Dr. Mohammed Amin Adam<\/strong><\/p>\n\u00a0<\/p>\n
In a groundbreaking revelation, Finance Minister Dr. Mohammed Amin Adam has announced that Ghana has achieved substantial debt relief amounting to $2.8 billion following the government\u2019s successful completion of debt restructuring processes.<\/p>\n
During his presentation of the mid-year budget review to Parliament on Tuesday, July 23, 2024, Dr. Amin Adam highlighted that this momentous development will grant Ghana respite from servicing debt obligations to official creditors until 2026.<\/p>\n
The Minister elaborated on the milestone achievement, stating, \u201cWe have completed the Debt Restructuring programme with the Official Creditor Committee (OCC), covering US$5.1 billion dollars resulting in approximately 8 billion US Dollars of debt relief. This means that we will not service our debt to our official creditors from 2023 to 2026.\u201d<\/p>\n
Furthermore, Dr. Amin Adam disclosed that the government has secured a credit facility totaling about US$1.6 billion from the International Monetary Fund (IMF). Negotiations have culminated with Eurobond holders, consequently garnering $13.1 billion for Ghana.<\/p>\n
This latest development will lead to the cancellation of $4.7 billion of Ghana\u2019s debt and provide debt servicing relief amounting to $4.4 billion between 2023 and 2026, as outlined by the Minister.<\/p>\n
Moreover, Ghana is anticipated to accrue savings of approximately $6.6 billion over the lifetime of the Power Purchasing Agreements (PPAs) due to successfully concluded negotiations with five out of seven Independent Power Producers, as detailed by Dr. Amin Adam.<\/p>\n
The Finance Minister\u2019s revelation signifies a significant financial milestone for Ghana, positioning the country favorably to alleviate its debt burden and navigate towards a more sustainable economic future.<\/p>\n
By Vincent Kubi<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Dr. Mohammed Amin Adam \u00a0 In a groundbreaking revelation, Finance Minister Dr. Mohammed Amin Adam has announced that Ghana has achieved substantial debt relief amounting to $2.8 billion following the government\u2019s successful completion of debt restructuring processes. During his presentation of the mid-year budget review to Parliament on Tuesday, July 23, 2024, Dr. Amin Adam […]<\/p>\n","protected":false},"author":1,"featured_media":202494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-202493","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
Ghana Receives Debt Relief Of $2.8bn, Postpones Debt Servicing Until 2026- Finance Minister - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/07\/23\/ghana-receives-debt-relief-of-2-8bn-postpones-debt-servicing-until-2026-finance-minister\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana Receives Debt Relief Of $2.8bn, Postpones Debt Servicing Until 2026- Finance Minister - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Dr. Mohammed Amin Adam \u00a0 In a groundbreaking revelation, Finance Minister Dr. Mohammed Amin Adam has announced that Ghana has achieved substantial debt relief amounting to $2.8 billion following the government\u2019s successful completion of debt restructuring processes. 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