Audio By Carbonatix
The Finance Minister, Dr. Mohammed Amin Adam, has revealed that Ghana saved an impressive $12 billion through the successful implementation of the Domestic Debt Exchange Programme (DDEP).
Speaking during a panel discussion at the 2024 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group on October 23, Dr. Amin Adam stressed the significant impact of the DDEP on Ghana’s fiscal stability.
The panel, which focused on the challenges low-income countries face in managing debt, discussed how Ghana's DDEP has helped address the nation's financial struggles.
Dr. Amin Adam explained that the programme, introduced in December 2022, was designed to reduce the government's debt service obligations, providing a much-needed fiscal relief in a challenging global economic environment.
He noted that the DDEP played a critical role in creating a more sustainable financial framework for the country.
The Karaga Member of Parliament also stated that by requiring domestic bondholders to exchange their existing bonds for new ones with adjusted terms, the programme helped lighten the government’s debt burden, making it more manageable.
The Finance Minister praised the programme as a key element of Ghana’s broader debt restructuring strategy, which has been instrumental in mitigating the nation’s economic challenges.
He also highlighted that the successful execution of the DDEP has set the stage for ongoing efforts to restructure the country’s debt.
Dr. Amin Adam further disclosed that the government is now working on restructuring about $2.7 billion in debt with its commercial creditors, a move aimed at further alleviating Ghana's financial pressures and stabilizing the economy.
“The DDEP was a great success and we followed that with the restructuring of our bilateral debt, which was also very successful and this led to a significant savings of about $2.8 billion and then following this, the restructuring of our Eurobonds which is about $13 billion, which was concluded in the first week of this month which is another great success."
“The benefits we have derived from this so far include an outright debt cancellation of about $5 billion and another debt service relief of about $4.3 billion and so between the bilateral creditors and the Eurobonds, we are talking about savings of about $12 billion and we think this is a great success and we are still having an outstanding restructuring with our commercial creditors involving about $2.7 billion and we are working very hard to conclude that," he stated.
Latest Stories
-
UK Investment Roadshow opens in London to advance UK-Ghana growth partnership
8 minutes -
Assemblies of God requires pastors to resign before entering partisan politics – Rev. Wengam
18 minutes -
Ghana targets 20% annual reduction in maternal deaths – Health Minister
23 minutes -
Cyber attacks in Africa grow faster than global rate, report finds
25 minutes -
Ghana signs UAE deal to create 5,000 overseas jobs
32 minutes -
One Million Coders Programme targets 100,000 digital jobs in two years – Sam George
35 minutes -
John Jinapor, Italian Ambassador explore opportunities for energy sector investment
37 minutes -
NHIA seeks legal reforms to support Free Primary Healthcare
41 minutes -
Beatrice Annan defends Afi Agbenyo’s EC appointment, cites record of gender advocacy
44 minutes -
Ghana seeks investment deals in Bangkok amid global economic crises
48 minutes -
IMF raises Ghana’s 2026 growth forecast to 5.7%, sees inflation falling to 4.8%
49 minutes -
Ablakwa urges Africans not to view immigrants as threat to national progress
54 minutes -
Mahama Cares must fund treatment, not looting – Asogli chiefs
55 minutes -
Ghana’s economic salvation lies not in shifting geo-political allegiances – Dr Atuahene
58 minutes -
BoG proposes tougher rules on loan repayment assessment
1 hour