ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
However, we remained confident and optimistic that through collaborative efforts, even in these difficult circumstances, we could achieve mutually beneficial solutions.
By working together, making compromises, and providing support, we believed that all parties would emerge stronger, poised for a future growth and prosperity.
Following the successful completion of the Domestic Debt Exchange Programme (DDEP) and the agreement of the Memorandum of Understanding (MoU) with the Official Creditors Committee (OCC), we initiated an exchange offer and consent solicitation process on 5th September 2024.
This process aimed to restructure our entire US$13 billion outstanding Eurobond portfolio.
As Eurobonds constitute a substantial portion of our external debt, this milestone represents a pivotal step in our external debt restructuring efforts.
More importantly, its successful completion will significantly contribute to restoring Ghana's debt sustainability.
Ladies and Gentlemen, the key highlights of Ghana's Exchange Offer and Consent Solicitation include: Fair Burden Sharing: The Exchange Offer reflected terms agreed upon with bondholder representatives on 24th June 2024, ensuring fair burden sharing among domestic, official, and commercial external creditors.
Exchange Period: To achieve high participation levels for the debt exchange in early October 2024, the exchange was open for 21 days.
Investor Options: Investors had two options to choose from: ✓PAR Option : No nominal haircut, lower interest rate (1.5%), and longer tenors (2037).
✓DISCO Option: 37 percent nominal haircut, higher interest rates (5%-6%), and shorter tenors (2029-2035).
Compensation for Interest Payment Arrears : Both options entitle holders to receive compensation for interest payment arrears up to December 2023 in the form of Post-Default Interest (PDI) Notes.
Ladies and Gentlemen, I am delighted to announce to you that we have achieved an overwhelming success.
We obtained more than 98 percent consent which is significantly higher than the 65 percent threshold from bondholders following the launch of the Exchange Offer and Consent Solicitation in September 2024.
This impressive result surpasses international benchmarks and demonstrates the strong support of Ghana's bondholder community across Africa and in the international markets.
As a result of this successful debt exchange, the country will exchange US$13 billion in Eurobonds for new bonds in the coming weeks.
This development cures Ghana's default on international bonds, paving the way for normalized financial relationships with rating agencies and international markets.
In essence, Ghana has now restructured over 90 percent of its eligible external debt, marking a significant milestone in its economic recovery.
Ladies and Gentlemen, Ghana has achieved significant debt relief and in record time.
By this feat, Ghana has accomplished a remarkable milestone in its debt restructuring journey, completing its Eurobonds debt exchange in under nine months.
This swift action showcases the government's unwavering commitment to restoring financial and debt sustainability.
The agreement with bondholders has brought significant relief, including a 37 percent reduction in the nominal value of Ghana's debt, equivalent to a US$5 billion reduction, and US$4.3 billion in debt service savings during the IMF program.
Additionally, average interest rate on the bonded debt has decreased from over 8 percent to less than 5 percent.
For emphasis key benefits of the Agreement: Debt Reduction: 37 percent reduction in nominal value, equivalent to US$5 billion Debt Service Relief: US$4.3 billion during the IMF program Interest Rate Reduction: The average interest rate on bonded debt decreased from over 8% to less than 5% No Value recovery instrument: This achievement is a testament to Ghana's dedication to economic recovery and sets the stage for improved fiscal management and sustainable growth.
Ladies and Gentlemen, our debt exchange also entailed some non-financial clauses, which are becoming the new market standards Ghana's debt exchange includes non-financial clauses that reflect the government's commitment to prudent debt management, transparency, and inter-creditor equity.
These clauses are becoming the new market standard.
Key Non-Financial Clauses: Loss Reinstatement Clause: Protects bondholders by reinstating their nominal haircut in case of a new default within a specified timeframe.
This ensures prudent debt management and prevents future defaults.
Information Sharing Clause: Ensures timely publication of debt figures, promoting debt transparency and accountability.
Most Favoured Creditor Clause: Ghana cannot treat other commercial creditors more favourably than bondholders, upholding inter-creditor equity.
These clauses demonstrate Ghana's dedication to responsible debt management and transparency, aligning with international best practices.
