Your programmes and policies only favour the rich – Ato Forson to NPP

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Joe Twabidi 8 years ago

In a historic financial transaction by the Ministry of Finance, an amount of $2.25 billion has been raked in through the issuance of bonds.

The ministry yesterday successfully issued 15 and 7 coupon of 19.75%, raising a to ...
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In a historic financial transaction by the Ministry of Finance, an amount of $2.25 billion has been raked in through the issuance of bonds.

The ministry yesterday successfully issued 15 and 7 coupon of 19.75%, raising a total amount of $1.13 billion.

In addition, the finance ministry raised the cedi equivalent of $1.12 billion in 5 and 10-year bonds via a tap-in arrangement. "These $2.25 billion and resulted in the lengthening of the maturity profile of the instruments available on the domestic market. This issuance represents the largest amount issued by a sub-Saharan African country in a day," a statement from the ministry indicated.

Interestingly, the money raised would not necessarily add to Ghana's ballooning debt profile but rather be used to offset part of the existing debt and also for infrastructure development.

According to the statement, the pricing obtained was also consistent with the initial price range of 18.95% - 19.85%.

"The issuance attracted a number of global portfolio investors, including a very substantial investment in the 15-year bond by a very well respected global financial investor," it stated.

The bond sale according to report, was managed by three financial institutions - Barclays, Stanbic Bank and Strategic African Securities SAS.

The Minister of Finance, Ken Ofori-Atta, stated that the issuance proceeds will be used to repurchase and/or retire a portion of the higher coupon short-term public debt instruments, meaning there will not be an overall increase in the total debt stock.

"This is in line with our liability management strategy which seeks to re-profile our public debt stock, extend tenors, reduce short term rollover pressures, and lower domestic interest cost. Additional, this issuance will further help improve our foreign exchange reserves by over $2 billion and further support the cedi.

"This successful bond issuance and the significant amount raised, especially the longer tenor 15-year, is an indication of the strong appetite for Ghana Bonds due to the markets' renewed confidence in the long term prospects of the Ghanaian economy and a major vote of confidence in the new government's economic policies, fiscal measures and programmes as outlined in the 2017 Budget," the statement explained.

The ministry was also happy that on Friday parliament passed the Appropriation Bill for the 2017 budget, including the landmark realignment of statutory funds which free up about GH4.5 billion in fiscal space for 2017.

"The ministry of finance is pleased by the success of this bond offer," according to the finance minister.

"..This is an indication of the markets' belief in our commitment to building an effective public financial management system, improve the country's debt sustainability outlook and mitigate the crowding out of the private sector. it is imperative that we re-profile our total debt stock of USD30 billion which should help put us on a path of 'Ghana beyond Aid," Mr. Ofori-Atta stated.

Source: Daily Guide
PRINCE KWASI ADADE (INVISIBLE FORCE) 8 years ago

SOURCE: ADOMONLINE ---- The Brong Ahafo Regional Youth Organizer of the ruling New Patriotic Party (NPP) has likened those kicking against free Senior High School policy to 'witches and wizards'. Just like those with evil pow ...
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SOURCE: ADOMONLINE ---- The Brong Ahafo Regional Youth Organizer of the ruling New Patriotic Party (NPP) has likened those kicking against free Senior High School policy to 'witches and wizards'. Just like those with evil powers scheme and fight against the fortunes of people especially in their family, Kwame Baffoe said the sceptics mostly members of the opposition National Democratic Congress (NDC) are even worst. The only solution to get these sceptics see the feasibility of the free SHS policy is by sending them to the Gambaga witches camp.
GHANA-1 8 years ago

Are your children attending Nana's so called free SHS? get a life, you have gone to increase transport costs and attempting to create some small group of students you call first year students and claiming you have given free ...
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Are your children attending Nana's so called free SHS? get a life, you have gone to increase transport costs and attempting to create some small group of students you call first year students and claiming you have given free SHS? Nana and his gang of 419 criminals need to examine their brains. Ghanaians will start slapping them in streets if they don't stop the lies.
Eborenasa 8 years ago

