A team from the International Monetary Fund (IMF), led by Joël Toujas-Bernaté, visited Accra from February 6-10, 2017 to take stock of the 2016 economic developments and the outlook for 2017, engage in a dialogue about the new government’s economic plans, and discuss prospects for program engagement with the IMF.
Mr. Toujas-Bernaté released the following statement at the end of the visit:
“Ghana’s economy continues to face challenges. While the estimated economic growth of 3.6% in 2016 exceeded our target of 3.3%, the decline in inflation has been slower than expected. The current account deficit narrowed to 6 ½ percent of GDP, contributing to a small buildup of foreign exchange reserves.
Thursday, 2nd February, 2017; The Ministry of Finance and the Economic Management Team has begun the process of preparing the 2017 budget and Economic Policy of Government.
2. Our focus is to audit the fiscal accounts and provide a credible basis for economic policy going forward. Our commitment is to restore fiscal policy credibility and transparency as well as policy clarity.
3. As part of the process, the Honourable Minister has held bilateral meetings with the various Ministries, Departments and Agencies to review their policies and ensure consistency with the Government’s medium term policy strategy.
Accra, January 30, 2017. Mr. Ken Ofori-Atta, assumed office as Ghana’s Finance Minister after having been sworn-in on January 27, 2017, by his Excellency the President. He brings to the Ministry over 30 years’ experience in Ghanaian and international financial sector.
2. Hon. Ofori-Atta and twelve other Minister designates were approved by Parliament on Friday, January 27, after going through a successful vetting process by the Appointments Committee of Parliament.
3. The Hon Minister’s immediate priority is to protect the public purse, stabilize Ghana’s macro economy, spearhead anti-corruption, increase revenue and introduce policy initiatives to grow the economy for the private sector to thrive and create jobs...
The Ghana Economic Management Strengthening Technical Assistance (GEMS-TA) project, which is aimed at strengthening Ghana’s institutional capacity for revenue and expenditure management has been launched in Accra.
The 3-year project, which is being supported by the World Bank has four components which are: Strengthening Ghana Revenue Authority’s Business Intelligence Systems; Strengthening Ministry of Finance’s Debt Management; Strengthening the National Development Planning Commission (NDPC); and Improving the Governance of State-Owned Enterprises (SOEs).
Monday 17th October, 2016. Government on October 13, 2016 successfully issued a US Dollar denominated bond on the domestic bond market. The 2-year bond, which was highly subscribed yielded an amount of US$94.64 million at a coupon rate of 6 percent, consistent with the initial price range of between 5.5 percent and 6.5 percent.
2. On settlement, this 2-year bond becomes one of our country’s lowest yield bonds aside the 2017s which are currently trading at about 5.45 percent and maturing in less than a year.
3. The offer, which was open to resident investors only, attracted a total of 26 bids with a face value of US$99.64 million.
October 11, 2016. The Government of Ghana and the Kuwait Fund for Arab Economic Development have signed a concessional loan agreement of Kuwaiti Dinar 7.0 million (US$24.0 million) for the Expansion and Development of 26 existing Senior High Schools Project. The agreement was signed today on the side lines of the annual IMF World Bank Group meetings currently on-going in Washington DC.
2. The Loan Agreement was signed on behalf of the Government of the Republic of Ghana by the Minister for Finance, Hon. Seth E. Terkper while the Deputy Director-General of the Fund, Mr. Hesham Al-Waqayan, signed on behalf of the Kuwait Fund for Arab Economic Development.
Oct. 10, 2016 Mr. Patrick Nomo, has been appointed the Acting Chief Director of the Ministry of Finance. Prior to this appointment, Mr. Nomo was the Director of Budget at the Ministry. He takes over from Major (Rtd.) Mahama Samuel Tara. Major (Rtd.) Tara has been appointed a Technical Advisor to the Minister of Finance.
2. Mr. Sampson Asare Fianko, Deputy Controller and Accountant General in charge of Finance and Administration has been appointed as the Acting Director of Budget at the Ministry.
3. Mr. Nomo has over thirty years’ experience in financial management and institutional capacity development. He was the first Director-General of the Internal Audit Agency of Ghana, from 2005-2010. He has worked in various positions at the Controller and Accountant General’s Department, the Ministry of Health and the Meteorological Services Agency.