Summarising the efforts taken by our government throughout all of our initiatives Without any adjustment, our debt to GDP level (in present value terms) would have reached 109 percent in 2028.
Our fiscal adjustment efforts will contribute to bring down to 81 percent in 2028.
Our DDEP will bring it down by 10 percentage points to 71 percent.
Our agreement with the OCC will reduce it further by 6 percentage points.
Finally, the deal completed with the Eurobond bondholders will bring the debt to GDP in present value terms to 55 percent in 2028 in line with the IMF target (10 percentage points contribution).
The completion of the Eurobond debt exchange will immediately reduce our debt stock by the full extent of the US$5 billion haircut on principal and gains on interest payments for the period as a result of the debt restructuring.
Conclusion In conclusion, Ghana's successful debt exchange is a testament to the tireless efforts and dedication of the Government.
This achievement marks an unprecedented success, positioning Ghana for a brighter economic future.
With this milestone, we can now: Close a significant chapter on our debt restructuring; Shift focus towards sustainable economic growth and development; and Build on the momentum of this accomplishment to drive further progress.
Ladies and Gentlemen, this has been a painstaking journey and for that let me take this opportunity to once again, express the profound gratitude of His Excellency Nana Addo Dankwa Akufo-Addo and the entire Government of Ghana to all Eurobond Holders for their immense sacrifice and support for the burden sharing.
We also want to thank the steering committee of the bondholders, and their Advisors for their cooperation throughout the process.
We want to thank our Financial and Legal Advisors for working with us under these unchartered waters.
I also want to thank the Chief Director of the Ministry of Finance and the Technical team from the Bank of Ghana, the Ministry and all other MDAs for their hard work and dedication to duty.
We are poised to turn the page on our restructuring journey and embark on a new chapter of economic resilience and prosperity.
Ladies and gentlemen, thank you for your attention and God bless our homeland Ghana.
Courtesies Your Excellency, President John Dramani Mahama, Dr.
Ishmael Yamson, Chairman of the Organising Committee, and Other Members of the Organising Committee, Members of the Diplomatic Corps, Nananom, Niimei, Naamei and Religious Leaders present, Fellow countrymen and women, Distinguished Guests, Ladies and gentlemen.
Introduction It gives me great pleasure to welcome you all to this august gathering.
Your presence here is aß testament to your love for country and the resilience of our collective unity of purpose.
It is ample demonstration of our ability to put aside our differences when the national duty calls, and bind together in search of answers to the problems that confront us.
Today’s gathering, and the subsequent consensus that will be forged from the stimulating discussions to follow, lends proof to the good-old saying that “adwen nyi baako fo tiri mu”, to wit knowledge does not reside in the head of one person.
I wish to acknowledge the chairman of the Organising Committee, elderly statesman, Dr.
Ishmael Yamson and the distinguished members of the committee for working tirelessly to put together this dialogue.
It is with great anticipation that we embark on the first National Economic Dialogue in over a decade – a pivotal moment in our nation's history.
This dialogue is not only a significant defining moment, but an important re-enactment of history, when the nation assembled at a similar forum at Senchi some ten years ago.
Today, we set out to attempt to resolve economic puzzles of far greater magnitude and scale than those that confronted us some ten years ago.
This dialogue is therefore an opportunity to reflect on our economic reality, address pressing challenges, and chart a course towards a more prosperous future for all our citizens.
It is my hope and prayer that the lessons that will emerge from these conversations will guide our steps, that we may not repeat the mistakes of recent years.
The panel discussions, workshops and breakout sessions have been carefully designed to confront the pressing economic challenges of our time.
The resultant prescriptions and critical policy initiatives will drive structural reforms and our transformation agenda to reset our economy and secure prosperity for our citizen.
Chairman, as we embark on the development of our medium-term plans, commencing with the forthcoming budget on March 11, the insights, expertise, and experiences that will be garnered from these deliberations will prove to be invaluable assets that will shape our collective path forward.
In this time of crisis, it is imperative that we acknowledge the significant toll borne by every single Ghanaian, old or young.
From severe currency depreciation to hyperinflation, from haircuts to steep tax increases, from rising fuel and electricity prices to soaring interest rates.
Fellow countrymen and women, the economic crisis is not over.
