Amin Adam Assures Ghanaians Debt Restructuring Losses Will Be Recovered By End Of 2026
- The government of Ghana has assured Ghanaians that all those who suffered haircuts as a result of the DDEP would be smiling to the bank in two years
- The Finance Minister said the country's current economic outlook is a positive indicator of economic recovery
- He said the government has implemented several policies aimed at sustaining this economic recovery
The government has assured Ghanaians that the losses incurred due to the Domestic Debt Exchange Programme (DDEP) would be recovered by the end of 2026.
The Finance Minister, Dr Mohammed Amin Adam, gave the assurance during a monthly press briefing in Accra on Tuesday, December 3.
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He stated that his assurances are based on the expectation of an economic rebound and positive improvements in the country’s macroeconomic indicators by the end of 2026.
He said the economic rebound would be possible largely because of the government’s commitment to implementing long-term policies that will enable sustainable economic recovery.
He said these policies will restore economic stability and create the necessary conditions for investment recovery within two years.
“I know they will be smiling to the bank,” he said.
Amin Adam further pledged to honour all restructured debts, given the economy’s positive outlook.
He said that with a sustained positive outlook, the government would be able to fulfil its obligations in a timely manner.
He disclosed that the government was on track to settle its obligations to Eurobond holders before the January 2025 maturity date.
He assured that the government would not default on its debt obligations and would do everything possible to ensure Ghana is readmitted into the international capital market.
Domelevo accuses government of robbery
Former Auditor-General Daniel Yao Domelevo has blasted the government for not fulfilling its promise to transition Ghana’s economy from a tax-dependent model to one focused on production.
According to Domelevo, instead of reducing reliance on taxation, the government has become overly tax-dependent to the point of what he described as robbery.
The former Auditor-General said the Domestic Debt Exchange Programme (DDEP) exemplified this phenomenon.
He stated that the government had unfairly burdened citizens with huge cuts in their investments and grossly undermined public trust in the government’s financial commitments.
He expressed concern that Treasury bills may suffer a similar fate if the government continues to manage its financial resources poorly.
Adam says 2024 inflation will settle at 15%
YEN.com.gh reported that Finance Minister Dr Mohammed Amin Adam said Ghana’s inflation rate will likely reach 15% by the end of 2024.
He said this is largely due to the Akufo-Addo administration working hard despite Ghana's economic challenges.
He said that if the NPP government were given the nod in the 2024 elections, it would bring inflation down further.
Proofread by Samuel Gitonga, Copy Editor at YEN.com.gh
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Source: YEN.com.gh
