Ghana to end debt restructuring program soon – Finance Minister

The Minister of Finance, Dr. Mohammed Amin Adam, has announced that Ghana will soon complete its debt restructuring program with its official creditors.

Speaking at a townhall meeting in the UK, Dr. Adam said Ghana has successfully restructured its $5.1 billion debt with its external creditors and has concluded the restructuring of $13.1 billion owed to Eurobond holders.

"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," Dr. Amin Adam said.

The finance minister also disclosed that the government is prepared to disburse GH¢1.5 billion to assist customers affected by the banking sector clean-up operation.

He mentioned that while the government is not responsible for the financial decisions made by the affected individuals, the move is driven by care for those impacted.

"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,” the finance minister said.

EAN/MA

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