Indeed, the full length of our recent crisis is still unravelling by the day.
This situation will require significant sacrifice from all of us to stem the bleeding and place our economy back on the right trajectory.
I am pleased to note that His Excellency President John Dramani Mahama has taken the lead and has given the strongest signal of our commitment to sacrifice.
In furtherance of this commitment to shared sacrifice, we have streamlined and realigned the size of government, evidenced by the reduction of the number of ministers in his government to sixty (60), from an initial 123 and later 88 ministers.
This, we have followed with significant budget cuts for the Office of the President and further prohibition of first-class travel by all government officials.
These actions represent merely the initial steps in our ongoing journey towards fiscal discipline and good governance.
Chairman, let me seize this opportunity to express my heartfelt gratitude to Organised Labour and the Ghana Employers Association for their understanding and collaboration in reaching an agreement concerning the minimum wage and base pay.
I wish to at this point reaffirm our unwavering commitment to transparency, accountability and good governance.
Chairman, distinguished ladies and gentlemen, I would now crave your indulgence to engage your attention on the State of the Ghanaian Economy.
Esteemed Chairman and Members of the Board of Directors of the Ghana Gold Board (GoldBod), I have the singular honour, on behalf of His Excellency President John Dramani Mahama, to congratulate you on your appointment to the Board.
Today’s inauguration marks the climax of months of diligent and painstaking work.
This journey began on January 27th, 2025, with the inauguration of the Technical Committee tasked with developing the legal and operational framework, particularly the drafting of a Bill for the establishment of the Ghana Gold Board (GoldBod).
The Technical Committee delivered on its mandate in a timely and efficient manner, culminating in the passage of the GoldBod Bill by Parliament at its last session, and its subsequent assent by His Excellency the President.
I must commend the members of the erstwhile Technical Committee and all who played various roles in developing the fit-for-purpose and time-tested GoldBod Act within record time.
Distinguished Members of the Board, it bears reminding you that the Ghana GoldBod is a flagship initiative envisioned by His Excellency President John Dramani Mahama for economic revitalization.
The GoldBod is a vehicle for achieving currency stability through the structured purchasing and management of Ghana’s gold resources.
As Africa’s leading gold producer, Ghana derives substantial foreign exchange earnings from gold.
However, the benefits accrued from this valuable mineral remain minimal, often coming at a steep environmental cost.
Historically, Ghana’s revenues from gold have been confined to traditional sources such as royalties and taxes.
The Ghanaian economy has not realized the full benefit of our gold resources.
Hence, the time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold.
To achieve this, we must optimise every stage of the value chain—from extraction to refining, value addition, and marketing, both locally and internationally.
The Ghana Gold Board is here to serve as that specialised agency for the effective marketing of our gold resources.
This will involve the implementation of a deliberate programme to formalise gold trading from the small-scale mining industry and promote traceability, with the aim of enhancing the international acceptability of gold from Ghana.
I am happy to announce that the erstwhile chaos in Ghana’s gold purchasing sector that prevented the nation from fully benefiting from its gold resources has come to an end.
Hitherto, the Precious Minerals Marketing Company (PMMC) had the mandate to purchase and sell gold.
However, this mandate was not exclusive.
The Bank of Ghana also used to purchase gold through PMMC and other private aggregators under initiatives such as “gold for forex,” “gold for reserves,” “gold for oil,” and “gold for cash,” among others.
Additionally, the Minerals Income Investment Fund (MIIF), despite its primary mandate to optimize mineral investment, also ventured into gold buying, incurring substantial financial losses.
Apart from these, numerous individual Ghanaians and foreigners with export licenses and/or gold buying licenses were also active in the gold purchasing and export market.
This fragmented, uncoordinated, and unregulated system led to widespread gold smuggling and deprived the state of much-needed foreign exchange.
All of this now belongs in the past, because the Ghana GoldBod is now the sole buyer and assayer of gold, with an exclusive mandate to grant licenses to engage in the trade of gold from Ghana’s small-scale mining sector.
Distinguished Members of the Board, I am pleased to observe that the GoldBod has already begun to fulfil its object and has contributed immensely to the recent stability of the Ghana cedi through gold reserve accumulation.
