The International Monetary Fund (IMF) board has approved Ghana’s third review under the Extended Credit Facility (ECF). The nod was given yesterday [Wednesday]. Ghana last week provided in full data requested by the Fund to enable it meet and make a decision on the country’s ECF program. Among the data requested by the Fund was … Read more
The Ministry of Finance is courting state-owned enterprises (SOEs) to offer themselves up for corporate ratings to enable them to borrow on their own balance sheets to finance projects. The Minister of Finance, Mr Seth Terkper, who made the suggestion in Accra yesterday at a meeting with chief executives and board chairmen of SOEs said, … Read more
Government’s desire to borrow more funds continues to grow as the Ministry of Finance targets Ghanaians in the diaspora to raise bonds from them. In recent times, government’s decision to borrow from the international market has been heavily criticized as piling up the debt stock of the country, affecting interest rates. But speaking to Citi … Read more
Finance Minister Seth Terkper says the favorable assessment of Ghana’s creditworthiness by some rating agencies shows that government is on track in stabilizing the economy. Rating Agencies, Moody’s and FITCH have all given government a favorable assessment of its ability to pay back on time funds borrowed on the international market. Moodys in a statement … Read more
Finance Minister, Seth Terkper, is upbeat other ratings agencies like Fitch and Standards and Poors, will follow suit and give Ghana positive grades, after Moody’s, last Friday, upgraded the country’s sovereign rating to a B3, with Stable Outlook. “We can enter 2017 on a more hopeful note unlike previous election years’ eras. The turnaround story … Read more
The Member of Parliament for Suame Constituency and Minority Leader of Parliament Osei Kyei-Mensah-Bonsu has revealed that the Minority knew from day one that the Withholding Tax approved by Parliament will destroy businesses in Ghana. He noted that the Minority were not able to do much about the bill because as usual, the government and … Read more
The newly established Ghana Export Import Bank (Ghana EXIM) can boost exports and reduce country’s the balance of trade deficit, except that it has to be properly structured and well-funded, Franklin Belnye, an advisor to the Governor of the Bank of Ghana, has said. “We need to review the loans thoroughly and make sure projects … Read more
The Member of Parliament for Suame Constituency and Minority Leader of Parliament Osei Kyei-Mensah-Bonsu has revealed that the Minority knew from day one that the Withholding Tax approved by Parliament will destroy businesses in Ghana. He noted that the Minority were not able to do much about the bill because as usual, the government and … Read more
Finance Minister Seth Terkper is optimistic recent revision of Ghana’s Long Term Bond Ratings from negative to stable by international Credit Ratings Agency, Moody’s will influence Ghana’s economic outlook. Moody’s, in its recent economic report of Ghana defined the economic outlook as positive, affirming the rating at B31. The report cited significant fiscal deficit reduction … Read more
Manifesto equivalence trying to outdo political equivalence. This is what our last week was all about. After launching their 2016 manifesto and pointing out how much bigger it was than the NPP document of last year, the NDC party then set out to go head to head with NPP’s Bawumia to paint a picture of … Read more
Finance Minister Seth Terkper is optimistic government’s decision to issue its first local dollar denominated bond in the country will yield good results. According to him, there are enough US dollars in the country, to help government meet its target of raising over 50 million dollars locally. Speaking to Citi Business News after a local … Read more
People First? Surely not under the NDC It is official! Better Ghana is dead. The burial and memorial service dates have not been officially announced, but it is as clear as the concept is interred with the mortal remains of the deceased leader of the party, who originally out-doored the mantra. Political connoisseurs never left … Read more
The World Bank last Thursday approved a US$700 million guarantee for Ghana’s third oil and gas production field, Sankofa-Gye-Nyame, which is said to contain more than 200 million barrels of oil and 1.1 trillion standard cubic feet of natural gas. The development of the Sankofa fields, expected to produce its first oil in August 2017, … Read more
The Government is making efforts to address the persistent structural weakness in the fiscal formulation that relates especially to commitment control and contracts to ensure effective fiscal discipline in the management of public resources. Minister of Finance and Economic Planning, Seth Terkper, said part of the efforts was the introduction of the Public Financial Management … Read more
Ghana has received a US$700-million guarantee from the World Bank for its Offshore Cape Three Points (OCTP)- Sankofa gas project ahead of anticipated oil and gas production in 2017 and 2018, respectively. The project, which will be the country’s largest gas producing field, will receive a US$500-million International Development Association (IDA) payment guarantee and a … Read more
New Patriotic Party (NPP) Member of Parliament (MP) for Assin Central, Kennedy Ohene Agyapong says President John Mahama and the National Democratic Congress (NDC) cannot claim credit for the construction of Community-based Health Planning and Service (CHPS). Finance Minister, Seth Terkper while delivering the government’s financial statement for the year 2014 in Parliament on 19th … Read more
Governor of the Bank of Ghana (BoG), Abdul Nashiru Issahaku, has corroborated government’s claim that the economy is turning around. Addressing the media after chairing the Monetary Policy Committee meeting last week that reviewed the health of the economy, Dr Issahaku said given previous challenges current developments would pass for a significant turnaround. “If you look … Read more
The Government is confident that the newly passed Public Financial Management (PFM) Act, Act 921, will help regulate the borrowings of state-owned enterprises (SOEs), as part of measures aimed at keeping the public debt from spiraling. This is because the Act mandates SOEs to seek approval from the Ministry of Finance before going ahead to … Read more
Despite an unwavering rise in public debt and government’s difficulty to meet key statutory financial obligations, the Finance Minister has dispelled a widely held view that the economy is broke. Seth Terkper insists government’s tax revenue mobilization is progressing, suggesting that government’s borrowing spree is temporary. “The economy is not broke. We are even in … Read more
The Vice-President, Mr Kwesi Amissah-Arthur, has eulogised the virtues of the late Dr Mrs Mary Grant, describing her as a committed and dedicated person who served her nation with humility and diligence. He further described the late former Health Minister as hardworking and a mentor to many young women who served in various positions in … Read more