Contrary to government’s denial of a weakening economy, Business Finder can confirm that the same government has admitted difficult economic times to the International Monetary Fund (IMF). A letter to the Fund, dated September 16, 2016 and signed jointly by Finance Minister, Mr Seth Terkper and central bank Governor, Dr Abdul-Nashiru Issahaku referred to slow … Read more
The Minister of Finance, Seth Terkper, is expected in Parliament today, October 20, 2016 to present an advanced budget covering government spending for the first quarter of 2017. The move has become necessary because of the December 7 polls and the need to prevent overspending in case of a transition in government. Mr. Terkper would … Read more
As the Finance Minister prepares to present a first quarter 2017 budget to parliament on Thursday, Economist Dr. Ebo Turkson has urged the government to clearly demonstrate how it intends to finance unbudgeted expenditure that have been rolled out few months to the general elections. Government recently announced that it has scrapped allowances for trainee … Read more
The Minister of Finance, Seth Terkper, is expected to present to parliament on Thursday an advanced budget covering government spending from January to March 2017. This practice is in accordance with what the Executive does almost every election year to avoid spending setbacks in case of a transition in government. Announcing this on the floor … Read more
President John Mahama says he is happy that his government has not overspent its 2016 budget in spite of pressures from various sectors to spend more on projects not budgeted for. According to him, government remains firm in its resolve not to spend beyond what it budgeted for the year. The President noted that Ghana … Read more
The minister of Finance, Mr Seth Terkper, is scheduled to present the Expenditure in Advance of Appropriation and the Estimates of the Revenues and Expenditure of the government for the 2017 financial year to Parliament next Thursday. The presentation is necessary because there may be no budget presentation in November characteristic of an election year. … Read more
The Minister of Finance, Mr. Seth Terkper, will next week present to Parliament the “Expenditure in Advance of the Appropriation, January to March 2017. The Minister is also expected to update the House on the estimates of the revenues and expenditure of the Government of Ghana for the 2017 financial year. Deputy Majority leader and … Read more
Dr Mahamadu Bawumia, an economist, has challenged recent assertions by President John Mahama and Finance Minister Seth Terkper that international ratings agency Moody’s upgraded Ghana recently. The former Central Bank Deputy Governor, speaking at the launch of the manifesto of the New Patriotic Party (NPP) over the weekend at the Trade Fair in Accra, said: … Read more
Government has raised a total of 96.4 million dollars in its first local dollar denominated bond at a rate of 6.0 percent. Total bids were 99.6 million dollars but government accepted 96.4 million dollars, above its original target of 50 million dollars. By this, the cost of the bond is lower compared to government’s last … Read more
Ghana’s debt to GDP ratio could hit the 70 percent threshold if the base rate for calculating the figure, is adjusted to reflect current growth targets. This is the indication from economist, Dr. Eric Osei Assibey. Crossing the 70 percent mark is also likely to affect Ghana’s international credit rating. “The projection was about 4.9 … Read more
The December 7 elections do not pose any major risks to Ghana’s economic rebalancing or its ability to implement the economic stabilisation and reform programme backed by the International Monetary Fund (IMF), a new report issued by Standard Bank Research has stated. The report, which is based on a review of Ghana’s economy said unlike … Read more
In an election year, many expected Ghana’s economy to completely wither; past events have shown that the power and extravagance of the incumbent tend to impose difficulties on the economy in an election year. But this year’s election has proved the contrary. The economy is thriving and surprisingly, indicators tell of an impressive flourish for … Read more
Government’s efforts to address the debt position of four key state-owned enterprises in the energy sector has left the International Monetary Fund (IMF) flummoxed as to how the debt restructuring strategy will absolve the companies from plunging themselves in future debts. The borrowings of the four firms- VRA, ECG, GRIDCo and TOR- hit GH¢19 billion … Read more
The International Monetary Fund (IMF) is hopeful about Ghana’s return to economic prosperity as the government maintains strict fiscal discipline ahead of the presidential and parliamentary elections in December. With less than two months to the December polls, the IMF says economic recovery appears attainable, as the government has stayed within spending limits and managed … Read more
With two months to the December general elections in Ghana, analysts and development partners have expressed concerns about Ghana’s worsening debt situation as well as government’s spending spree. According to them, failure to check government’s borrowing appetite and expenditure could lead to a recurrence of the fiscal slippages experienced during the 2012 elections. The Institute … Read more
The International Monetary Fund (IMF) has warned that Ghana is still a high risk of debt distress economy. Head of the IMF mission to Ghana Joel Bernante gave the warning in an interaction with journalists ahead of the official release of its staff report sent to its Executive Board requesting it to pass Ghana’s performance … Read more
Finance Minister, Seth Terkper, has stated that the decision to raise capital through the issuance of international bonds, otherwise known as Eurobond, has become a mainstay in Ghana’s borrowing mix. According to him, Eurobonds provide a cheap source of funds to support the country’s recurrent and capital expenditure. The remarks, which point to government’s plans … Read more
The Bank of Ghana (BoG) has announced plans to renounce its ownership of two banks in the country. Currently, the BoG, holds 44.06 and 48.17 per cent shares in National Investment Bank (NIB) and Agricultural Development Band (ADB) respectively. The Ghanaian Times reports that M. Millison Narh, the first Deputy Governor of BoG disclosed this … Read more
Running Mate to the flagnbearer of the opposition New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has stated that it is clear the National Democratic Congress (NDC) cannot respond to what he calls 170 ‘facts’ he put out during a public lecture last month, on the state of the economy. Dr Bawumia said the NDC government … Read more
Finance Minister Seth Terkper has stated that the International Monetary Fund (IMF)’s approval of Ghana’s third review under the Fund’s Extended Credit Facility (ECF) reinforces Ghana’s economic turnaround story. Seth Terkper in February, 2016 announced that Ghana’s economy had made a turnaround, commencing a movement from its challenging times. The country for close to three … Read more