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Tag: Albert Essien

  • Government sets up 5-member committee to lead financial sector in finalizing IMF deal

    A 5-member Consultative Committee has been set up by the government to lead extensive stakeholder engagement as the country negotiates with the International Monetary Fund (IMF).

    Before a deal with the IMF for an economic programme is finalised, the committee, which is made up of eminent members of the financial services industry, will review opinions from financial sector players on how to address issues in the financial sector.

    They will also provide guidance and, among other things, lead conversations with the financial services industry and other stakeholders in order to provide industry-wide input and relay industry concerns about debt management strategy to the Ministry of Finance and the Bank of Ghana.

    The Committee, according to the Finance Ministry, is chaired by Albert Essien, with Simon Dornoo as vice chair.

    Mr Essien is the Board Chairman of Ghana Amalgamated Trust. He holds a Bachelor of Arts degree in Economics from the University of Ghana, Legon, and is a fellow of the Chartered Institute of Bankers, Ghana.

    The committee also includes Peter Enti, Mabel Nyarkoa Porbley, and Alex Asiedu.

    According to the Ministry of Finance, the 5-member team will “will immediately get to work to engage key stakeholders in the financial services sector, in addition to ongoing engagements with Civil Society Organizations (CSOs), social partners (labour unions, employers, and FBOs), academia, industry professionals, and the leadership of Parliament.” The government, as part of efforts to restructure the country’s economic debt, is still in talks with the IMF on the country’s medium- term macro-fiscal framework.

    The IMF team, which has reaffirmed its commitment to assisting Ghana in its current economic difficulties, has conducted a debt sustainability analysis (DSA) to help inform the economic programmes required to put the country’s debt levels on a sustainable path in the medium term.

    So far, the IMF programme is hinged on seven (7) pillars, namely: Debt Sustainability, Fiscal Consolidation, Strengthening Monetary and Exchange Rate Policies, Building Strong Financial Institutions, Macro-Critical Structural Reforms, Maintaining Peace and Security, and Economic Growth and Transformation.

    Source: The Independent Ghana

  • Debt management strategy: 5-member committee to engage financial sector players

    A five-member committee has been established by the government to coordinate discussions on managing Ghana’s debt with participants in the financial sector.

    According to a statement released by the Ministry of Finance on Tuesday in Accra, the committee established by the Ministry of Finance and the Bank of Ghana (BoG) is chaired by Albert Essien, with Simon Dornoo serving as vice chair.

    The action is a part of the government’s efforts to maintain control and confidence in its current negotiations with the International Monetary Fund (IMF).

    The other members of the Committee are Mr Alex Asiedu, Ms Mabel Nyarkoa Porbley, and Peter Enti.

    The statement noted, “The Committee will be consultative and will among other things lead discussions with the financial services industry and other stakeholders to provide industry-wide inputs and transmit industry concerns on debt management strategy to the MoF and BoG.”

    The statement reiterated the Government’s commitment to protecting the domestic financial sector, noting that: “The stability of the domestic financial ecosystem is critical to a successful IMF-supported economic programme.”

    “The government will take all necessary steps to protect the sector as we have done in the past,” the statement said.

    It was noted that the government needed the support and trust of all Ghanaians to ensure that a historic arrangement was reached with the IMF.

    “We are confident that such engagement and collaboration will enable us to recover very quickly and strongly from our current macroeconomic challenges,” the statement noted.

    It was also stated that a similar engagement would be held with Ghana’s external bondholders.

    Ghana is currently engaging with the IMF for a loan facility to support the implementation of its homegrown economic programme to ensure a stable and resilient macroeconomic environment, ensure debt sustainability and maintain social cohesion.

  • Ghana-IMF engagement: Albert Essien chairs 5-member committee leading financial sector inputs

    A 5-member Consultative Committee has been set up by the government to lead extensive stakeholder engagements as the country engages with the International Monetary Fund (IMF).

    The Finance Minister, Ken Ofori-Atta at a press briefing on September 28, 2022 announced that a committee will be set up for some broader stakeholder consultative inputs in finalising any deal with the Fund.

    Astute banker, Albert Essien, will chair the Consultative Committee as Simon Dornoo acts as the vice chair.

    The group will examine views from financial sector players in  banking, asset, management, pensions, and insurance, to deal with issues in the financial sector before reaching a deal with the IMF for an economic programme.

    The other members of the committee are Alex Asiedu, Mabel Nyarkoa Porbley, and Peter Enti.

    The committee will be giving counseling and will among other things, lead discussions with the financial services industry and other stakeholders to provide industry-wide inputs and transmit industry concerns on debt management strategy to the Ministry of Finance and the Bank of Ghana.

    The expectations and goals are to ensure orderliness and confidence in government’s negotiations with the IMF.

