• About
  • Advertise
  • Privacy Policy
  • Contact
Friday, February 3, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Pay Heed To The Concerns Of Insurance Firms- Bright Simons

January 24, 2023
Gifty BansahbyGifty Bansah
in Finance
0
Pay Heed To The Concerns Of Insurance Firms-Bright Simons

The Vice President of Imani Africa, Mr. Bright Simons

Regarding government’s new agreement made with banks, the Vice President of Imani Africa, Mr. Bright Simons has indicated that there has still been no progress made with the association of insurance firms.

“Ghana’s Finance Ministry has made progress with banks and capital market players on the debt exchange. The gap between the two parties on the coupon rate has narrowed. Still no progress with insurance firms, offshore investment and individuals.”

Mr. Bright Simons

According to Mr. Simons, government has gained a plus in getting the association of banks adhering to the implementation of DDEP in their activities, but a minus in relation to liquidity.

“Still no reason to adjust earlier forecast that government will get 30% of the liquidity relief envisaged in the provisional IMF. So, if the government wants speed, it will have to get less debt relief. But this may delay the IMF board approval as fiscal numbs have to be reworked. Hence, Participation = +, Liquidity Relief = -.”

Mr. Bright Simons

He therefore criticized government’s approach to the debt exchange program as ‘fairly abnormal’. “The approach and agreement especially with the bank is based on a headlong rush to meet the said deadline, and that will be a major problem in the long run,” he said.

RelatedPosts

GCB Bank Honors Its Pledge To UCC With A Cheque Of GH¢300,000

Stanbic Bank Ghana Ranks Best Local Bank In Customer Service

DDEP: An Ample Time To Consult, Engage Stakeholders Would Have Been The Solution- Prof. Lord Mensah

Expressing his displeasure to government’s effort in attending to the needs of banks while ignoring the cry of insurance, Mr. Simons divulged that the only reason this is happening is government’s persistent failure to face out the fact that Ghana’s debt was unsustainable.

Further situating Ghana’s context to others around the world, he noted that although countries have gone through a similar restructuring, the government “should not try to suggest a supreme debt default,” he added.

GAB, Government Reach An Agreement On Banks’ Participation In DDEP

After several deliberations of banks inclusion in the domestic debt exchange program (DDEP), the Ghana Association of Banks (GAB) has finally reached an agreement with the government in relation to the implementation of DDEP in banks’ operations.

In a joint statement from the Finance Ministry and the Ghana Association of Banks, the Government of Ghana has made a significant progress on the terms of banks participation in DDEP.

Government Reaches An Agreement With GAB 1
Government reaches an agreement with GAB

The new agreement reached between the two parties encompasses final improvements and amendment made to the terms of the domestic exchange program, in order to reduce the projected negative impact of the program on the banking sector.

According to GAB, the new agreement arrived at includes an agreement to pay 5% coupon for 2023 and a single coupon rate for each of the twelve (12) new bonds resulting in an effective coupon rate of 9%.

In addition, the agreement further consists of a clarity on the operational framework and terms of access to the Ghana Financial Stability Fund (GFSF), and the removal or amendment of all clauses in the Exchange Memorandum that empowers the Republic to, at its sole discretion, vary the terms of the Exchange.

In the statement released, GAB disclosed that the participation of its member banks in the DDEP is dependent on individual bank’s internal governance and approval processes.

Nevertheless, GAB has urged its member banks to accept their  participation and communicate not later than January 30, 2023.

“This is a significant milestone towards addressing our economic challenges, and will thus help to restore macro-economic stability and accelerate Ghana’s economic growth. With this achievement, the Government of Ghana reiterates its commitment to concluding the DDEP in time with all other stakeholders.”

Ghana Association Of banks

According to the finance minister, this agreement is a major step forward in government’s efforts to conclude the DDEP in time with all other stakeholders.

“We are committed to working closely with the GAB and other stakeholders to ensure the success of the domestic debt exchange program.”

