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Ken Ofori-Atta assumes office as Ghana’s Minister of Finance

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...

GHANA ECONOMIC MANAGEMENT STRENGTHENING TECHNICAL ASSISTANCE PROJECT (GEMS-TA) LAUNCHED

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).

Ghana Issues its Maiden Domestic US Dollar 2-Year Bond

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.

Ghana and Kuwait Sign Loan Agreement

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.

New Appointments at the Ministry of Finance

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.

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”.

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