Tag: Finance Ministry
-
Moody’s must review Ghana’s appeal against Caa1 credit downgrade – APRM
The African Peer Review Mechanism (APRM) an autonomous entity of the African Union that supports African countries in the area of credit ratings, has denounced the recent downgrade of Ghana’s rating by international agency Moody’s from B3 to Caa1, with a stable outlook. The downgrade which the APRM says threatens Ghana’s debt sustainability efforts follows…
-
Government rejects Moody’s downgrade of Ghana’s credit rating
The government is unhappy with credit rating agency, Moody’s, for downgrading Ghana’s Long-Term Issuer and Senior unsecured bond ratings to Caa1 from B3. According to government, it believes that the recent fiscal consolidation measures announced by the Finance Minister and the 2022 budget, which are anchored on debt sustainability and a positive primary balance, largely…
-
Government cuts down its expenditure by 20%
The Finance Ministry has revealed that Government has suspended 20 percent of expenditure in the 2022 budget. According to the Ministry, though Parliament has already approved government’s total expenditure for 2022, in a prudent fiscal consolidation move, government has decided to cut down its expenditure, by up to 20 percent. Speaking at a press conference…
-
Ken Ofori-Atta has not resigned – Finance Ministry
The Minister of Finance, Ken Ofori-Atta is still at post and has not resigned contrary to rumours that have gone viral on social media. This is according to the Finance Ministry. A statement from the ministry on Tuesday, October 5, 2021, said “there is no truth in these rumours.” The claims on social media were…
-
Finance Ministry, UNOPS begin project to gain investments to finance SDGs
World leaders have made ambitious commitments to achieve the United Nation’s Sustainable Development Goals (SDGs). However, securing enough resources remains a major challenge; with developing countries facing a gap estimated between 2.5 to 3 trillion dollars per year. To help bridge this financing gap and speed up Ghana’s efforts to achieve the SDGs by 2030,…
-
Finance Ministry inaugurates PIAC and PPA Boards
Mr John Kumah, the Deputy Minister of Finance, has urged the newly inaugurated board members of the Public Interest and Accountability Committee (PIAC) to execute their mandate to ensure that citizens benefit from the exploitation of petroleum resources. Mr Kumah said, “your appointment is a call to public service, and I am confident that you…
-
Ensure that gold business in Ghana flourishes – Lands Ministry to PMMC Board
The Deputy Minister for Lands and Natural Resources in charge of Mines, George Mireku Duker has charged the newly inaugurated Precious Minerals Marketing Company (PMMC) Board to ensure that the business of Gold purchase in Ghana flourishes during their tenure of office. Administering the inaugural address on behalf of the Sector Minister, the Deputy Minister,…
-
Recruitment into security agencies not suspended – Finance Ministry
The Ministry of Finance has denied media publications that a moratorium has been placed on all recruitments into security agencies. It said the publications are false and should be disregarded. In a statement issued by the Finance Ministry on Tuesday, April 27, 2021, it said the reports, which were based on a supposed official statement…
-
Ghana hasn’t been downgraded to low income status – Finance Ministry
The Ministry of Finance has clarified that the classification of Ghana as a low-income developing country in the International Monetary Fund’s (IMF) April 2021 Fiscal Monitoring document is not a downgrade. “We wish to state that Ghana continues to be categorised as a ‘Lower-Middle Income Economy’ based on the widely-recognised classification of the World Bank…
-
2021 budget: Government to raise US$5 billion from ICM funding program
Government has begun processes to raise an amount of US$5 billion to “support growth-oriented expenditures” in the 2021 budget for this year. This comes after an earlier consideration to launch a 2021 International Capital Market (ICM) funding programme for the medium term in order to raise this amount of money. The ICM Programme instruments consist…