{"id":1261977,"date":"2022-12-06T06:31:47","date_gmt":"2022-12-06T06:31:47","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/12\/06\/debt-servicing-consumes-70-of-tax-revenue-almost-of-all-govts-funds-ofori-atta\/"},"modified":"2022-12-06T06:31:47","modified_gmt":"2022-12-06T06:31:47","slug":"debt-servicing-consumes-70-of-tax-revenue-almost-of-all-govts-funds-ofori-atta","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/12\/06\/debt-servicing-consumes-70-of-tax-revenue-almost-of-all-govts-funds-ofori-atta\/","title":{"rendered":"Debt servicing consumes 70% of tax revenue; almost of all govt&#8217;s funds &#8211; Ofori-Atta"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"424\"  alt=\"\" title=\"Ken-Ofori-Atta-1-637x424\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/09\/Ken-Ofori-Atta-1-637x424-1.jpeg\" data- class=\"entry-thumb td-modal-image lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"424\" class=\"entry-thumb td-modal-image\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/09\/Ken-Ofori-Atta-1-637x424-1.jpeg\"   alt=\"\" title=\"Ken-Ofori-Atta-1-637x424\"\/><\/noscript><figcaption class=\"wp-caption-text\">Finance Minister Ken Ofori-Atta<\/figcaption><\/figure>\n<\/div>\n<p><strong>The Finance Minister Ken Ofori-Atta has justified the introduction of the debt exchange programme as announced in the 2023 budget statement.<\/strong><\/p>\n<p>He said the programme has become necessary because of the enormous challenges with debt servicing.<\/p>\n<p>Launching the programme in Accra on Monday December 5, he revealed that debt servicing is consuming \u201calmost of government\u2019s revenue and also 70 per cent of tax revenue.\u201d<\/p>\n<p>\u201cWhich is why we are announcing this to restore our capacity to service debt,\u201d he stressed.<\/p>\n<p>Under the debt exchange programme, he said, \u201d domestic bond holders will be asked to exchange their instruments for new ones.\u201d<\/p>\n<p>He added \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 \u2018 he stressed.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-273157 ls-is-cached lazyloaded td-animation-stack-type0-2\"   alt=\"\" width=\"686\" height=\"960\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/12\/FB_IMG_1670194000672.jpg\" data-\/><\/figure>\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-273156 ls-is-cached lazyloaded td-animation-stack-type0-2\"   alt=\"\" width=\"693\" height=\"960\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/12\/FB_IMG_1670194005340-1.jpg\" data-\/><\/figure>\n<p>\u00a0<\/p>\n<p><strong>By Laud Nartey|3news.com|Ghana<\/strong><\/p>\n<p>\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister Ken Ofori-Atta The Finance Minister Ken Ofori-Atta has justified the introduction of the debt exchange programme as announced in the 2023 budget statement. He said the programme has become necessary because of the enormous challenges with debt servicing. Launching the programme in Accra on Monday December 5, he revealed that debt servicing is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1212713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[29603,1580,4249,10629,2089,2023,17293,1564],"class_list":["post-1261977","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-consumes","tag-debt","tag-funds","tag-govts","tag-oforiatta","tag-revenue","tag-servicing","tag-tax"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1261977","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=1261977"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1261977\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1261977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1261977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1261977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}