Thursday, April 18

Tag: Ken Ofori Attah

Reshuffle: Ken Ofori-Atta sacked as Akufo-Addo shakes up his government
News

Reshuffle: Ken Ofori-Atta sacked as Akufo-Addo shakes up his government

Finance Minister Ken Ofori-Atta has finally been relieved of his duties. Also out of the picture are Road Minister Kwasi Amoako-Atta and Health Minister Kwaku Agyeman Manu. In a big shake-up, Information Minister Kojo Oppong Nkrumah moves to the Housing Ministry, while his deputy Fatimatu Abubakar takes over as the substantive minister. Interior Minister Ambrose Dery has also been reassigned as Minister of State at the office of the President. The recent reshuffle has impacted around 13 ministers of state, comprising 10 cabinet ministers and two regional ministers. A press release from the presidency on Wednesday, February 14, catalogued the sacked ministers, those reassigned, and those newly appointed. There has been pressure on President Akufo-Addo to sack Mr. Ken Ofori-Atta, ...
I’m humbled to be leading this brilliant and resilient team at the Finance Ministry – Ofori-Atta
Business

I’m humbled to be leading this brilliant and resilient team at the Finance Ministry – Ofori-Atta

The Minister of Finance Ken Ofori-Atta has given his team at the Ministry a pat on the back after describing them as brilliant and resilient. Mr Ofori-Atta says he is humbled to be leading such a team. He said this when he joined the staff of the Finance Ministry in thanksgiving for God’s mercy and preservation in 2023. “I am assured that the Lord will continue to lead and guide us in 2024,” he said. He stressed “Our testimony is indeed victory on every side! Humbled to be leading the brilliant and resilient team at the Ministry of Finance.” Mr Ofori-Atta earlier, by dint of hard work the government had turned the corner relative to the economic challenges when it successfully completed the first review of the 3-year 3 billion International Monetary Fund External Credit Facility (IM...
Ghana confident of signing MoU with external creditors in November
Business

Ghana confident of signing MoU with external creditors in November

Mr Ken Ofori-Atta, Finance Minister, has expressed confidence of the Government securing a Memorandum of Understanding (MoU) with its external creditors by November. That, Mr Ofori-Atta said would increase stakeholder and investor confidence in the Ghanaian economy, thereby, help accelerate efforts of ensuring macroeconomic stability, debt sustainability, and inclusive growth. The MoU would spell out specific debt treatment that external creditors would agree on with Ghana as part of the implementation of government’s ongoing 17th International Monetary Fund (IMF) loan-support programme. This comes as Ghana reaches a Staff-Level Agreement with IMF for the first review of its US$3 billion Extended Credit Facility (ECF) for the disbursement of a second tranche of US$600 million after Exec...
Climate change losses could cost Ghana 1.7 per cent of GDP- Finance Minister
Business

Climate change losses could cost Ghana 1.7 per cent of GDP- Finance Minister

Mr Ken Ofori-Atta, Minister of Finance, says climate change losses, if unaddressed, could cost Ghana 1.7 per cent of Gross Domestic Product by 2030. He made the revelation during the Mid-year budget review presented to parliament in accordance to the Public Financial Management Act. According to the Africa Development Bank the African continent has seen a loss of 5 to 15% in GDP per capita growth due to climate change. The bank said the continent needs an estimated amount of $1.6billion to meet its NDCs from 2022 to 2030. The noted that the African countries are been shortchanged of a promised climate financing fund of $235 billion yet they received $29.5 billion between 2019 and 2020. To address the challenge, the Minister of finance said the government is working to se...
Finance Minister briefs Parliament’s Committee of the Whole on Mid-Year Budget Review
Business

Finance Minister briefs Parliament’s Committee of the Whole on Mid-Year Budget Review

Mr Ken Ofori-Atta, the finance minister on Friday briefed Parliament's Committee of the Whole on the Mid-Year Budget Review and Economic Policy Statement of the Government and Supplementary Estimates for the 2023 fiscal year. The closed-door Meeting was because of an agreement entered into between Leadership of Parliament and the Ministry of Finance as a prelude to the presentation of the Mid-Year Review and Supplementary Budget Estimates on Monday, 31st of July 2023. The Mid-Year Fiscal Policy presented is in accordance with Article 179 of the 1992 Constitution and the Public Financial Management Act, 2016. Members of the House and officials of the Finance Ministry declined to speak to the Parliamentary Press Corps at the end of the briefing. Source: GNA
Ghana launches GSACR, GRMA to raise resources to finance climate change activities
Business

