Government Announces Official End To Debt Restructuring Programme
- The government has announced an official end to the debt restructuring programme with its official creditors
- The announcement was made by the Finance Minister, Dr Mohammed Amin Adam, at a UK town hall meeting over the weekend
- He noted that the negotiation process had been meticulous and had saved Ghana a few billion dollars
Dr Mohammed Amin Adam, the Finance Minister, says Ghana’s debt restructuring programme with its official creditors has ended.
He said the government has successfully restructured its debt of $5.1 billion with its official creditors and has concluded a restructuring of $13.1 billion with Eurobond holders.
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He said the government, following the debt restructuring, is poised to make $2 billion in savings.
An additional $8 billion in savings will be made from restructuring debt with the Eurobond holders.
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Speaking at a UK town hall meeting over the weekend, he said the government had been very strategic and meticulous in its negotiations, which resulted in the projected savings.
He urged Ghanaians to scrutinise the fine print when the documents supporting the deals are released.
Akufo-Addo orders GH¢1.5 billion bailout for banking sector clean-up victims
The finance minister also announced that Akufo-Addo has directed that GH¢1.5 billion be released to victims of the banking sector clean-up.
He noted that while it is not the government's responsibility to refund monies citizens have lost as a result of their own investment choices, the aftermath of the banks’ collapse has caused the government much worry, leading to the president’s decision.
He noted that the Akufo-Addo-led administration is caring, hence the decision to support those who lost their funds in the clean-up.
Amin Adam stated that between June and October, the government would release GH¢1.5 billion to the affected people to avert further disasters.
Amin Adam noted that this would be the second rollout of bailout funds to affected individuals.
IMF approves second tranche of bailout
YEN.com.gh reported that the IMF agreed to disburse a second tranche of $600 million to Ghana through a three-year bailout programme.
The payout was approved after the government restructured its debt owed to some bilateral creditors.
At a press conference in Ghana on Friday, January 19, 2024, an IMF rep said the cash disbursement was imminent.
The IMF also said Ghana met all quantitative performance criteria and almost all indicative targets and structural benchmarks for the first review.
Proofread by Edwina N.K Quarcoo, journalist and copy editor at YEN.com.gh.
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Source: YEN.com.gh
