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DEBUT USD DENOMINATED DOMESTIC BOND ISSUANCE

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 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 PARTNERS BANKS IN RESOLVING ENERGY SECTOR LEGACY DEBTS BY MINISTRY OF FINANCE

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 ...

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...

REVIEW OF THE BUDGET AND ECONOMIC POLICY of GOVERNMENT and SUPPLEMENTARY ESTIMATES for the 2016 FINANCIAL YEAR presented to PARLIAMENT on MONDAY, 25TH JULY, 2016 by the HON. MINISTER FOR FINANCE SETH E. TERKPER

Mr. Speaker, I beg to move that this Honourable House approves the sum of GH¢1,888,203,387 as Supplementary Estimates for the 2016 Financial Year.

SPEECH - REVIEW OF THE BUDGET AND ECONOMIC POLICY of GOVERNMENT and SUPPLEMENTARY ESTIMATES for the 2016 FINANCIAL YEAR presented to PARLIAMENT on MONDAY, 25TH JULY, 2016 by the HON. MINISTER FOR FINANCE SETH E. TERKPER

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.

GCNET Pay Government Final Dividend for 2015

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”.

ISSUANCE CALENDAR FOR JUNE AND THIRD QUARTER, 2016

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.

Ghana, Switzerland Sign Project Grant Agreements

An official signing ceremony took place today at the Ministry of Finance between Ghana and Switzerland on a project grant agreement totaling US$15.3 million.
 
The Swiss Ambassador to Ghana, H.E. Gerhard Brugger signed on behalf of the SWISS Government and the Deputy Minister for Finance, Hon. Mona Quartey signed on behalf of Ghana.
 
The grants are the Domestic Revenue Mobilization Project (US$6.5 million); Remittance Grant Facility (US$2.6 million) and the Ghana Urban Mobility and Accessibility Project (US$6 million).

PUBLIC NOTICE ON 3-YEAR BOND ISSUANCE

Please be informed that in line with the Government’s published issuance calendar for May 2016, a 3-Year Fixed Rate Bond will be issued on Thursday, 26th May 2016 for an amount of GH¢500.00 million. This is to rollover the maturing 3-Year Bond, which falls due on 30th May 2016.  
 
I. Members of the general public may apply to any Primary Dealer for purchases of the said securities. 
 
II. The 3-Year Fixed Rate Bond is available to both Resident and Non-Resident Investors. Bids must be electronically delivered to the Central Securities Depository Auction Module not later than 1.30pm on THURSDAY 26TH MAY, 2016
 

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