The Minister of Finance, Ken Ofori-Atta

Read More : Government Misappropriates Funds Intended to Be Used To Fight Against Covid-19 – Auditor General’s Report

Tags: Domestic Debt Exchange Programme (DDEP)Ghana Association of Banks (GAB)IMANI AfricaMr. Bright Simons

Related Posts

GCB Bank Honors Its Pledge To UCC With A Cheque Of GH¢300,000
Banking

GCB Bank Honors Its Pledge To UCC With A Cheque Of GH¢300,000

February 3, 2023
Stanbic Bank Ghana Ranks Best Local Bank In Customer Service
Banking

Stanbic Bank Ghana Ranks Best Local Bank In Customer Service

February 3, 2023
DDEP: An Ample Time To Consult, Engage Stakeholders Would Have Been The Solution- Prof. Lord Mensah
Finance

DDEP: An Ample Time To Consult, Engage Stakeholders Would Have Been The Solution- Prof. Lord Mensah

February 3, 2023
AfDB Trains Its Regional Member Countries On Strategic And Operational Application Of Fragility Lens
Banking

AfDB Trains Its Regional Member Countries On Strategic And Operational Application Of Fragility Lens

February 2, 2023
Does This Make England’s Case Any Better Than Ghana’s?
Banking

Does This Make England’s Case Any Better Than Ghana’s?

February 2, 2023
Fitch Solutions Conveys Optimism For Ghana’s IMF Approval, Discloses Failure In IMF’s Approval Will Weaken Investment Sentiment
Finance

Fitch Solutions Convey Optimism For Ghana’s IMF Approval, Discloses Failure In Approval Will Weaken Investment Sentiment

February 2, 2023

Leave a Reply Cancel reply

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

Previous Post

Ardern Makes Final Public Appearance As Prime Minister

Next Post

BoG’s 110th Monetary Policy Committee Meeting Begins Today, January 24, 2023

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
GCB Bank Honors Its Pledge To UCC With A Cheque Of GH¢300,000
Banking

GCB Bank Honors Its Pledge To UCC With A Cheque Of GH¢300,000

by Priscilla Dziedzorm FiakpornuFebruary 3, 2023
AGI welcomes establishment of National Development Bank
Vaultz Business

AGI Urges PURC To Maintain Tariffs For Beverage Sector Companies

by Angeller AshongFebruary 3, 2023
US Seeks To Expel Russian Mercenaries From Sudan And Libya
USA

US Seeks To Expel Russian Mercenaries From Sudan And Libya

by Comfort AmpomaaFebruary 3, 2023
McDan Group CEO Blames Slow Economic Development on Lack of Indigenous Businesses in Key Sectors
Vaultz Business

McDan Group CEO Blames Slow Economic Development on Lack of Indigenous Businesses in Key Sectors

by Stephen M.CFebruary 3, 2023
NPP flagbearership: Alan Kyerematen Visits Otumfuo Osei Tutu At The Manhyia Palace
General News

Vote For A Candidate Ghanaians Will Prefer – Alan Kyerematen To Delegates

by Samuel Yeboah OtibuFebruary 3, 2023
AfDB, Government of Canada Announces New Special Fund Facility To Cushion SMEs in Agriculture
Agribusiness

AfDB, Government of Canada Announces New Special Fund Facility To Cushion SMEs in Agriculture

by Gifty BansahFebruary 3, 2023
GCB Bank Honors Its Pledge To UCC With A Cheque Of GH¢300,000
AGI welcomes establishment of National Development Bank
US Seeks To Expel Russian Mercenaries From Sudan And Libya
McDan Group CEO Blames Slow Economic Development on Lack of Indigenous Businesses in Key Sectors
NPP flagbearership: Alan Kyerematen Visits Otumfuo Osei Tutu At The Manhyia Palace
AfDB, Government of Canada Announces New Special Fund Facility To Cushion SMEs in Agriculture
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In