Tag: Ken Ofori Atta
-
COVID-19: Finance Minister urges China to consider debt relief for Africa
Ghana’s Finance Minister, Ken Ofori-Atta, has urged China to help ease the debt burden of African countries expected to struggle with the economic impact of the coronavirus pandemic. He has already indicated that the cumulative effect of the novel coronavirus pandemic will cost Ghana GHS9.505 billion. Speaking to a US-based think-tank, the Center for Global…
-
Gov’t to raise GH¢17.96bn in bonds from domestic market for second quarter
Government is seeking to raise a total of 17.96 billion cedis in bonds, from the domestic market for the period spanning April to June, 2020. This is about 6% less than the 19.09 billion cedis targeted for the first quarter of 2020, from January to March. Per the issuance calendar published by the Bank of…
-
Gov’t hints at new budget by July as COVID-19 hits revenue target
Finance Minister, Ken Ofori-Atta, has hinted that government may present a new budget to Parliament by July this year due to the economic impact of the COVID-19 Pandemic that has hit government’s revenue target. The 2020 financial budget was targeted at expanding infrastructure, particularly roads. But the Finance Minister announced in Parliament on Monday that…
-
Gov’t revenue target to drop significantly due to impact of COVID 19 – Finance Minister
Finance Minister, Ken Ofori-Atta, says Ghana will record a significant drop in revenue target for 2020 due to the COVID-19 pandemic. He warns that the country is recording a huge decline in revenue from the port, petroleum revenue receipts as well as tax revenue due to economic slowdown being witnessed as the world fights the…
-
Coronavirus pandemic to cost Ghana GHS9.5bn – Finance Minister
The novel coronavirus pandemic is set to cost Ghana GHS9.505 billion, according to Ken Ofori-Atta, the Finance Minister. This will be 2.5 percent of Ghana’s revised GDP. “Speaker, the total estimated fiscal impact from the shortfall in petroleum receipts, shortfall import duties, the shortfall in other tax revenues, the cost of the preparedness plan, and…
-
GHS 787m paid to customers of defunct Microfinance, Savings & Loans – Gov’t
Government says it has disbursed a total of 787 million cedis for the payment of locked up funds to customers of defunct collapsed Microfinance, Micro-credit and Savings and Loans companies. According to the Minister of Finance, Ken Ofori-Atta, who disclosed this, the amount is in fulfillment of President’s directive asking that all affected customers be…
-
New US$3 billion Eurobond will not balloon public debt – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has given the assurance that the country’s debt to GDP, which is the total value of all goods and services produced, would not escalate to alarming levels with the issuance of the latest Eurobond. Ghana’s debt to GDP is currently around 63 percent. Following Ghana’s eighth appearance on the Eurobond…
-
Gov’t to issue US$750m IPO for Minerals Development Fund next month- Ofori-Atta
Finance Minister Ken Ofori-Atta, has revealed that plans to issue an initial public offer (IPO) to raise US$750 million for the Minerals Development Fund has been scheduled for March this year. The sale of US$750 million shares in the mining fund was initially planned for January 2020, but the government postponed it as it sought…
-
Gov’t secures US$3 billion Eurobond at cheaper rates
A delegation led by the Finance Minister Ken Ofori-Atta on Tuesday, February 4, 2020, completed the issuance of a US$3 billion Eurobond in three installments with interest rates better than what was realized in similar bonds issued last year. The three-tranche bond was sold with 7-year, 14-year, and 41-year maturities. A member of the delegation…
-
Ghana set to issue longest ever Eurobond at 41-years
The government’s planned US$3 billion Eurobond will be done in three tranches at three different maturity periods with the longest being a 41-year bond. The 41-year bond thus becomes the longest-dated bond ever issued by an African country trumping the 31-year bond the government issued at its last Eurobond appearance in 2019. In addition to…