As of May 13, 2025, the Ghana cedi has solidified its position as the standout performer among global currencies, achieving a remarkable 16.7% appreciation against the US dollar year-to-date.
This marks a significant reversal from the 13.4% depreciation observed in the same period of 2024, with the cedi earning recognition as the top-performing currency in April 2025.
This rally stems from a robust policy framework, underpinned by synchronized monetary and fiscal measures, as well as a favourable global context.
The central bank, in close collaboration with the Ministry of Finance, has adopted a stringent monetary policy, complemented by aggressive liquidity sterilization.
Concurrently, the Ministry of Finance has implemented a disciplined fiscal stance anchored around prudent public finance management.
Bolstering these efforts, enhanced foreign exchange inflows from gold, cocoa, and remittances—alongside a softening US dollar amid global uncertainties—have significantly driven the strength of the Ghana cedi.
But the unprecedented performance of the Ghana cedi has not come at the cost of our safety net.
In fact, our foreign exchange reserves at the Bank of Ghana reached a record high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule.
This underscores the sustainability of the cedi’s performance.
The activities of the GoldBod stand to further strengthen this performance.
In fact, it will change how both the Ghana cedi and Ghana’s foreign exchange accumulation behave in the future.
This paradigm shift will challenge traditional models reliant on old patterns, potentially leading to inaccurate projections and missing the true potential of the cedi.
I wish to assure the Ghanaian public and our stakeholders that the outlook for the Ghana cedi remains robust and sustainable, supported by the transformative activities of the GoldBod.
I urge the newly constituted Board to work hard to support and sustain this trajectory.
Together, let us help to propel His Excellency President John Dramani Mahama’s ongoing reset of Ghana’s economy and our effort to deliver economic prosperity for all Ghanaians.
I thank you, and may God bless our homeland Ghana.
Finance Minister Ken Ofori-Atta has presented the first budget of the governing New Patriotic Party (NPP) to Parliament, Tuesday at a time when there are high expectations of Ghanaians.
Christening it the "Asempa budget," the Minister itemised five programmes of President Nana Addo Dankwa Akufo-Addo that would be started in 2017.
Below is the full statement presented: SECTION ONE: INTRODUCTION Table of Contents S E C T I O N ONE: I N T R O D U C T I O N 2 MAC ROE C O N O MI C TARGETS FOR 201 7 AND THE MEDIUM TERM 23 S E C TOR A L PERFORMANCE AND OUTLOO K 34 S E C T I O N SIX: POLICY I N I T I A T I V E S 51 IMP ROV IN G T H E BUSINESS ENVIRONMENT 51 EX P E N D I TUR E MANAGEMENT AND COMMITMENT C O N TRO L 65 IMP ROV IN G DEBT MANAG E M E N T 75 INF R A S TRU C TUR E FOR POVERTY ERADICATION P RO G R AMM E 77 F RE E SENIOR HIGH S CH OO L 79 OT H E R I N I T I A T I V E S 80 MI LLE NNI U M CHALLENGE C O R P O R A T I O N 84 EDU CA T I O N F U N D 84 IN TE G R A TE D ALLUMINIUM I N D U S T R Y 85 FIGH T IN G C O RR U P T I O N 86 J O B C R E A T I O N 87 S E C T I O N SEVEN: C O N C L U S I O N 89 SECTION ONE: INTRODUCTION 1.
Speaker, Honourable Members of Parliament, on the authority of President Nana Addo Dankwa Akufo-Addo, I beg to move that this Honourable House approves the Financial Policy of the Government of Ghana for the year ending 31st December 2017.
On the authority of the President, and in accordance with Article 179 of the 1992 Constitution, permit me to present to this august House, the maiden Budget of the President of the Republic of Ghana.
This presentation is an abridged version of the 2017 Budget Statement and I would like to request the Hansard Department to capture the entire Budget Statement and Economic policy 4.
I also submit before this august House the following reports: · The 2016 Annual Report on the Petroleum Funds, in accordance with Section 48 of the Petroleum Revenue Management Act, 2011 (Act 815), as amended; · The 2016 Annual Debt Report, in accordance with Section 72 of the Public Financial Management Act, 2016 (Act 921); and · The 2016 Energy Sector Levies Report, in accordance with Section 6 of the Energy Sector Levies Act, 2015 (Act 899).
