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Hon. Seth Terkper leads Government Delegation to the 2016 IMF/World Bank Annual Meetings in Washington DC, USA

Oct. 3, 2016    Hon Seth Terkper, Minister of Finance is leading a Government delegation to the IMF/World Bank Annual Meetings to be held in Washington DC, from October 4 – 14, 2016.
 
2.         The delegation is made up of officials from the Bank of Ghana including the Governor, the Chairman of the Finance Committee in Parliament and officers from the Finance Ministry and the Bank of Ghana.
 
3.         Whiles there, the delegation will participate in the African Caucus Meeting with World Bank President Jim Yong Kim, as well as the African Caucus Meeting with IMF Managing Director, Christian Lagarde. They would also hold a side meeting with IMF Deputy Managing Director, Tao Zhang. 

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...

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. 

 

STATEMENT BY THE HON. MINISTER FOR FINANCE - NEW EUROBOND ISSUE AND TENDER OFFER ANNOUNCEMENT

Thursday 8th September, 2016  Following from our prior roadshow in August 2016, when we indicated that we would continue to monitor markets with a view to a potential new Eurobond issue and our subsequent completion in early August 2016 of a ~US$100 million tender offer in respect of Ghana’s Eurobonds due 2017, we have today announced a prospective new Eurobond issue and any and all tender offer in respect of the outstanding Eurobonds due 2017.

 

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