Accra, February 6, 2016 - An eleven-member IMF Mission, currently in the country has paid a courtesy call on the Minister for Finance, Hon. Ken Ofori-Atta today.
The IMF Team was led by Joel Toujas-Bernate and Natalia Koliadina, the IMF Resident Representative in Ghana.
In his address, the Mission Chief, Mr. Joel Toujas-Bernate stated that the main objective of the Mission was to engage with the new government on their policies and programmes, take stock of the latest developments and apprise government on how the IMF program implementation has gone so far.
The calendar was developed based on the 2017 first quarter appropriation, the monthly Fiscal forecast and the provisional Medium Term Debt Management Strategy (MTDS) for 2017-2019. The calendar specifies the aggregate amounts to be raised by instruments in respect of Government’s Public Sector Borrowing Requirements for the period January to March 2017.
The Calendar also takes into consideration Government’s debt refinancing/restructuring strategy, market developments (both domestic and international) and the Debt Management objective of lengthening the maturity profile by reducing short-term …
Oct. 3, 2016 Following the establishment of a domestic multi-currency bond programme (the “Programme”) by the Government of Ghana (the “Government”), the Government is set to issue its first United States Dollar (“USD”) bond in the domestic market under the Programme (the “Transaction”).
The key rationale for the Transaction is to explore alternative sources of funding for meeting the financing needs of the Government as well as further develop and deepen the capital market in Ghana through the introduction of a new investment product.
The Bond is open to investors resident in Ghana and non-resident Ghanaian investors, who have USD balances in their Foreign Exchange Accounts (“FEA”) and Foreign Currency Accounts (“FCA”). The Bond will be issued in two series: ...
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...
MoF shall establish, fund and maintain for as long as the New Facilities or any part thereof is outstanding the following Debt Service Reserve Accounts (“DSRAs”) to a required balance equivalent to at least two (2) instalments of Estimated Total Quarterly Amount to be maintained at the BoG:
•US Dollar DSRA denominated and funded in US Dollars
•Ghana Cedi DSRA denominated and funded in Ghana Cedis ...
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...
Mr. Speaker, I beg to move that this Honourable House approves the sum of one billion, eight hundred and eighty-eight million, two hundred and three thousand, and three hundred and eighty-seven Ghana Cedis (GH¢1,888,203,387) as Supplementary Estimates for the 2016 Financial Year.
2. Mr. Speaker, in doing so, I would proceed by first presenting to this august House, a review of the performance of the economy of Ghana for the 2015 and 2016 Financial Year.
Hon. Helen Mona Quartey, Deputy Minister of Finance has challenged the GCNET to ensure that the Tax Revenue Integrated Processing System modules are all deployed and operationalized in the Large and Medium Tax Payers offices by the end of the year. This, she explained, will not only give a boost to the tax modernization efforts but bring about efficiency in tax collection to enhance tax performance.
“We are therefore hopeful that all parties including yourselves are on course for Ghana achieving its Single Window status. This will go a long way to enhance trade facilitation even more and especially increase revenue”.
The issuance calendar for the first half of 2016 was developed in line with the MTDS that specifies the aggregate amounts to be raised by instrument in the period.
Note that for the month of June 2016, Government plans to issue an amount of GHȼ3,970.00 million to rollover a forecast maturities of GH¢3,816.76 million, with the remaining amount of GH¢153.24 million being a fresh issuance to meet Government’s financing requirements.