{"id":1261917,"date":"2022-12-06T01:19:31","date_gmt":"2022-12-06T01:19:31","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/12\/06\/70-of-ghanas-revenues-use-to-service-debt-ofori-atta\/"},"modified":"2022-12-06T01:19:31","modified_gmt":"2022-12-06T01:19:31","slug":"70-of-ghanas-revenues-use-to-service-debt-ofori-atta","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/12\/06\/70-of-ghanas-revenues-use-to-service-debt-ofori-atta\/","title":{"rendered":"70% Of Ghana&#8217;s Revenues Use To Service Debt- Ofori-Atta"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Ken Ofori-Atta <\/strong><\/p>\n<p>Finance Minister, Ken Ofori-Atta says debt servicing cosumes almost all government funds.<\/p>\n<p>According to him, 70 percent of tax revenues in the country are used to service debt.<\/p>\n<p>Mr. Ofori-Atta announced this when launching debt exchange programme in Accra on Monday December 5, 2022.<\/p>\n<p>He said the programme has become necessary because of the enormous challenges with debt servicing.<\/p>\n<p>He said \u201cdebt servicing consumes\u201d almost all government\u2019s revenue and also 70 per cent of tax revenue.\u201d<\/p>\n<p>He continued that \u201cWhich is why we are announcing this to restore our capacity to service debt.\u201d<\/p>\n<p>Touching on the debt exchange programme, the Finance Minister explained that, \u201ddomestic bond holders will be asked to exchange their instruments for new ones.\u201d<\/p>\n<p>He continued \u201cExisting domestic bonds as of 1st December will be exchanged for a set of four new bonds maturing in 2027, 2029, and 2037.\u201d<\/p>\n<p>The annual coupons on all of these bonds will be set at 0% in 2023, 5% in 2024 and 10% from 2025 until maturity.<\/p>\n<p>\u201cCoupon payments will be semi annual,\u201d according to him.<\/p>\n<p><strong>By Vincent Kubi<\/strong><\/p>\n<p><!-- AI CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ken Ofori-Atta Finance Minister, Ken Ofori-Atta says debt servicing cosumes almost all government funds. According to him, 70 percent of tax revenues in the country are used to service debt. Mr. Ofori-Atta announced this when launching debt exchange programme in Accra on Monday December 5, 2022. He said the programme has become necessary because of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1120051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[1580,250,2089,7342,185],"class_list":["post-1261917","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-debt","tag-ghanas","tag-oforiatta","tag-revenues","tag-service"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1261917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1261917"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1261917\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1261917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1261917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1261917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}