Ghana launches GSACR, GRMA to raise resources to finance climate change activities

 Mr Ken Ofori-Atta, Finance Minister Ghana yester­day launched the Global Shield against Climate Risks (GSACR) and the Global Risk Modelling Alliance (GRMA) to raise finan­cial resources to finance climate change disasters. The Global Shield against Cli­mate Risk was formally launched during the COP 27 last year to help climate vulnerable countries to raise finance to finance climate change disasters. Speaking at a workshop which was used to launch the initiatives in Accra on Tuesday, the Minister of Finance, Ken Ofori-Atta, said the German government during COP 27, provided 85.5 million to support the fund. He said further pledges to Global Shield included 35 million Danish kroner (about 4.7 million euros) from Denmark, 10 million euros from Ireland, $7 million from Cana...
Government agrees to pay 5% interest on bonds in 2023
News

Government agrees to pay 5% interest on bonds in 2023

The development is aimed at getting domestic bondholders to soften their stance in agreeing to a debt exchange programme to seal an IMF deal  Ken Ofori-Atta, Finance Minister The government has agreed to pay 5% coupon on bonds for this year after deliberations with the Ghana Association of Banks (GAB). It will also pay a single coupon of 9% on the 12 new bonds it proposes to issue to domestic bondholders who tender their old bonds, a joint statement issued by the Finance Ministry and GAB on Monday (23 January) said. The development is aimed at getting domestic bondholders to soften their stance in agreeing to a debt exchange programme as part of Ghana’s debt restructuring for a US$3 billion IMF relief package. “This is a significant milestone toward...
‘It’s criminal for Ghana to continue to import rice despite arable lands, water’ – Ofori-Atta
News

‘It’s criminal for Ghana to continue to import rice despite arable lands, water’ – Ofori-Atta

Finance Minister, Ken Ofori-Atta Minister of Finance, Ken Ofori-Atta has bemoaned the rate at which rice is imported into Ghana despite being endowed with arable lands, water, and favorable conditions to produce the grains domestically. According to him, Ghana annually imports rice in excess of US$2 billion although the country is well positioned to grow and produce rice for consumption and export purposes.“It’s actually quite criminal for the country to continue to import rice while we’re endowed with arable lands, water, and favorable weather conditions for growing crops to mitigate any possible food crisis.”“Since 2017, we’ve spent over a million dollars importing rice. What’s more embarrassing is that a country like Ukraine exports about 74 million tons of grains despite cur...
Finance Minister revises overall GDP growth; rate of 3.7% down from 5.8%
News

Finance Minister revises overall GDP growth; rate of 3.7% down from 5.8%

The Overall Real Gross Domestic Product (GDP) for 2021 grew strongly by 5.4 per cent compared to 0.5 percent recorded in 2020 and the revised 2021 annual target of 5.1 percent, the Finance Minister, Ken Ofori-Atta has said in the 2022 mid-year budget review. Presenting the budget in Parliament on Monday, July 25, he said, at the time of presenting the 2022 Budget in November last year, weprovided information on macroeconomic developments for the first nine months of the 2021 fiscal year. “We now have received updated information through to the end of December 2021,” he said. “Overall Real GDP for 2021 grew strongly by 5.4 percent compared to 0.5 percent recorded in 2020 and the revised 2021 annual target of 5.1 percent.” “Non-oil GDP growth also increased to 6.9 percent co...
Minority NDC Pushes For Ken Ofori-Atta’s Removal
Politics

Minority NDC Pushes For Ken Ofori-Atta’s Removal

Ken Ofori-Atta Minority in Parliament has initiated a process in the House to get Finance Minister, Ken Ofori-Atta out of office. The members of the opposition National Democratic Congress (NDC) have filed a motion in Parliament for a vote of censure against Ken Ofori-Atta, DGN Online can report. The motion, according to sources, has been signed by almost all members of the caucus, making it admissible on the floor of Parliament so that it can be moved in the House.However, they will need two thirds of members to push the agenda to remove the minister through. This is in accordance with Article 82 of the 1992 constitution of the Republic of Ghana. Per the Constitutional provision, Article 82 of the 1992 constitution states: “1. Parliament may, by a resolution supported ...