IMF affirms commitment to ensure Ghana’s recovery remains strong

The Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva has assured of the commitment of the Fund to ensure that Ghana’s economic recovery remains strong.

She commended the government of Ghana for the progress made under the debt restructuring.

In a post on her X page in relation to the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group held last week, she said “Great meeting with Finance Minister Adam (@oofmghana) & @BankOfGhana  Governor Addison.

“I applauded Ghana’s remarkable progress on debt restructuring and the recent staff-level agreement on the third programme review. Our commitment to supporting Ghana’s recovery remains strong.”

The Finance Minister Dr. Mohammed Amin Adam said that the Domestic Debt Exchange Programme (DDEP) saved Ghana a staggering $12 billion.

Speaking on a panel discussion held as part of the 2024 Annual Meetings on Wednesday, October 23, the Minister stated that the DDEP had been an instrumental policy measure in addressing Ghana’s financial difficulties and alleviating its debt load, creating a more sustainable fiscal environment.

According to Dr. Amin Adam, the DDEP, launched in December 2022, was a monumental success that laid the groundwork for broader debt restructuring efforts.

“The DDEP was a great success, and we followed that with the restructuring of our bilateral debt, which was also very successful. This led to significant savings of about $2.8 billion. Following this, the restructuring of our Eurobonds, which is about $13 billion, was concluded in the first week of this month, marking 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. So, between the bilateral creditors and the Eurobonds, we are talking about savings of about $12 billion. We think this is a great success, and we are still working on restructuring our commercial creditors involving about $2.7 billion, which we are working very hard to conclude,” he said.

 

 

 

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