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August 2016

Government’s Revised Issuance Calendar for August To December 2016

We make reference to our publication, informing you of Government’s aggregate borrowing amount for the third quarter of 2016 of GHȼ16,830.00 million out of which forecast maturities was GHȼ14,910.61 million and net issuance of GHȼ1,919.39 million.  
 
As you may be aware, the Government revised its fiscal projections for 2016 in the mid-year review. Accordingly, this necessitated the revision of the issuance calendar to ensure consistency with Government cash flow forecast and market conditions.
 
Based on the above, a new issuance calendar for August to December 2016 was developed in line with the MTDS that specifies the aggregate amounts to be raised by instruments in the period. The Table 1 below provides a summary of the revised gross borrowing requirement for the period August to December, 2016...

Presidential Committee on Conditions of Service for Staff of the Judicial Service hands over report to the Presidency

Following the setting up of a Presidential Committee by the Chief of Staff, Office of the President, to review proposals on the Conditions of Service for staff of the Judicial Service who are members of the Judicial Service Staff Association of Ghana (JUSAG), the Committee has completed its assignment and submitted a Report to the Chief of Staff for further action.
 
The Committee wishes to assure members of JUSAG that the Chief of Staff has assured the Committee that appropriate actions are being taken on the recommendations contained in the Report.
 

Clarification on taxation of casual labour

 
The attention of the Ministry of Finance has been drawn to recent discussions in the public domain on taxation of casual or temporary workers. 
2.       The Ministry wishes to clarify that under the repealed tax Act (2000), Act 592 wages of casual and temporary workers (especially those in oil and Gas, Mining and other companies) were taxed at the marginal rate of 15% or 7.5%. These are now replaced with a lower rate of 5%.
3.       For the avoidance of doubt, the 5% in the Regulation L.I 2244 is therefore a reduction in rate and not a new tax on casual and temporary employees. We hope this clarification settles the anxiety that some sections of the public have expressed. 

Parliament Passes Bank of Ghana Amendment Bill

Wednesday 3rd August, 2016. On 2nd August, 2016, the Parliament of Ghana passed the Bank of Ghana Amendment Bill. The objective of the amendment is to significantly strengthen the Central Bank’s functional autonomy, governance and ability to respond to banking sector crises.

Update on Government’s Debt Management Strategy

Thursday 4th August, 2016. As part of Government’s ongoing debt management strategy, the Ministry of Finance continues to take prudent actions to manage the country’s debt stock. 

2.         Consequently, the Hon. Minister led a delegation made up of officials from the Ministry of Finance, the Bank of Ghana and Advisors to meet with institutional investors in the United Kingdom and the United States from 1 - 3 August, 2016 to raise funds primarily to refinance the balance of the 2017 Sovereign Bonds and other outstanding debts.

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