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Dr Mohammed Amin Adam, Finance Minister

Finance Minister announces official end to Ghana’s debt restructuring

Finance Minister Dr Mohammed Amin Adam has announced the completion of Ghana’s debt restructuring programme with its official creditors. 

According to the Member of Parliament for Karaga, the government has successfully restructured its debt of 5.1 billion dollars with these creditors, in addition to concluding the restructuring of 13.1 billion dollars with Eurobond holders.

Addressing attendees at a UK Town Hall meeting, Dr Amin Adam highlighted that these efforts have resulted in savings of 8 billion dollars for the country.

“Last two weeks, we concluded negotiations with the official creditors, and we have agreed to restructure 5.1 billion dollars. I am telling you that the government is good in negotiations and of this amount, we are going to make savings of $2 billion.”

“As I speak to you, tomorrow morning, there will be an announcement that we have also concluded our negotiations with the Eurobond Holders of $13.1 billion, and ladies and gentlemen, when we announce it, please read the details. We have negotiated a good deal for Ghana and that is $8 billion,” he said.

“Ideally, government should not be held responsible for the investment decisions of individuals, but this government is so caring.

“Mistakes were made and people were not well-informed, and they didn’t know who to consult to be advised, but we also know that the people who are affected are suffering, and we have heard that some people have died and others had to commit suicide.”

“This government is so caring that in the first place, we granted some bailout to all the affected and I want to tell you again that the President has directed that we do another bailout. So between now and October, we will release ¢1.5 billion to the affected people.”

The government recently secured delayed payment on interests and postponement on the maturity date in a restructured debt deal with bilateral creditors. 

Source:myjoyonline.com

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