Debt Restructuring: We’ve secured $8 Billion and will not service our debt till 2026 – Amin Adam
![](https://cdn.classfmonline.com/imagelib/thumbs/25005734.jpg)
Ghana has achieved a monumental financial milestone, securing USD8 billion in debt relief following the completion of its extensive debt restructuring programme.
This was announced by Finance Minister Dr. Mohammed Amin Adam during his mid-year budget review presentation to Parliament on Tuesday, 23 July, 2024.
Dr. Amin Adam elaborated on the success of the Debt Restructuring programme, which addressed USD5.1 billion in debt with the Official Creditor Committee (OCC).
“We have completed the Debt Restructuring programme with the Official Creditor Committee (OCC), covering USD5.1 billion dollars resulting in approximately USD8 billion of debt relief.
“This means that we will not service our debt to our official creditors from 2023 to 2026,” he revealed.
Beyond this significant relief, Dr. Adam announced that the government has secured about USD1.6 billion as a credit facility from the International Monetary Fund (IMF).
This financial boost is expected to further stabilise Ghana’s economic landscape.
The Finance Minister also revealed that negotiations with Eurobond holders have concluded successfully, resulting in an additional USD13.1 billion for the nation.
This negotiation will "lead to a cancellation of USD4.7 billion of our debt and provide debt service relief of USD4.4 billion between 2023 and 2026," Dr. Amin Adam explained.
Highlighting further savings, the Minister discussed the renegotiated Purchasing Power Agreements (PPAs) with Independent Power Producers, projected to save Ghana USD6.6 billion over the agreements' lifetimes.
“We have concluded negotiations with five of the seven Independent Power Producers, leading to substantial savings,” he noted.
Source: classfmonline.com/Elikem Adiku
Trending News
24-hour economy’ll ruin businesses like Abossey Okai; even God who created the world sleeps at night – Napo
12:26VRA workers oppose proposed merger with Bui Power Authority
03:44Recall of Parliament an ‘act in bad faith’ – Bagbin
17:20Dec. 7 polls: Bawumia calls for peace, promises reforms on tour of Greater Accra
12:34PNC postpones nat’l delegates congress again, sets new date for Sept. 7
22:53Atta Kyea defends President Akuffo Addo on failed galamsey fight
10:07Greater Accra NPP Chairman confident of winning nine additional seats
03:33O'Reilly SHS student arrested for stabbing classmate to death
17:01Grain smuggling does not warrant military deployment – Col Aboagye
15:37Ghana signs milestone nuclear cooperation agreement with U.S. at US-Africa Summit
12:51