{"id":241184,"date":"2024-10-29T08:05:55","date_gmt":"2024-10-29T08:05:55","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/29\/investor-confidence-very-high-minister-of-finance\/"},"modified":"2024-10-29T08:05:55","modified_gmt":"2024-10-29T08:05:55","slug":"investor-confidence-very-high-minister-of-finance","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/29\/investor-confidence-very-high-minister-of-finance\/","title":{"rendered":"Investor confidence very high \u2013 Minister of Finance"},"content":{"rendered":"

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\"A A group picture of officials of the Finance Ministry and Bretton Woods Institutions<\/span><\/span><\/p>\n<\/div>\n

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The nation\u2019s investment landscape has received a significant pat on the back following positive feedback from international investors and development partners at the recently concluded International Monetary Fund (IMF) and World Bank Annual Meetings in Washington, D.C. according to finance minister Dr. Mohammed Amin Adam.<\/p>\n

Speaking at a press briefing following conclusion of the Bretton Woods institutions\u2019 meetings, Dr. Adam \u2013 who led the nation\u2019s delegation \u2013 reported that Ghana\u2019s economic reform efforts and successful debt restructuring programmes have garnered widespread recognition from the international investment community.<\/p>\n

\u201cThe sentiment toward Ghana has been overwhelmingly positive, particularly during our engagements with institutional investors and major corporations,\u201d Dr. Adam told reporters.<\/p>\n

\u201cOur commitment to fiscal discipline and the successful implementation of our IMF programme has restored confidence in Ghana\u2019s economic trajectory,\u201d he added.<\/p>\n

The meetings, which included investor roundtables co-sponsored by prominent financial institutions such as JP Morgan and Stanbic Bank alongside mining giant Newmont and the Business Council for International Understanding (BCIU), provided a platform for Ghana to showcase its economic progress.<\/p>\n

Dr. Adam pointed out that Ghana\u2019s adherence to its ongoing three- year IMF programme commitments has been a crucial factor in rebuilding investor trust.<\/p>\n

\u201cOur partners have commended Ghana\u2019s consistent strong economic performance over the past year, particularly noting our successful debt restructuring efforts and strict compliance with the IMF programme benchmarks,\u201d he stated.<\/p>\n

The delegation engaged with various institutional investors who expressed interest in deepening their involvement in Ghana\u2019s economy.<\/p>\n

\u201cWe have received clear signals from investors who are ready to expand their operations in Ghana. Government stands prepared to facilitate these investments while maintaining a business-friendly environment,\u201d the minister noted.<\/p>\n

Addressing concerns about potential fiscal slippage during the upcoming election period, Dr. Adam offered reassurance about government\u2019s commitment to maintaining fiscal discipline.<\/p>\n

\u201cWe understand the historical pattern of election-year spending pressures, but this administration is firmly committed to maintaining our current fiscal path,\u201d he said, adding that the fiscal authority remains focused on ensuring long-term debt sustainability and maintaining a stable macroeconomic environment.<\/p>\n

This positive reception at the IMF-World Bank meetings follows Ghana\u2019s recent staff-level agreement (SLA) on the third review of its IMF programme, marking another milestone in the country\u2019s economic recovery efforts.<\/p>\n

\u201cOur doors are open for business. We are committed to maintaining the reforms that have brought us this far and creating an even more attractive investment environment for both domestic and international investors,\u201d he stated.<\/p>\n

The finance ministry indicated that several follow-up meetings with potential investors are scheduled for coming months, as the country seeks to capitalise on renewed international confidence in its economy.<\/p>\n

This comes as the minister and his team secured a US$260million funding package from the World Bank, comprising US$250million credit and a US$10million grant, marking its first energy partnership with the World Bank in Washington, D.C. for over 20 years.<\/p>\n

This funding will support the Energy Sector Recovery Programme for Results (P4R), which aims to improve financial sustainability in the country\u2019s electricity distribution sector and increase access to clean cooking solutions.<\/p>\n

This initiative addresses critical issues including high distribution losses and low revenue collection rates, which have been costing an estimated 2 percent of GDP annually. The programme\u2019s efforts are expected to strengthen the energy sector\u2019s financial performance and provide a more sustainable path forward.<\/p>\n

This follows Ghana\u2019s major milestone in economic recovery, achieving 98.6 percent participation in its recent restructuring of US$13billion in Eurobond debt. Through this process, new investors received US$9.4billion of new bonds in exchange for their old ones, with holders given two options: the DISCO or PAR choice, according to government.<\/p>\n

Investors who chose DISCO accepted a 37 percent reduction in value \u2013 receiving two new Eurobonds maturing in 2029 and 2035, with interest starting at 5 percent through July 2028 and rising to 6 percent after. PAR investors, on the other hand, received a 1.5 percent bond due in 2037 without any reduction in value.<\/p>\n

Additionally, all investors received zero-coupon bonds maturing in 2026 and 2030 to cover missed interest payments from December 2022 through 2023. This restructuring is similar, with US$5.1billion in bilateral loans and GH\u00a2203.4billion cedis in domestic debt.<\/p>\n

As a result, rating agencies Moody\u2019s and Fitch have re-evaluated Ghana\u2019s debt instruments.<\/p>\n

The minister hinted at plans to release detailed reports on specific investment commitments and economic targets in the coming weeks, as the country continues working toward achieving its medium-term development objectives while maintaining fiscal stability.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A group picture of officials of the Finance Ministry and Bretton Woods Institutions The nation\u2019s investment landscape has received a significant pat on the back following positive feedback from international investors and development partners at the recently concluded International Monetary Fund (IMF) and World Bank Annual Meetings in Washington, D.C. according to finance minister Dr. […]<\/p>\n","protected":false},"author":1,"featured_media":241121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-241184","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nInvestor confidence very high \u2013 Minister of Finance - 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\/29\/investor-confidence-very-high-minister-of-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investor confidence very high \u2013 Minister of Finance - 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