    Mr. Essien is a seasoned financial specialist with 30 years of experience in the banking sector.

    He is the former CEO of Ecobank Group. Albert serves on several boards including the Development Finance Institute (Fin Dev), Canada, Old Mutual – South Africa, LMI Holdings as well as Jumo Africa.

    He is also the Board Chairman of Ghana Amalgamated Trust.  Albert holds a Bachelor of Arts degree in Economics from the University of Ghana, Legon and is a fellow of the Chartered Institute of Bankers, Ghana.

    The delegation of representatives from the International Monetary Fund (IMF), which arrived in Ghana on September 26, 2022, have concluded their talks with the Ghanaian government.

    Mr Stephane Roudet, IMF Mission Chief to Ghana, who led the team on Friday, October 7, said his organization and Ghana’s government had constructive discussions on policies aimed at restoring macroeconomic stability.

    According to him, the two parties are “laying the foundation for stronger and more inclusive growth.” “We reaffirm our commitment to support Ghana in these challenging times, consistent with the IMF’s policies,” Mr Roudet added.

    During the second period of engagement, the IMF/World Bank and the government undertook a debt sustainability analysis (DSA) to inform the programme negotiations, since a framework for any debt operations had yet to be established.

    Again, the Fund and the government are now reviewing the country’s medium-term macro-fiscal framework.

    This is looking at a three-year expenditure plan which sets out the medium-term expenditure priorities and budget constraints, as well as focuses on sectors that need to be developed and refined.

    Mr Roudet also noted that “key areas of focus included ensuring public finance sustainability while protecting the vulnerable, bolstering the credibility of monetary and exchange rate policies to reduce inflation and rebuild external buffers, preserving financial sector stability, and steps to encourage private investment and growth, including by improving governance, transparency, and public sector efficiency.”

    Negotiations between the IMF and Ghana are far from over.

    Finance Minister, Ken Ofori-Atta, has revealed that the government and the Fund will carry on with their negotiations on an economic programme for Ghana in Washington, DC, the United States of America (U.S.A.). This is expected to take place this week.

    While speaking at the signing of a $1.13 billion cocoa syndicated loan in Accra, the sector minister asserted that “we are very confident that the discussions that we are having with the Fund will put us in the right landing zone.

     

  • Ghana IMF negotiations: Albert Essien chairs 5-member committee to lead financial sector inputs

    A 5-Member Consultative Committee, led by savvy banker Albert Essien, has been established by the government to coordinate stakeholder engagements in the financial industry in order to reach an agreement with the International Monetary Fund (IMF) about Ghana’s debt restructuring.

    Before agreeing on a financial sector solution with the IMF for an economic program, the group will consider opinions from financial industry participants.

    The organization is distinct from the credit committee, Joy Business has learned.

    Constitution on the Group

    According to the Finance Ministry, the committee is chaired by Albert Essien, with Simon Dornoo as vice chair.

    The other members of the committee are Alex Asiedu, Mabel Nyarkoa Porbley, and Peter Enti.

    The committee will be giving counseling and will among other things, lead discussions with the financial services industry and other stakeholders to provide industry-wide inputs and transmit industry concerns on debt management strategy to the Ministry of Finance and the Bank of Ghana.

    The expectations and goals are to ensure orderliness and confidence in government’s negotiations with the IMF.

    The committee, Joy Business, understands is expected to give more power to the industry players on any decision that government will reach going forward in dealing with Ghana’s debt and the IMF programme.

     Why this consultative group?

    The Finance Minister, Ken Ofori-Atta at a press briefing on September 26, 2022 announced that the committee will be set up for some broader stakeholder consultative inputs in finalising any deal with the IMF for an economic programme.

    Scope of the consultative group?

    The Finance Ministry has also disclosed that a similar engagement will be undertaken with Ghana’s external bondholders.

    “The stability of the domestic financial ecosystem is critical to a successful IMF-supported economic programme and government will take all necessary steps to protect the sector as we have done in the past,” the ministry said.

    “We need the support and trust of all Ghanaians to ensure that a historic arrangement is reached with the IMF. We are confident that with such engagement and collaboration the Ghanaian way, will enable us to recover very quickly and strongly from our macroeconomic challenge”, it said.

    Who is Albert Essien?

    Mr. Essien is a seasoned financial specialist with 30 years of experience in the banking sector.

    He is the former CEO of Ecobank Group. Albert serves on several boards including the Development Finance Institute (Fin Dev), Canada, Old Mutual – South Africa, LMI Holdings as well as Jumo Africa.

    He is also the Board Chairman of Ghana Amalgamated Trust.  Albert holds a Bachelor of Arts degree in Economics from the University of Ghana, Legon and is a fellow of the Chartered Institute of Bankers, Ghana.