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Senyo Hosi lists 10 technocrats to replace Ofori-Atta, Adu Boahen



Individuals, bondholders, Newscenta,, investments, debt exchange programme,

The past few weeks must have been among the most difficult for you. You have not only contended with your political opposition but, ironically, with members of your party over none other than, undoubtedly, one of your foremost confidants and trusted lieutenants.

The ask for the head of Ken Ofori-Atta, in your case, may be akin to the ask for a part of your soul.

We may love or hate you, but for sure, we can’t take this from you: You don’t take loyalty to your team lightly.

The demand of the 98 or so NPP MPs for the Finance Minister to go, despite the many overtures you have made to appease them, seems to suggest that the exit of Ken Ofori Atta (KOA) has become almost inevitable.

Maintaining and superintending this deadlock will make the country ungovernable.


History will not be kind to us if we have no lessons to learn from the executive-parliament impasse of the 3rd Republic.

I hold nothing against KOA. I believe he has done his bit and run his race, but Ghana is bigger than us all. We must be humble about our reality if we can’t change its tide.

Unsurprisingly, the political hawks in your party have lined up in pursuit of his position or to influence his replacement.

I can understand the politics. Unfortunately, the dire situation we find ourselves in as an economy and to a material extent, as a country, transcends the party politicking characteristic of our time.

Mr. President, the value of our Eurobonds, for example, has fallen by over 60% in barely a year and same can be said of the value of our Cedi. Respectfully, this sudden drop for any financial market is catastrophic.


It is inspired by a loss of confidence in government policy and information credibility on the local and international financial markets.

In simple terms, the market does not trust what government says it has done or intends to do.

We have simply lost fiscal credibility and it is tied to the political frame of the leadership of the financial sector.

Any competent analyst will tell you that the market wants the head of KOA more than the politicians.

The market holds him responsible (whether fairly or unfairly) for failing to hold the fiscal line and marshal the discipline required for our debt sustainability.


Making E-levy so central to fiscal policy only for its forecasting to woefully fail as well as the debt ratios and his anti-IMF stubbornness did him and us no good.

To make matters worse, inflation and the depreciation of the currency have mi[1]grated macro-economic jargons from their obscure place of academic speak to the very present reality of the average Ghanaian. In other words, we can feel it in our pockets. Ghanaians describe this in three Akan words: “Kurom Ay3 Hye”.

Unfortunately, in such times, it is the Finance Minister the people see and think of. Mr. President, your appointment (if you will have to make one) of the next Finance Minister will easily be the most important decision you will be making on the economy as you wrap up your tenure in office.

Your decision must be inspired by Ghana’s economic recovery and not your party’s electoral viability in 2024.

Mr. President, it is time to think about the next generation and not the next election. It is time for patriotic leadership.


With fiscal credibility lost, the market does not just need an IMF.  It needs credible fiscal leadership even more.

Your appointment of the next Finance Minister must be purely hinged on competence and financial market credibility.

Having said this, the out-and-out politician in your party and overt party sympathizer will not inspire the credibility the market seeks.

To be blunt, none of your current MPs and Ministers can offer what this market needs.

The market will not have tolerance for an appointee who is likely to sacrifice fiscal discipline for party political considerations in an election year when fiscal recklessness is often the name of the game.


It is time for a technocratic and meritocratic appointment of one truly respected and accepted by the financial markets and across the political divide.

I highly recommend you consult key stakeholders in the local and international markets (Banks, fund managers, Multilateral agencies, etc.) in your shortlisting and considerations.

The following names I find worth considering: 1. Dr. Maxwell Opoku Afari – First Deputy Governor, BoG 2. Mr. Albert Essien – Former Ecobank Group CEO, 3. Mr. Simon Dornoo – Former President of GAB and current Chairman, ESLA PLC, 4. Dr. Paul Acquah – Former Governor, BoG, 5. Dr. Abdallah Ali-Nakyea – Tax Policy Expert, Lawyer, Economist & Lecturer.

As the size of government remains one of concern, there is no doubt that the Ministry of Finance should lead the way in its resizing.

