Tag: Ken Ofori Atta
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Eurobond: Ghana raises $2bn at lowest interest rates
Government secured more than it targeted for its Eurobond which was closed on Thursday, May 10, 2018, in London. The government was seeking to raise 750 million dollars. However upon completion, the Sovereign bond accrued 2 billion dollars from investors. The bond was in two categories; 10 and 30 year bonds respectively. The 10 year…
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Ghana’s debt nears distress levels – World Bank
Ghana stands a high risk of returning to a debt distress situation if it fails to manage its rising debt levels. That is the caution from the World Bank. According to the Bank, this will also mean the country will find difficulty meeting key government expenditure and impact on investments into the country. These among…
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Finance Ministry gets 11 member Advisory Board
An 11-member Advisory Board for the Ministry of Finance (MoF) has been inaugurated at a ceremony held at the Conference Room of the Ministry. The Board was established in accordance with Section 39 of the Civil Service Act, 1993, (PNDC Law 327), which states, that all Ministries are mandated to establish Ministerial Advisory Boards. According…
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Investors to ditch Ghana over calls to remove Minister
An Investment Banker, Mahama Iddrisu has told Citi Business News calls for the resignation of Finance Minister, Ken Ofori-Atta might cause investors to boycott investment decisions to Ghana going forward. He argued that the move is also likely to affect subscription of the country’s bonds expected to be issued in the first quarter of this year…
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Economist urges Ken Ofori Atta to resign over $ 2.25bn bond
Economist Dr. Lord Mensah has impressed on Finance Minister, Ken Ofori Atta to vacate his post over claims that he breached sections of the Public Financial Management Act (PFMA) in the issuance of the 2.25 billion dollar bond. In his view, the move could partly be blamed on the relatively high-interest rate the bond attracted.…
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PIAC criticizes Finance Minister for breaching petroleum laws
The Public Interest and Accountability Committee (PIAC) is alarmed at the absence of an Investment Advisory Committee in the management of Ghana’s oil revenue for 2017. According to PIAC, the situation means the Finance Minister, Ken Ofori Atta has breached Section 29 of the Petroleum Revenue Management Act, hence must work to resolve the situation.…
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Corporate tax to be slashed from next year
Businesses that pay 25% of their profits in corporate taxes should expect to pay less from next year (2018). The corporate tax is expected to be reduced to twenty percent eventually. It follows what the Finance Minister, Ken Ofori Atta says is the consideration of reducing the tax in the 2018 budget. This is also…
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Appointment of board & DG of SEC questioned
Concerns are being raised in the financial sector over the recent appointment of a new Director General and board for the Securities and Exchange Commission (SEC). The commission has been without a board and substantive Director General since last year. It follows the retirement of the former Director General Dr A A Antwi and the…
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Ofori Atta defends GH¢10m adb loan approval
Finance Minister, Ken Ofori Atta has rejected claims he breached due process when he approved a loan facility from ADB to McDan Shipping Company Limited. He argues that the ultimate approval or otherwise relied much on ADB’s credit committee. The Minority has accused Ken Ofori Atta for flouting public procurement rules by approving the GHc…
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Gov’t starts robust revenue drive to reduce debts
Government has reiterated plans to improve its revenue base and reduce the country’s debt levels and overdependence on donor agencies. In this regard, the NPP administration has set out an ambitious plan to mobilize enough domestic revenue to meet key infrastructural needs. This is also viewed against the backdrop of reducing borrowing which has led…