{"id":238604,"date":"2024-10-24T18:36:27","date_gmt":"2024-10-24T18:36:27","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/24\/ddep-initiative-saved-ghana-us12-billion\/"},"modified":"2024-10-24T18:36:27","modified_gmt":"2024-10-24T18:36:27","slug":"ddep-initiative-saved-ghana-us12-billion","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/24\/ddep-initiative-saved-ghana-us12-billion\/","title":{"rendered":"DDEP initiative saved Ghana US$12 billion"},"content":{"rendered":"

<\/p>\n

\n

\"Minister Minister of Finance, Dr. Mohammed Amin Adam<\/span><\/span><\/p>\n<\/div>\n

\n

Minister of Finance, Dr. Mohammed Amin Adam, has revealed that the successful implementation of the Domestic Debt Exchange Programme (DDEP) has saved the country a remarkable $12 billion.<\/p>\n

Dr. Adam made these comments during a panel discussion at the 2024 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group on Wednesday, October 23, 2024.<\/p>\n

The session addressed the challenges faced by low-income countries in managing debt, a pressing concern amid global economic uncertainty and external shocks.<\/p>\n

Dr. Adam highlighted that the DDEP played a crucial role in alleviating Ghana\u2019s financial difficulties and reducing its debt burden, creating a more sustainable fiscal environment.<\/p>\n

The DDEP, launched in December 2022, was a key element of Ghana\u2019s broader debt restructuring efforts.<\/p>\n

The programme required domestic bondholders to exchange their existing bonds for new ones under different terms, reducing the government’s debt servicing obligations.<\/p>\n

\u201cThe DDEP was a great success, and it paved the way for the restructuring of our bilateral debt, which also saw significant success,\u201d Dr. Adam stated, adding that the government saved $2.8 billion from bilateral debt restructuring.<\/p>\n

He further disclosed that Ghana has successfully restructured $13 billion in Eurobonds, concluding the process in early October. This resulted in an outright debt cancellation of about $5 billion and debt service relief of $4.3 billion, bringing total savings to approximately $12 billion.<\/p>\n

\u201cWe still have an ongoing restructuring process with our commercial creditors involving about $2.7 billion, and we are working hard to conclude that,\u201d he added.<\/p>\n

Dr. Adam emphasised that the DDEP was an essential policy measure, laying the foundation for these wider debt relief efforts, which have significantly improved Ghana\u2019s fiscal health.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Minister of Finance, Dr. Mohammed Amin Adam Minister of Finance, Dr. Mohammed Amin Adam, has revealed that the successful implementation of the Domestic Debt Exchange Programme (DDEP) has saved the country a remarkable $12 billion. Dr. Adam made these comments during a panel discussion at the 2024 Annual Meetings of the International Monetary Fund (IMF) […]<\/p>\n","protected":false},"author":1,"featured_media":238436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-238604","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nDDEP initiative saved Ghana US$12 billion - 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\/10\/24\/ddep-initiative-saved-ghana-us12-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DDEP initiative saved Ghana US$12 billion - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Minister of Finance, Dr. Mohammed Amin Adam Minister of Finance, Dr. Mohammed Amin Adam, has revealed that the successful implementation of the Domestic Debt Exchange Programme (DDEP) has saved the country a remarkable $12 billion. 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