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Press Release

Management of Ghana’s Public Debt : A Response to the IEA Statement

The Ministry of Finance has taken note of a Statement by the Institute of Economic Affairs (IEA) on Ghana’s Public Debt situation (Daily Graphic, 16 February 2015, page 71), along with two publications on debt management and other elements of the nation’s fiscal policy (IEA Monographs No. 37 and 39). The Ministry would like to respond to the following sweeping assertions and omissions in the publications.

IMF Mission Reaches Staff-Level Agreement with Ghana on an Extended Credit

A team from the International Monetary Fund (IMF), led by Joel Toujas-Bernate, visited Accra during February 19-26, 2015 to discuss the authorities' economic and financial program and possible financial support by the IMF. The mission reached staff-level agreement with the authorities, subject to approval by IMF Management and the Executive Board, on an economic program that could be supported by a three-year Extended Credit Facility (ECF) arrangement. Proposed access could total SDR 664 million (around US$ 940 million), or 180 percent of Ghana's IMF quota. Consideration by the Executive Board is
tentatively scheduled in early April 2015."

Statement by Ministry of Finance (MoF) in Response to IEA’s Statement on Ghana’s Debt Situation

The Ministry of Finance has taken note of a Statement by the Institute of Economic Affairs (IEA) and two publications by Dr. Charles Amo-Yartey (the IMF’s Resident Representative in Sierra Leone and Liberia) on Ghana’s Public Debt situation. While we take note of some positive aspects of these publications, the Ministry would also like to issue the following clarifications in response to several general and sweeping assertions in them.

Rejoinder: Strong Dollar Threatens Debt Crisis in

The attention of the Ministry of Finance has been drawn to a recent study by the Overseas Development Institute (ODI) on “Sub-Saharan Africa International Sovereign Bonds” which assesses the risks associated with the use of international sovereign debt by sub-Saharan African countries. The report, however, contains factual inaccuracies that are being carried by both international and local media (e.g. “Strong Dollar Threatens Debt Crisis in Sub-Saharan Africa”, The Guardian, 28 January 2015).

Press Briefing by the Hon. Minister of Finance - 16th January, 2015

Update on Global Growth - It is important to note that, the global economy is still struggling to gain momentum as many high-income countries continue to contend with the aftermath of the global financial crisis and emerging economies are less dynamic now than in the past.

Response to Minority’s Press Release on the Utilisation of the 2014 Eurobond Proceeds of US$1.0 Billion

On 18th September, 2014, Ghana issued its third Sovereign Bond in an amount of US$1 billion at coupon rate of 8.125 percent. After discount and estimated issue expenses a total amount of US$988,706,548.00 was credited to Government account at the Bank of Ghana on 19th September, 2014.

Ghana joins Better Than Cash Alliance for greater financial transparency

The Government of Ghana joined the Better Than Cash Alliance to enhance fiscal transparency and promote financial inclusion for all its citizens. By becoming an Alliance member, the Government commits to transition government programmes from cash to digital payments.


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