We all know wat dwarf useless dwarf can do. The worse is yet to come. I blame gullible and uneducated Ghanaians. That stupid dwarf is making fools out of them. Hmmmmmmmmmmmmkkkk

We all know wat dwarf useless dwarf can do. The worse is yet to come. I blame gullible and uneducated Ghanaians. That stupid dwarf is making fools out of them. Hmmmmmmmmmmmmkkkk
Ghanaian 8 years ago

EBOREANSA, THE DWARF IS RULING YOU THE NOBILITES! YOU ARE A FUCKKY BASTARD.

EBOREANSA, THE DWARF IS RULING YOU THE NOBILITES! YOU ARE A FUCKKY BASTARD.
KOFI AYIGBE 8 years ago

EVEN AS PRESIDENT OF GHANA, THERE'S NOTHING NANA CAN DO TO BRING DOWN THE PRICE OF FUEL. THE STUPID NDC COCONUT HEAD SHOULD KNOW BETTER. AVIATION TAX IS OFF & THAT'S SOMETHING HE COULD DO IN HIS CAPACITY.

EVEN AS PRESIDENT OF GHANA, THERE'S NOTHING NANA CAN DO TO BRING DOWN THE PRICE OF FUEL. THE STUPID NDC COCONUT HEAD SHOULD KNOW BETTER. AVIATION TAX IS OFF & THAT'S SOMETHING HE COULD DO IN HIS CAPACITY.
AGBESI KWESI 8 years ago

Action Movement of the National Democratic Congress (NDC) has accused the former first lady, Lordina Mahama and the siblings of former President John Mahama of being the cause of NDC defeat in the 2016 elections. The spokespe ...
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Action Movement of the National Democratic Congress (NDC) has accused the former first lady, Lordina Mahama and the siblings of former President John Mahama of being the cause of NDC defeat in the 2016 elections. The spokesperson of the group, Kodzo Hamenya Keglo speaking at the Ghana International Press Centre said “while JM was preaching made in Ghana goods (such as shoes, batik and locally made clothes), the wife was doing the opposite by printing T Shirts from China which is a huge disappointment for Ghanaian printing companies.The 20 million pieces of T Shirts JM’s wife printed from China, could have been shared to party members to print them locally and would have created a lot of jobs for Ghanaians.”
JM’s brothers are the main reason why we lost the 2016 elections, collecting all contracts from Airport, Roads, Cocoa Board, GNPC, ECG , VRA, Ministry of Power and all major contracts in the country.“If you don’t see JM brothers, you cannot get a contract and if you see them, then you have to pay money before you get the contract, frustrating foreign contractors and companies by taking Ghanaian contractors for granted and creating enemies for the NDC party,”
GHANA-1 8 years ago

Mahama is no more, it is your Nana who promised Ghanaians heaven on earth let him bring the heaven, leave Mahama alone, he has done his best. Go tell Your Nana to stop lying to Ghanaians ooooh. Yoooo

Mahama is no more, it is your Nana who promised Ghanaians heaven on earth let him bring the heaven, leave Mahama alone, he has done his best. Go tell Your Nana to stop lying to Ghanaians ooooh. Yoooo
Kweku 8 years ago

Kwasia do u no economics??voodoo economics is da hallmark of ndc

Kwasia do u no economics??voodoo economics is da hallmark of ndc
Paul 8 years ago

Change has come. Next time when somebody comes to you crying 'change, change' you will ask him whether it is positive or negative, forward or backward change. In the mean time you should bear the burden of this change. It ser ...
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Change has come. Next time when somebody comes to you crying 'change, change' you will ask him whether it is positive or negative, forward or backward change. In the mean time you should bear the burden of this change. It serves you right.

