BUSINESS

Ghanaian economist, Kwame Pianim has vowed not to subscribe to government’s controversial Domestic Debt Exchange programme. According to the statesman, he would have gladly complied to help restore Ghana’s fortunes if Ken Ofori-Atta was not at the helm of the Finance Ministry. “I would have been proud to contribute as Ghanaian but I will not contribute one pesewa for Ken ...

Individual bondholders in Ghana have petitioned the Minister of Finance, Kenneth Ofori-Atta, to exclude them from government’s Domestic Debt Exchange Programme. According to them, their inclusion in the Programme since the notice was served on Saturday, December 24, 2022 has been “extremely unsettling and catastrophic for our membership and all others affected”. They are, therefore, urging Mr Ofori-Atta to grant ...

The National Petroleum Authority (NPA) has revoked the licenses of 30 Oil Marketing Companies (OMCs) for breaching the regulations of the industry. Some of the OMCs are said to owe the government over ¢400 million cedis in the form of unpaid taxes by the end 0f 2022. A list of the companies published by the NPA said the licenses of ...

Convener of the Individual Bondholders Forum (IBF) Senyo Hosi, has said regarding the domestic debt exchange programme that in an unfortunate oppressive fashion, the government has shown total disregard for the contractual rights of Individual bondholders and has made no effort to structure reasonable consultations with individual bondholders. In the process, the IBF said, Ghanaians have been presented with painfully ...

The rate of inflation for December 2022 was 54.1 per cent, the Ghana Statistical Service (GSS) has announced on Wednesday January 11. This is up from the 40.4 per cent recorded in November same year. The month-on-month inflation rate was at 3.8% in December 2022. According to the figures, five divisions recorded inflation rates higher than the national average. Housing, ...

The Ministry of Finance has restated that eligible bondholders who refuse to participate in government’s debt exchange programme will not benefit from the new arrangement outlined by government in case there is default in payment. Government, is seeking an International Monetary Fund Programme that requires a debt restructuring before a deal could be reached with the Bretton Wood institution. Bondholders ...

Total market turnover on the bond market increased by 150.30% to ¢1.17 billion during the week under review as more bond transfers were recorded. The bond transfers are said to be in preparation for the Domestic Debt Exchange programme. Fund managers in recent times have been moving funds from one account to another as investors consider the Domestic Debt Exchange ...

Convener of the Individual Bondholders Forum (IBF) Senyo Hosi, has said regarding the domestic debt exchange programme that in an unfortunate oppressive fashion, the government has shown total disregard for the contractual rights of Individual bondholders and has made no effort to structure reasonable consultations with individual bondholders. In the process, the IBF said, Ghanaians have been presented with painfully ...

The West African Gas Pipeline Company Limited (WAPCo), has said it will undertake a coordinated and planned 10-day maintenance shutdown of its Takoradi Regulating and Metering Station. This shutdown, scheduled for 12th to 22nd January 2023, is to allow for the replacement of some critical valves at the facility aimed at securing the safety and integrity of the Takoradi Station, ...

The government’s debt exchange programme is experiencing strong pushback from individual bondholders who say the government has not provided them with the requisite information to make an educated decision. According to some individual bondholders interviewed on JoyNews’ PM Express, the government has intentionally held back information, and instead is coercing them into signing onto the exchange blindly. One bondholder, Samuel ...