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May 2017

GHANA SIGN “FIRST AMENDATORY BUYER’S CREDIT AGREEMENT” AND “CREDIT CONFIRMATION STATEMENT” WITH EXIM BANK OF INDIA ON TEMA TO AKOSOMBO RAILWAY LINE CONSTRUCTION PROJECT TO BE EXECUTED BY AFCONS INFRASTRUCTURES LTD. OF INDIA

Accra, Monday May 29, 2017 -, Hon. Charles Adu Boahen, a Deputy Minister of Finance on behalf of the Hon. Minister for Finance has signed “First Amendatory Buyer’s Credit Agreement” and “Credit Confirmation Statement” on the Tema to Akosombo Railway Line Project at the side lines of the African Development Bank Annual Meetings in India.   
 
2.         On 22nd November, 2016 the Government of Ghana represented by the then Hon. Minister of Finance signed a US$398.33 mn (Three Hundred Ninety-Eight Million, Three Hundred and Thirty-Three Thousand United States Dollars) credit facility provided by Exim Bank of India for the Construction of Tema to Akosombo Railway Line Project after receiving Executive and Parliamentary Approvals on 24th October and 31st October, 2016 respectively.

Government’s 3-Year Bond Issuance in May, 2017

ISSUER:                                  Republic of Ghana 
 
SIZE:                                        GHS [To Be Determined] 
 
ISSUE:                                     Treasury Bonds (the "Notes", "Bonds")
 
MATURITY:                             2020 (3-year issuance)

TRANSACTION ADVISOR(S) FOR THE ISSUANCE OF A GHS10 BILLION ENERGY BOND

SELECTION PROCESS: The Ministry of Finance acting as the Tendering Entity (the “Sponsor”) on behalf of an ESLA-SPV (the “Issuer”) invites proposals from reputable, competent, experienced and professional financial institutions licensed by the Securities and Exchange Commission, and Primary Dealers that meet the eligibility criteria for selection as Transaction Advisor(s) for the proposed securitisation of relevant portions of the Energy Sector Levy receivables as enacted in the Energy Sector Levies Act 2015, (Act 899) (ESLA) to repay the legacy debt of the energy sector.

TRANSACTION ADVISOR(S) FOR THE ISSUANCE OF A GHS10 BILLION ENERGY BOND

SELECTION PROCESS: The Ministry of Finance acting as the Tendering Entity (the “Sponsor”) on behalf of an ESLA-SPV (the “Issuer”) invites proposals from reputable, competent, experienced and professional financial institutions licensed by the Securities and Exchange Commission, and Primary Dealers that meet the eligibility criteria for selection as Transaction Advisor(s) for the proposed securitisation of relevant portions of the Energy Sector Levy receivables as enacted in the Energy Sector Levies Act 2015, (Act 899) (ESLA) to repay the legacy debt of the energy sector.

Guidelines for the Validation of Suspended Workers on the Gov't Payroll

Finance Minister, Ken Ofor-Atta on the 10th of February 2017 requested Controller and Accountant General (CAGD) to inform all public servants on the Government of Ghana mechanized payroll system who had not registered on the new SSNIT biometric system to do so by the end of February 2017.

This directive came into effect on the April 2017 payroll. Consequently, the salaries of 26,589 unregistered workers were suspended indefinitely until their SSNIT re-registration is completed.

2017 BUDGET IMPLEMENTATION INSTRUCTIONS

MDAs are to note that it is imperative that they comply strictly with these Instructions in order to enable expeditious processing of release of funds for budgeted purpose. Failure to comply fully with these Instructions will result in delays of releases, and in some cases, may result in denial of releases.

Finance Minister Inaugurates New Board for Ghana Revenue Authority

Accra, May 16, 2017 – A nine - member Board of the Ghana Revenue Authority (GRA), has been inaugurated by the Minister of Finance, Mr. Ken Ofori-Atta.
 
Addressing the Board, the Minister said revenue mobilization was the first of the five pillars defined by government to lead government’s economic transformation program.

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