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Feb
17
2024
By MAXWELL AKALAARE ADOMBILA
Ghana’s new finance minister pledges to keep IMF programme on track

Ghana’s new finance minister pledges to keep IMF programme on track

BUSINESS
GHANA'S new finance minister, Mohammed Amin Adam, pledged to keep its $3 billion International Monetary Fund (IMF) programme on track as it aims to finish restructuring its overseas debt before an election in December. President Nana Akufo-Addo replaced Ken Ofori-Atta with Adam, a petroleum economist who was minister of state at the finance ministry, in a cabinet reshuffle after criticism of the ex-banker's leadership during the West African country's worst economic crisis in a generation. Ofori-Atta negotiated the IMF bailout loan to address the crisis, which saw inflation and debt servicing costs spiral upwards in 2022. He was, alongside Adam, seeking relief…
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Feb
15
2024
By CHRISTIAN AKORLIE and MAXWELL AKALAARE ADOMBILA
Ghana president replaces finance minister in reshuffle

Ghana president replaces finance minister in reshuffle

NEWS
GHANA'S president has replaced finance minister Ken Ofori-Atta in a cabinet reshuffle after criticism of the ex-banker's leadership during the West African country's worst economic crisis in a generation. The office of President Nana Akufo-Addo said that Ofori-Atta would be replaced by Mohammed Amin Adam, currently the minister of state at the finance ministry and previously deputy energy minister responsible for the petroleum sector. It did not give a reason for the change. Ofori-Atta has been overseeing Ghana's debt restructuring efforts after the West African gold, oil and cocoa producer defaulted on most of its external debt in December 2022.…
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Jan
17
2024
By VICTORIA WALDERSEE
Ghana will reengage bondholders next week, says finance minister

Ghana will reengage bondholders next week, says finance minister

BUSINESS
GHANA will reengage with its international bondholders from next week, finance minister Ken Ofori-Atta told Reuters, as the country seeks to build on the momentum of a deal last week to restructure $5.4 billion of official creditor debt. The West African country will seek to continue discussions after meeting holders of its around $13 billion in outstanding Eurobonds in Marrakech in October, Ofori-Atta said in an interview on the sidelines of the World Economic Forum (WEF) annual meeting. Officials will also travel to China on January 23, he added. China and France co-chair Ghana's Official Creditor Committee and the agreement reached with…
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Sep
02
2020
By The African Mirror
Sub-Saharan Africa’s COVID-induced slump may last 3 years -Ghana Financial Minister

Sub-Saharan Africa’s COVID-induced slump may last 3 years -Ghana Financial Minister

NEWS
THE economic slump in sub-Saharan Africa caused by the coronavirus outbreak could last well over three years, Ghana’s finance minister said on Tuesday. Much of the region has been spared the infection and death rates that have hit other parts of the world, data suggests, but its economies have been battered by the pandemic and restrictions imposed by governments to contain it. “We are in the middle of the first recession in sub-Saharan Africa in the last 25 years,” said Ghana’s Finance Minister Ken Ofori-Atta. The slump may last well over three years and could push between 26 and 39…
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