Press Release

On Thursday, 13th January 2022, the attention of the Ministry was drawn to a widely circulated Bloomberg article captioned – “Ghana Debt Moves Deeper into Distress as Investors lose Patience”. There are some serious factual errors in the article, which may give investors some cause for concern, if not corrected.

The attention of the Ministry of Finance has been drawn to social media publications claiming that government has dropped the allocation of GHC241,933,000 for the E-Transaction Levy Services in the 2022 Budget and it will, therefore, not appear in the Appropriations Bill.

As part of the feedback from the presentation, the Ministry has noted with concern that the overall fiscal balance (the budget deficit) as a percentage of GDP is being misrepresented.

The Minister for Finance, Ken Ofori-Atta will, on behalf of the President lay before Parliament, the 2022 Budget Statement and Economic Policy of Government on Wednesday, 17th November, 2021.

Ghana initiated its 2021 International Capital Market Programme for the issuance of sovereign bonds in the last quarter of 2020. Subsequently, Parliament on 10th November 2020, granted Government approval to issue bonds amounting to US$3.00 billion, of which proceeds of up to US$1.5 billion was to be applied to support the 2021 budget and growth expenditures.

The attention of the Ministry of Finance has been drawn to rumours circulating on social media platforms that the Minister for Finance, Ken Ofori-Atta has resigned from his position.

Two Credit Rating Agencies - Moody's Investor Services ("Moody's") and Standard and Poor ("S & P") affirmed Ghana's Credit Rating at B3 and B- respectively. The Rating Agencies also maintained Ghana's outlook.

Ghana has received the equivalent of US$1 billion from the International Monetary Fund (IMF), being its share of the new Special Drawing Rights (SDRs) allocation to boost the post-COVID economic recovery of member countries.

Accra, 19th August, 2021 - The Ministry has noted with concern, speculations in the media, based on allegations by the Minority in Parliament that government had already spent GH￠636 million on the Agenda 1 1 1 even before the sod cutting of the project.

ln accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921) the Minister for Finance is expected to present the Mid-year Review to Parliament not later than 31st July of each financial year. This year's presentation to Parliament will take place on Thursday 29th July, 2021.