to transfer 1.74% of the ABFA, and in 2022, it…
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Finance Ministry expects improved credit ratings to enhance engagements with external creditors
The Ministry of Finance says it expects improvement in Ghana’s local currency sovereign credit ratings to enhance engagement with external creditors on its debt treatment. This comes after S&P Global Ratings on Friday, February 24, 2023, raised Ghana’s local currency sovereign credit ratings from selective default (SD) to ‘CCC+/C’. “This acknowledges the completion of the…
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Government extends Domestic Debt Exchange deadline for 3rd time
The government has extended the deadline for the Debt Exchange Programme to Tuesday, January 31, to enable it to build consensus for the programme. This is the third time the government has extended the deadline for the bondholders to voluntarily exchange their bonds for new ones. A tweet by the Ministry of Finance on Monday…
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We can’t exempt insurance industry from debt exchange – Finance Ministry
The Ministry of Finance has categorically stated that it cannot exempt the insurance industry from the Debt Exchange Programme. The Ghana Insurers Association in December 2022 called for the exemption of insurance companies from the domestic debt exchange programme. According to the association, 40 percent of its total assets for the third quarter of 2022…
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E-Levy won’t be terminated because of IMF bailout – Gov’t assures
As government commences its in-person meetings with the delegation from the International Monetary Fund (IMF) team, led by Mission Chief for Ghana, Carlo Sdralevich, starting, Wednesday July 6, 2022, it is assuring that the controversial Electronic Transfer Levy (E-Levy) will not be terminated. According to the IMF, it stands ready to assist Ghana to restore…
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Finance Ministry tops list of most fiscally reckless MDAs between 2015 and 2020
The Ministry of Finance has emerged as the ministry with the highest level of fiscal recklessness between 2015 and 2020. This is according to data from the second Fiscal Recklessness Index 2020 Report released by Imani Center for Policy and Education with support from Oxfam Ghana, which ranked financial irregularities for Ministries, Departments and Agencies…
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Stakeholders call on policy makers to address upsurge in prices of goods
Following the recent announcement on the rise in the inflation rate in the country, industry players have intensified calls for an intervention to check the rising prices of goods and services in the country. Ghana’s economy has in recent times experienced a downturn. Stakeholders have cited the depreciating cedi, spike in fuel prices, inflation rates…