Ghana Archives - Page 9 of 20 - Pension Policy International

27SepSeptember 27, 2023

Ghana. Financial sector assets see 95% growth

The nation’s financial sector assets’ value in nominal terms has almost doubled – recording a growth of 94.96 percent between the end of 2017 and 2022; a period marked by sector clean-ups, the COVID-19 pandemic, Domestic Debt Exchange Programme (DDEP) as well as recapitalisation of institutions in the sector. This was contained in the Ghana Financial Stability Review dubbed ‘Managing financial stability risks in the midst of a difficult macroeconomic environment and Domestic Debt Exchange Programme’, released by the sector’s...

September 27, 2023

NewsGhana, Investment, savings

19SepSeptember 19, 2023

Ghana. NPRA to prosecute employers who default in paying pensions

The National Pensions Regulatory Authority (NPRA) will continue to track all defaulting employers and put them before the law courts to retrieve the pension monies due employees. Mr. David Tetteh-Amey Abbey, the Deputy Chief Executive Officer (CEO), NPRA, said the Authority would do this to demonstrate its commitment to the financial well-being of employees and their families. “This is what makes the Authority great. It is imperative that we emphasise the significance of regular contributions to pension schemes,” he said. Mr. Abbey...

September 19, 2023

NewsGhana, Regulation, savings

30AugAugust 30, 2023

Ghana Restructures $4 Billion in Latest Domestic Debt Exchange

Ghana agreed to terms to swap about $4 billion of domestic debt, taking another step toward meeting its obligations under an International Monetary Fund bailout. The results imply Ghana achieved about 95% target under the latest three debt exchange deals. The country’s Eurobond maturing in 2032 declined by 0.2 cents on Wednesday to 43.7 cents on the dollar. Notes maturing in 2051 dropped by a similar amount to 42 cents on the dollar. Pension funds agreed to exchange 29.6 billion cedis ($2.6...

August 30, 2023

NewsGhana, Political economy

02AugAugust 2, 2023

Ghana Buys Time as Pension Funds to Swap $2.7 Billion of Debt

Ghana is inviting local pension funds to a debt restructuring deal that gives the state fiscal space in the medium-term at no loss to the retirement funds. Pension funds have been offered to exchange about 31 billion cedis ($2.7 billion) of existing investments that carry an average coupon of 18.5% for two new bonds maturing in 2027 and 2028 with an average interest rate of 8.4%, the Ministry of Finance said in an exchange memorandum late Monday. The government will also...

August 2, 2023

NewsGhana

01AugAugust 1, 2023

Govt targets pension funds in renewed debt exchange

It will also exchange debt in the energy sector, including independent power producers (IPPs), cocoa bills, local US dollar-denominated bonds, and Bank of Ghana non-tradable debt, as part of efforts to bring the country’s debt to sustainable levels. The Minister of Finance, Ken Ofori-Atta, who disclosed this when he presented the Mid-year Budget Review to Parliament yesterday, said the DDEP had provided the government with increased fiscal flexibility and addressed cash and other liquidity constraints. He, however, said to complete the...

August 1, 2023

NewsGhana

06JulJuly 6, 2023

Ghana: Govt Owes Pension Schemes Gh¢2.6 Billion… Finance Minister Reveals

The Minister of State at the Ministry of Finance, Dr Mohammed Amin Adam, has revealed that government's indebtedness to various pension schemes at the end of May 2023 is GH¢2.63 billion. The amount comprise of Tier 1 of the Controller and Accountant General's Department mechanised payroll, GH¢1.62 billion, Tier 1 of subverted institutions, GH¢188.59 million, Tier 2 of mechanised payroll, GH¢808.21 million and Tier 2 of subvented institutions GH¢6.1million. "Mr Speaker, the government paid GH¢2.67 billion to various pension schemes in...

July 6, 2023

NewsGhana, Public Pensions

03JulJuly 3, 2023

Ghana. Inevitable 2nd round of DDEP: Will organized labor sacrifice pension funds?

Ghana, like many other countries, has faced significant economic challenges due to the global pandemic and mounting debt burdens. Despite recent efforts to restructure a portion of its domestic debt, Ghana still finds itself grappling with a substantial financing gap. The recent formation of a creditor committee, co-chaired by China and France, and their statement urging negotiations for debt treatments underscore the inevitability of another round of domestic debt restructuring for the country. This article will examine the factors leading...

July 3, 2023

NewsGhana, Pension Payout

29JunJune 29, 2023

Ghana. Pensioner bondholders suspend picketing at Finance Ministry

The Pensioner Bondholders Forum has suspended its planned picketing at the Finance Ministry to protest the non-payment of outstanding coupons. This follows the resumption of payments of the coupons by government on June 27. On June 22, the pensioner Bondholders began a third round of picketing at the Finance Ministry to demand seven outstanding coupons following which government has begun payment. The pensioners say a planned protest scheduled for today, June 29 has been suspended due to the show of commitment by...

June 29, 2023

NewsGhana, Payout

23JunJune 23, 2023

Ghana. Pensioners Bondholders begin third round of picketing

Members of the Pensioners Bondholders Forum have begun a third round of picketing at the Ministry of Finance to demand payments on due coupons, principals, and interest on bonds. The picketing is set to be carried out on Thursdays and Fridays of every week until government honours its obligation to bondholders. Speaking in an interview on the first day of picketing, Dr Adu Anane Antwi, the convener of the Forum, said that although the Government said it has directed the Controller...

June 23, 2023

NewsGhana, Pension Payout, Public Pensions

20JunJune 20, 2023

Ghana’s pensions authority seeks support from development partners — As SECO project comes to an end

The National Pensions and Regulatory Authority (NPRA) is asking for support from the World Bank and other development partners for continuous technical training for the effective operationalisation of its Risk Based Supervision (RBS) System. The RBS systems which was developed in 2019 through the help of the Swiss State Secretariat of Economic Affairs (SECO) is aimed at streamlining the supervisory and regulatory mandate of the authority. It was also designed to help the authority to stay abreast with the emerging pensions...

June 20, 2023

NewsGhana, Operations, Risk, supervision

September 2023

Ghana. Financial sector assets see 95% growth

Ghana. NPRA to prosecute employers who default in paying pensions

August 2023

Ghana Restructures $4 Billion in Latest Domestic Debt Exchange

Ghana Buys Time as Pension Funds to Swap $2.7 Billion of Debt

Govt targets pension funds in renewed debt exchange

July 2023

Ghana: Govt Owes Pension Schemes Gh¢2.6 Billion… Finance Minister Reveals

Ghana. Inevitable 2nd round of DDEP: Will organized labor sacrifice pension funds?

June 2023

Ghana. Pensioner bondholders suspend picketing at Finance Ministry

Ghana. Pensioners Bondholders begin third round of picketing

Ghana’s pensions authority seeks support from development partners — As SECO project comes to an end