{"id":241431,"date":"2016-08-21T18:00:27","date_gmt":"2016-08-21T18:00:27","guid":{"rendered":"http:\/\/citifmonline.com\/?p=241431"},"modified":"2016-08-21T18:00:27","modified_gmt":"2016-08-21T18:00:27","slug":"municipal-bonds-issue-to-delay-sec","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/08\/municipal-bonds-issue-to-delay-sec\/","title":{"rendered":"Municipal bonds issue to delay &#8211; SEC"},"content":{"rendered":"<p><strong>Citi Business News<\/strong> has gathered that Metropolitan, Municipal and District Assembly\u2019s quest to issue bonds on the Ghana Stock Exchange (GSE) may take a while.<\/p>\n<p>[contextly_sidebar id=&#8221;VHLM5yF4E0npElv7WzIKmazPt5jFYTVZ&#8221;]This is because the law that will authorize them to issue the bonds to fund their medium and long term needs,\u00a0has still not been sent to Parliament.<\/p>\n<p>This means MMDA\u2019s will have to continue to struggle to finance their projects using the same old sources of financing needs.<\/p>\n<p>Speaking to <strong>Citi Business News,<\/strong> the Director General of the Securities and Exchange Commission (SEC), Dr. Adu Anane Antwi said the municipal bond can only be issued when Parliament passes a law which will determine the structure of borrowing on the GSE.<\/p>\n<p>\u201cThe Municipal Finance Bill is yet to go to Parliament. I&#8217;m not even too sure if it has gone to cabinet for approval, so until the bill is passed into law, we cannot say municipal bonds are\u00a0going to be issued.\u201d<\/p>\n<p>He added,\u201cThe bill is expected to give municipal authorities the power to borrow because the structure of the bill is that either they are going to establish a municipal authority which is going to do the borrowing on behalf of the municipalities or the bill will allow the municipalities to borrow themselves.\u201d<\/p>\n<p>But Dr. Adu Anane Antwi disclosed that the proponents of the bill are proposing that the borrowing should be done through the municipal financing authority.<\/p>\n<p>\u201cWe have to wait for the final document which will give us headway when it comes out of\u00a0parliament,\u201d he said.<\/p>\n<p>The Minister of Finance, Seth Terkper, last year hinted that government was to soon initiate municipal bonds issue to access funds from the capital market to meet the ever-mounting infrastructure obligations of Metropolitan, Municipal and District Assemblies.<\/p>\n<p>The move is expected to provide cheap funds from the capital market to meet the ever-mounting infrastructure obligations of Metropolitan, Municipal and District Assemblies.<\/p>\n<p>This would enable the ministry to source funds for the district assemblies for development projects without depending too much on the national budget.<\/p>\n<p>This was to deal with the falling tax revenue, yawning budget deficit and the fiscal squeeze at the local level.<\/p>\n<p>&#8220;Instituting a strong regulatory framework that will prevent Metropolitan, Municipal and District Assemblies (MMDAs) from engaging in multiple borrowing and incurring unsustainable debts \u00a0which would ultimately be passed on to the central government is among the important challenges being addressed,&#8221; Seth Terpker stressed.<\/p>\n<p>&#8211;<\/p>\n<p>By: Norvan Acquah \u2013 Hayford\/citibusnessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Citi Business News has gathered that Metropolitan, Municipal and District Assembly\u2019s quest to issue bonds on the Ghana Stock Exchange (GSE) may take a while. [contextly_sidebar id=&#8221;VHLM5yF4E0npElv7WzIKmazPt5jFYTVZ&#8221;]This is because the law that will authorize them to issue the bonds to fund their medium and long term needs,\u00a0has still not been sent to Parliament. This means [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":229327,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32,171,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Municipal bonds issue to delay - SEC - Citi 97.3 FM - Relevant Radio. 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