Speaker, let me first thank you and the house for approving my nomination as Finance Minister.
My profound gratitude to both sides of the isle.
Thanks for the dry run of 3 hours 45 minutes; I pray that I will be let off sooner this time.
Mr Speaker, I also stand here humbled by the President’s courage and confidence to elevate me to this very weighty and high office of Finance Minister of the Republic of Ghana, a nation with a manifest destiny for greatness, a nation with very high expectations for President Akufo-Addo’s government, a nation that is 60 years old, remains a diamond in the rough and therefore needs more than a shine.
Speaker, it is at this providential point in our history that I have been given this grave but exciting responsibility to participate in sending Ghana beyond aid and to realise our birth right as the Black Star of Africa.
I, Mr.
Speaker, accept this role with all the solemnity and reverence that it deserves.
Speaker, I would like to assure this house as I also did with the Finance Committee that I will work with members with utmost candour and respect.
You are first and foremost the legislative, the representatives of our people and I have been privileged to witness the sacrifices you have gone through to be here.
Ayekoo.
Secondly, Mr.
Speaker, I am standing in the rather large size shoes of a legacy of family members such as Dr.
Danquah, Mr.
William Ofori-Atta, Honourable Amoako-Atta, Dr.
Jones Ofori-Atta (my father), President Nana Addo Dankwa Akufo -Addo and Honourable Atta Akyea.
I have, Mr.
Speaker, been brought up to respect this house and I will also like to honour my forbears.
Finally Mr.
Speaker, let me freely admit, that this battle ahead is indeed the Lord’s and I humbly confess before this august house and the nation, of my inability to accomplish this enormous task without the help and the leading of the Almighty; through Jesus Christ we can resolve these challenges and establish a righteous and just Society for all.
Speaker, nine (9) days ago, the President presented the State of the Nation Address to this august House.
His address, in addition to presenting the state of the economy, also broadly outlined the vision and policy direction of his Government.
A vision of hope, of jobs and wealth creation, and of a robust economy that supports a thriving private sector.
With this Budget, I present to you the policies, strategies and actions we will undertake to deliver the President’s vision.
Speaker, let us acknowledge that we have inherited a challenged economy in which we are all stakeholders in: · considerable debt overhang and rising interest payments caused by excessive borrowing; · expenditure overruns and accumulated arrears caused by excessive sole sourcing, lax fiscal policies and weak commitment controls, · revenue underperformance caused by leakages, loopholes and tax exemptions; · slowdown in economic growth caused by energy challenges and a lack of an enabling environment for the private sector; · limited capital investment, among others, due to rigidities from earmarking of revenues that severely limit the fiscal space and undermines the prioritisation of government policies; and.
· urgent need to collaborate with our work force and build a shared partnership to enhance training and improve productivity 10.
The country’s debt stock has reached a level of about 73 percent of GDP at end-December 2016, which is in excess of the debt sustainability threshold of 70 percent.
This has resulted in high debt service costs with interest payments alone taking up nearly 42 percent of tax revenue.
This, together with Compensation of Employees and Statutory Payments, is more than total domestic revenue, leaving no fiscal space for growth enhancing policies/programmes/expenditures.
Total expenditures at end-December 2016 stood at 30.3 percent of GDP against a target of 26.4 percent of GDP, with an outstanding stock of arrears of nearly GH¢7 billion.
This is at variance with the Performance Criteria on the non-accumulation of arrears for the 2016 fiscal year under the IMF-supported Extended Credit Facility (ECF) Programme.
Speaker, the large fiscal slippages resulted in a fiscal deficit of 8.7 percent of GDP on cash basis and 10.3 percent on commitment basis.
This is a sharp deviation from the IMF program fiscal target of 5.3 percent of GDP.
We intend to reverse this trend and restore fiscal discipline.
Speaker, the rate of economic growth has slowed down in recent times, with 2016 growth estimated at 3.6 percent, the lowest in over two decades.
Of particular concern is the erratic performance of the Agriculture Sector and the continuing energy challenges which have negatively affected the industrial sector.