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VICE PRESIDENT ASSURES BOND HOLDERS AND POTENTIAL INVESTORS OF SOUND ECONOMIC MANAGEMENT

During a one day visit to the UK on Tuesday, 18th April 2017, the Vice President of the Republic of Ghana, Dr. Mahamudu Bawumia met with bond investors and other potential investors in a non-deal roadshow at the Corinthia Hotel in London. With him on the roadshow were Senior Minister Hon. Yaw Osafo-Marfo, Minister for Finance Hon. Ken Ofori-Atta, Deputy Minister of Energy Hon. Muhammed Amin Adam, Governor of the Bank of Ghana Dr. Ernest Addison, the CEO of the Ghana Investment Promotion Centre Mr. Yoofi Grant, and the Presidents Advisor on Media and Special Projects Mrs. Oboshie Sai-Cofie.

The Finance Minister Hon. Ken Ofori Atta on his part, spoke about the 15 year Euro Bond which had been issued and had raised about USD2.25bn. He said that the cedi had stabilised and even gained value in some instances, proving that investors were confident in the countrys economy. He mentioned that government was seriously tackling corruption, and that 50,000 ghost names had been deleted from government payroll saving the country an amount of GHc 3million.


The non-deal Roadshow highlighted the governments commitment to adopt and implement policies that will boost investor confidence in the economy to drive growth and create jobs. To this end, the government will enforce fiscal discipline, curb inflation and interest rate, and invest in private sector-led growth.

The Roadshow covered the following areas to restore investor confidence:
1. The economic agenda of the government
2. The governments plan for growth and jobs
3. The current fiscal and future debt position of the country
4. The monetary and external position of the country
5. Revenue growth
6. Expenditure management
7. Debt management
8. Public sector wage bill
9. Capping of earmarked funds

Overall, the Bond holders and potential investors were highly optimistic about the future of the economy given the commitment of Government to effectively implement its policies.

Later that evening, the Vice President and his delegation met with a cross section of the Ghanaian community in the United Kingdom at the Belgrave Square office of the Ghana High Commission. The discussions focused on key achievements of the Government during its first 100 days in office as well as its plans for the years ahead. Among the notable 100 day achievements, according to the Vice President, was the decision of the government to cancel 20 power purchase agreements (PPAs) which has saved the country USD300 million. He mentioned that the terms of these PPAs were highly unfavourable to the country, that while independent power producers were charging 17cents per kilowatt hour of electricity in Ghana, the same unit of electricity was going for 10 cents in other countries in the West African sub region. He emphasized that government was keen to ensure that Ghana derived value for money in its transactions with investors.

Vice President Dr. Bawumia also talked about the Governments early fulfilment of some of its manifesto and campaign promises. He mentioned the restoration of allowances for trainee teachers and nurses and the lifting of the freeze on hiring about 11,000 teachers and nurses who had completed their training but had not been employed.

The delegation answered questions from the audience in relation to the economy and the governments priorities and programmes. They departed to Washington DC the following day to attend the World Bank Spring Meeting.