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SPANISH AMBASSADOR PAYS A COURTESY CALL ON MINISTER FOR FINANCE

Accra, March 22, 2017 – The Spanish Ambassador to Ghana, María Jesús Alonso Jiménez has paid a courtesy call on the Minister for Finance, Hon Ken Ofori-Atta. She was accompanied by Celia Perez Ibanez, Head of Economic and Commercial office of the Spanish Embassy.
 
Hon Ken Ofori-Atta while commending Spain for the many years of bilateral cooperation noted that development cooperation between the two countries was on the decline and asked them to step up their development cooperation for the mutual benefit of the two countries.

JAPANESE DELEGATION CALLS ON MINISTER FOR FINANCE

Accra, March 22, 2017 - An eight-member delegation from Japanese Embassy and JICA headquarters in Japan have paid a courtesy call on Hon Ken Ofori-Atta, Minister of Finance at his office in Accra.
 
The team, led by H.E Kaoru Yoshimura, Ambassador of Japan to Ghana, included Mr. Kazuhiko Koshikawa, Executive Senior Vice President, JICA-Tokyo and Mr. Noriaki Sadamoto, First Secretary, Japan Embassy.
 
Receiving the delegation, Hon. Minister expressed gratitude to Japan for the decades of cooperation with Ghana in various sectors of the economy.

2017 Budget Statement and Economic Policy

On the authority of the President, and in accordance with Article 179 of the 1992 Constitution, permit me to present to this august House, the maiden Budget of the President of the Republic of Ghana. 
 
I also submit before this august House the following reports:

IMF Mission Pays Courtesy Call On Hon. Minister

Accra, February 6, 2016 - An eleven-member IMF Mission, currently in the country has paid a courtesy call on the Minister for Finance, Hon. Ken Ofori-Atta today.
 
The IMF Team was led by Joel Toujas-Bernate and Natalia Koliadina, the IMF Resident Representative in Ghana.
 
In his address, the Mission Chief, Mr. Joel Toujas-Bernate stated that the main objective of the Mission was to engage with the new government on their policies and programmes, take stock of the latest developments and apprise government on how the IMF program implementation has gone so far.

Government’s Issuance Calendar for January To March 2017

The calendar was developed based on the 2017 first quarter appropriation, the monthly Fiscal forecast and the provisional Medium Term Debt Management Strategy (MTDS) for 2017-2019. The calendar specifies the aggregate amounts to be raised by instruments in respect of Government’s Public Sector Borrowing Requirements for the period January to March 2017.

The Calendar also takes into consideration Government’s debt refinancing/restructuring strategy, market developments (both domestic and international) and the Debt Management objective of lengthening the maturity profile by reducing short-term …

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.

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