Business

Gov’t engages investors; briefs them on Ghana’s economic performance

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Finance Minister, Ken Ofori-Atta

Government has embarked on a three-day non-deal investor roadshow to engage with both offshore investors (Banks and Fund Managers) and onshore investors to update them on Ghana’s recent economic performance and outlook.

The Finance Ministry is optimistic in the wake of engagements with investors, held from January 20 to January 24, 2022.

The engagements were led by senior officials from the Ministry of Finance and the Bank of Ghana.

According to a statement from the Finance Ministry, the roadshow, among other things, provided the opportunity for Government to respond to questions or concerns.

The Finance Ministry noted that these investors have assets under management in excess of US$4 trillion.

“They also actively participated in Ghana’s Eurobond Issuance Programme and have been keenly following the Ghana development story.”

“As a government, we felt it necessary to speak directly with our investor base and assure them of the steady progress being made towards an economic rebound anchored on fiscal consolidation and debt sustainability, as we have done in the past.”

The government feels that these engagements have been “largely successful” and the feedback received so far “has been encouraging”.

“We have observed that Ghana’s Eurobonds spreads have started to tighten across the curve, meaning that the engagement was successful and had an impact. It is important, I reiterate that these engagements over the past 3-days have impacted the market positively and concerns of investors over the economy in particular, on the 2022 budget have been addressed.”

In addition to engagements with offshore investors, the Finance Ministry also said it met the domestic investor community.

The local engagements touched on the policy to cut 2022 expenditure by 20% across the board, the 2021 Economic performance and outlook; Ghana’s relationship with the IMF; the status of the E-Levy Bill and the 2022 revenue targets.

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