I recommend the following for consideration as the replacement for the Minister of State for Finance: 1. Mr. Kwamena Asomaning – CEO, Stanbic Bank Ghana Limited, 2. Mansa Nettey – CEO, Standard Chartered Bank Ghana, 3. Alex Emmanuel Asiedu – Head of Investments, Africa Region, Standard Bank, 4. Prof. Festus Ebo Turkson – Economist & Lecturer, University of Ghana, 5. Josephine Anan-Ankomah – Group Executive- Commercial, Ecobank Group.


Your Excellency, the above names are just to give tangibility to the concept advised.

I believe there are other equally competent candidates you may consider, but I, nonetheless, urge you to consider the guiding principle expatiated above – put the national interest above all else.

Uneasy lies the head that wears the crown. Your current position is truly not envied.

I have often said the presidency is easily the loneliest job in the world.

Almost everyone, including your conjugants, is in pursuit of your influence for their private gain.


You still will have to make a call! A call for legacy, or a call for politicking?

As Captain Planet, my favourite cartoon character, would say: “The power is yours!”

I remain

Senyo K. Hosi

Finance and Economic Policy Analyst & Entrepreneur





Ofori-Atta appeals to Parliament to approve revenue measures



Ofori-Atta, Newscenta, revenue measures, debt restructuring, parliament,

Finance Minister Ken Ofori-Atta has informed parliament of his intention to present necessary fiscal adjustments to the house in august after the debt operation is completed.

Outstanding revenue mobilisation bills

Already, he said the Income Tax (Amendment) Bill, Excise Duty & Excise Tax Stamp (Amendment) Bills as well as the Growth and Sustainability Levy Bill, are outstanding in Parliament.

According to him, the consideration and approval of fiscal measures by Parliament are critical for recovery from the current economic crisis.

Facilitating IMF Board approval


The Minister therefore entreated Parliament to prioritise the approval of the outstanding revenue mobilisation bills to facilitate the Board Approval for International Monetary Fund (IMF) Programme staff level agreement by the end of March, 2023.

“We are still counting on you for the passage of all the outstanding revenue Bills which are necessary for effective Budget Implementation as well as boosting our efforts at increasing our Tax-to-GDP from less than 13% to the sub-Saharan average of 18,” he stated.

Expected impact of IMF Board approval

He is confident IMF Board approval will restore macro-economic stability, ensure debt sustainability as well as provide critical social protection for the benefit of Ghanaians.

Factors that impacted economy negatively


COVID-19, Russia-Ukraine war, soaring energy and food prices, higher interest rates, a strong dollar and a global slowdown negatively affected the economy.

Ghana seeking $3 billion loan

Ghana and the International Monetary Fund (IMF) have reached staff-level agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about $3 billion.

But, the IMF has made it clear that the Board approval of the deal is contingent on a successful debt exchange programme.

Broader govt response strategy


Addressing Parliament on the ongoing debt restructuring efforts, Ofori-Atta explained that debt operations are a composite part of a broader government response strategy for addressing the current challenges.

While being optimistic about IMF programme to boost confidence in the economy, he emphasized that complementing it with enhanced domestic mobilisation efforts is critical.

4 out of 5 agreed Prior Actions in the Staff Level Agreement

The Finance Minister averred that the passage of the Bills will enable government to complete four out of five agreed Prior Actions in the Staff Level Agreement.

Agreed Prior Actions already implemented


He noted that tariff adjustment by the Public Utilities Regulatory Commission (PURC), Publication of the Auditor-General’s Report on COVID-19 Spending, and Onboarding of Ghana Education Trust Fund (GETFund), District Assemblies Common Fund (DACF) and Road Fund on the Ghana integrated financial management information system (GIFMIS) have all been completed.

International and domestic bond markets are shut

Ofori-Atta reminded the legislators that the international and domestic bond markets are shut for the financing of government’s programmes, forcing government to rely on the Treasury Bills and concessional loans as the primary sources of financing for the 2023 fiscal year.

Therefore, he called on Parliament to support the government’s financing requests to ensure a smooth recovery from the economic challenges.

He thanked everyone who tendered and supported the Domestic Debt Exchange programme saying “It is a truly remarkable act of sacrifice in our nation’s history. We thank those who heeded our clarion call and took the selfless, patriotic decision to participate. Your names and deeds will never be forgotten. Your timely support is deeply appreciated,”.


He is confident that the programme government has set out for this year, supported by Parliament, will get Ghana out of the economic crisis that has hit the economy since Covid-19.