Lori 8 years ago

Is this Ato Forson guy really an economist. What did he mean by the reduction of air fairs will only benefit the rich?

Is this Ato Forson guy really an economist. What did he mean by the reduction of air fairs will only benefit the rich?
AYIGBE MAFIA 8 years ago

It is even better reducing air fares and making less profits than slapping a big VAT on it with the proceeds finding its way into the pockets of individual few as it was with NDC. If the airline industry booms do you know how ...
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It is even better reducing air fares and making less profits than slapping a big VAT on it with the proceeds finding its way into the pockets of individual few as it was with NDC. If the airline industry booms do you know how many jobs that will create? In the end both the rich and poor both benefits.
GHANA-1 8 years ago

So the best way to create jobs for Ghanaians is to reduce air fares? indeed that is NPP's change. I lough enter Nana oluman invisible forces quarters. EEEEEI NPP!

So the best way to create jobs for Ghanaians is to reduce air fares? indeed that is NPP's change. I lough enter Nana oluman invisible forces quarters. EEEEEI NPP!
Dadaba 8 years ago

Lori, in Ghana most people will take ground transport instead of flying because of the significant differences in the airfare costs. Most fliers in the country are middle or upper class Ghanaians (who constitute roughly only ...
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Lori, in Ghana most people will take ground transport instead of flying because of the significant differences in the airfare costs. Most fliers in the country are middle or upper class Ghanaians (who constitute roughly only 5-7% of the Ghanaian population), and thus are seen as "rich". The point the former deputy minister was making is that those airline tax cuts will benefit only that tiny percentage of Ghanaians, while the bulk of Ghanaians in the lower class will have their transport costs rising.

One doesn't need to be an economist to understand this. To answer your question about his qualifications, he's a trained chartered accountant, and even though he doesn't have formal training as an economist he's had extensive experience in public finance and economic policy issues. In addition, he's served on the parliamentary committee on poverty reduction.

Like I said however, you don't need to be an economist to understand the simple sociological effects of this move by the new government.
Kwaa 8 years ago

So is Mr Forson telling us,that the increment of taxes during the NDC's reign helped the poor in society?

So is Mr Forson telling us,that the increment of taxes during the NDC's reign helped the poor in society?
Joe Twabidi 8 years ago

Why are they(ndc)not complaining about cedi depreciation and dumsor again.TAX cut for kayayo 3% flat vat for market women 17.5% bank charges removal are for the rich abi!You too must talk innit!

Why are they(ndc)not complaining about cedi depreciation and dumsor again.TAX cut for kayayo 3% flat vat for market women 17.5% bank charges removal are for the rich abi!You too must talk innit!
Ben 8 years ago

Massa, if you had built good road networks less people will travel by air, free SHS what is it? Who introduced NHIS, School feeding please tell me a successful social intervention programme by NDC. Every government builds inf ...
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Massa, if you had built good road networks less people will travel by air, free SHS what is it? Who introduced NHIS, School feeding please tell me a successful social intervention programme by NDC. Every government builds infrastructure for the nation.
Joe Twabidi 8 years ago

They built shit according to kwesi prat

They built shit according to kwesi prat
Bbb,Mahama remains a thief. 8 years ago

NDC using the poor people to benefit themselves.

NDC using the poor people to benefit themselves.
Bismark 8 years ago

That's never true, He saying that because they have been released!!!

That's never true, He saying that because they have been released!!!

Mr Bond 8 years ago

What programme did NDC do in Ghana to favour the poor?

What programme did NDC do in Ghana to favour the poor?
unity 8 years ago

instead of reducing utilities like electricity,water and lorry fares for the ordinary man.....look at the mess akufo addo is creating!!!

instead of reducing utilities like electricity,water and lorry fares for the ordinary man.....look at the mess akufo addo is creating!!!

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Your programmes and policies only favour the rich – Ato Forson to NPP

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