Home / $50bn century bond to be captured in 2019 budget—Ken Ofori Atta

$50bn century bond to be captured in 2019 budget—Ken Ofori Atta

Finance Minister, Ken Ofori Atta has hinted that the next budget reading will announce processes in issuing the government’s ambitious 50 billion dollar century bond.

According to Mr Ofori Atta, the issuance of the bond should help address major challenges confronting the country such as the cedi depreciation.

The decision to issue the 50 billion dollar century bond was first announced by President Akufo Addo when he visited China early September this year.

The government has indicated that the move to issue a century bond in the future is aimed at accelerating the infrastructural development of the country.

Mr Ofori Atta in an interview with Citi Business News said next year’s budget will capture the bond as a major revenue generating venture.

“I think the concept will be in there and the fundraising will begin immediately after the budget. We are excited about it because we have gone through the worst of times as a country and certainly we need to increase liquidity in the system,” he said.

He added, “We hope to issue this bond as a shelf offering with zero interest in the first five years, hoping that it will give time for results from the intended purpose.”

Mr Ofori-Atta observed that the rebasing of Ghana’s economy will expand the economy by about 20 per cent and it is also expected to bring down the debt to GDP ratio.

“In a conservative way I am not expecting more than 2o percent reduction”

He however added that the revenue to GDP will also decline and therefore require extra work from the Finance Ministry and the GRA to increase revenue mobilization.

“Revenue to GDP then declines and that puts pressure on us and the Ghana Revenue Authority to do much better than we are doing which is important.

Source: citibusinessnews.com/Ghana

About admin

Check Also

Wontumi reported to police over comments about Mahama’s daughter

Ashanti Regional Chairman of the New Patriotic Party (NPP) Bernard Antwi Boasiako alias Chairman Wontumi …

NDC supporters gather at police headquarters after arrest of colleagues

Some National Democratic Congress (NDC) members have gathered at the Ashanti Regional Police Headquarters to …

Police officer crushed to death at check pointAn on-duty Police officer in the Central Region has died after he was run over by a truck. The 39-year-old Sargeant Salifu Hifzullah stationed at Apam District Police Command was crushed to death at Gomoa Manso Check Point on the Winneba-Cape Coast Highway. According the Central Regional Police, the suspect driver Francis Akese, 50 was in charge of a Samsung Yamouzine Truck vehicle, with the registration number CR 319-11 from Mankessim towards Apam with two persons on board and upon reaching a section of the road near Greenfield Police Snap CheckPoint refused to stop when signaled and knocked down the officer. The Police officer was seriously injured and was rushed to Apam Catholic Hospital but died while receiving treatment. Central Regional Police Public Relations Officer, DSP Irene Oppong told the media that, the suspect driver has been detained to assist investigation. Latest News In Ghana. Click Here To Read Our Latest News Stories She said the body of the officer has been moved from Gomoa Apam Catholic Hospital to the Police Hospital morgue. whatsapp sharing button Sharefacebook sharing button Sharetwitter sharing button Tweet

An on-duty Police officer in the Central Region has died after he was run over …

Leave a Reply

Your email address will not be published. Required fields are marked *