Inflation interest and exchange rates to stabilise

He hopes for stability in the exchange rates, inflation and interest rates, bringing businesses and families some respite.

Suspension of payments of interest on foreign debt

Government also announced a suspension of all debt service payments for certain categories of external debt, pending an orderly restructuring.


International bondholders

Ofori-Atta revealed that Ghana initiated discussions with representatives of international bondholders and their Advisors.

According to him, substantive discussions are due to start with them in the weeks to come.

G-20 Debt Treatment initiative

Ghana officially asked its bilateral creditors for a Debt Treatment initiative under the G-20 Common framework.


Negotiations with commercial creditors underway

The Finance minister said the process of negotiations have started in good faith with commercial creditors.

Ofori-Atta stated that two preliminary discussions and exchange of information have started on a good footing with representative committees and advisors.

Creditor Committee to assess Ghana’s request

According to him, the members have indicated their commitment to establish a Creditor Committee to assess Ghana’s request for debt treatment under the Common Framework by end February, 2023.

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IMF assigns resident financial supervision adviser to BoG



Financial adviser, BoG, Newscenta, banking sector supervision, IMF,

The International Monetary Fund (IMF) has assigned a Resident financial sector supervision adviser to the Bank of Ghana (BoG) to provide technical assistance and help build the capacity of the banking supervision function.

The appointment was at the request of Bank of Ghana with full funding from Switzerland’s State Secretariat for Economic Affairs (SECO).

Mr. Leonard Chumo, the Resident Adviser, started his assignment at the Bank of Ghana on February 6, 2023, and was expected to stay for three years.

A statement issued by BoG in Accra said the Adviser’s placement was a continuation of cooperation in this area between the Bank, the IMF and SECO, that started as early as in 2015 and had already seen the assignment of a previous Adviser until 2018.

It said achievements from the past collaborative efforts include the passage of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), the development and issuance of the Corporate Governance Directive 2018, and the Capital Requirement Directive 2018.


Mr Chumo, brings first-hand knowledge of supervisory work from leading central banks as well as previous technical assistance experience in the Western Africa region.

The statement said among others, he would support the implementation of Pillar two and three of the Basel II/ III capital frameworks, as well as strengthen the Risk-Based Supervisory framework at the Bank of Ghana.

The Bank commended the management of SECO for the continued funding of Long-Term Technical Experts from the IMF to the Bank.

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Govt pledges to pay coupons, principals on all maturing bonds  



Coupons, Newscenta, maturing principals, bondholders, payment,

Government has assured all bondholders, including those who self-exempted from the voluntary Domestic Debt Exchange Programme (DDEP) that it will honour all coupon payments and maturing principals when due.

Payment of coupons and principal for bonds that matured since   February 6 to date (herein referred to as ‘Due Bonds’ remain outstanding.

Bondholders want government to make payments not later than Friday, February 17, 2023.

A statement issued by the Finance Ministry indicates that more than 80% bondholders participated in its $137 billion DDEP.

“The DDEP closed on Friday February 10, 2023, with over 80% participation of eligible bonds,” it said.


The Finance Ministry pledged to honour all coupon payments and maturing principals in addition to commitments to further streamline Government’s expenditures.

“We would like to stress that, all Individual bondholders, especially our Senior Citizens, should rest assured that their coupon payments and maturing principals, like all Government bonds, will be honoured in line with Government’s Fiscal commitments.

“The Government would like to reassure all individual bondholders who elected not to participate that your coupon payments and maturing principals, like all Government bonds, will be honoured in line with Government fiscal commitments,” it added.

Government reiterated that the DDEP had been executed to help protect the economy and enhance Ghana’s capacity to service its public debts effectively, as its debt had become unsustainable.

The alternative for not executing the DDEP would have brought grave disorder in the servicing of our national debt and exacerbated the current economic crisis.


It expressed gratitude to bondholders for the overwhelming participation, adding that their support and contributions had gotten Ghana much closer to securing the International Monetary Fund (IMF) programme.

There are fears that those who opt against signing up are not guaranteed market liquidity for the old bonds, because they are likely to become less tradeable on the secondary market compared with the new bonds.

On the other hand, individuals who sign up for the new bonds will have more certainty even in a changing economic landscape.

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