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September 2016

The Turn Around Story continues with the IMF Board Approval of the 3rd Review of the 3 Year ECF Programme

Government is glad to learn that, the IMF Board is satisfied with the developments made by Ghana and has approved the third review of the ECF programme. “The approval is a further confirmation of the economic turnaround story”. Hon. Seth Terkper, Minister for Finance said after the IMF Executive Board met on Wednesday 28th September, 2016 and approved Ghana’s economic performance under the Third Review.
 
2.         The Hon Minister added that, “the Government would like to express its gratitude to all Ghanaians and especially the Parliament of Ghana for their continued support during this time”.

Moody’s Revises Outlook On Ghana’s Rating to Stable From Negative

Sept. 27, 2016    The International Credit Ratings Agency, Moody’s Investor Services (“Moody’s) revised the outlook on Ghana’s Long Term Bond Ratings from Negative to Stable and affirmed the rating at B3

2.         The revision of the outlook at this time is testimony to the prudent policies adopted by the Government since 2014 via the Home Grown Programme and consolidated in the IMF Programme...

Speaking Notes for Media Briefing By Hon. Minister of Finance On The Public Financial Management ACT, ACT 921

Sept. 20, 2016   The Public Financial Management Act which the Ministry initiated in collaboration with the Attorney General’s Department and Key PFM Stakeholders started in 2015. It was passed into Law by Parliament on 3rd August, 2016 and has been assented to by his Excellency the President. The Law replaces the Financial Administration Act (FAA) of 2003 and its Amendments and the Loans Act of 1970. The Financial Administration Regulation (FAR) was however saved pending the development of new PFM Regulations.
 
2.     The passage of this Act has become necessary to codify the best practices that have emerged with the implementation of major reforms in budgeting and accounting since 2010 under the GIFMIS project. In addition, continuing fiscal challenges which require some structural changes are addressed in this Act. There are also provisions setting out new policy measures regarding borrowing and debt management among others.

Presentation on the New PFM Act by Acting Chief Director

Sept. 20, 2016   On behalf of the Hon. Minister and Management of the Ministry of Finance, I would like to welcome you to this Media briefing on the Public Financial Management (PFM) Act, Act 921 which was passed into law by Parliament on 3rd August, 2016.  

The New Public Financial Management Act, 2016 (PFMA) Act 921

The new PFM Act is a significant step towards strengthening the PFM systems to ensure fiscal discipline and the effective and efficient use of public resource for the delivery of improved public services...

Government to Continue to Pay Salaries on Schedule

Sept. 15, 2016          The attention of the Ministry for Finance has been drawn to a publication in the Daily Guide of 14th September, 2016 issue No. 216/16 which created a wrong impression that Government does not have money to pay salaries of its workers for September, 2016.
 
2.         The publication went further to state that the financial position of government has reached a crisis point and in apparent reaction to the situation the Controller and Accountant General had instructed the Bank of Ghana to transfer an amount of GHS 469,176, 900 from some MDAs accounts for payment of salaries for August, 2016...

Head Count of Cap 30 Pensioners-Northern Sector

The Government of Ghana is updating the database of all CAP 30 Pensioners on the National Pensions Payroll System.
 
Cap 30 Pensioners recall that, phase 1 of the biometric Validation of all Pensioners was carried out in June 2016 for the Southern Sector, and conducted by a team of personnel from Controller and Accountant General’s Department and Ministry of Finance. This is phase 2 of the National exercise and covers the remaining five regions (the Northern Sector), namely Ashanti, Brong Ahafo, Northern, Upper East and Upper West.
 
Pensioners are required to bring along the following documents on the day of the exercise at the centers indicated.

GHANA PRICES FIFTH EUROBOND

Ghana has priced and will issue its fifth Eurobond of US$750 million at a 9.25% yield. The bond was oversubscribed, with orders exceeding US$4 billion compared to a target issuance size of US$ 750 million. This represents an oversubscription of more than five times indicating the high appetite for Ghana’s credit.
 
The bond is a back-end amortizing maturity with a weighted average tenor of 5 years. The principal will be expected to be repaid in three installments of US$250 million in September 2020, September 2021 and September 2022. Like the four previous issues, this year’s bond attracted investors from the United Kingdom, Europe, the United States, Middle East and Asia. 

 

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