'Our efforts to restore the economy are paying off' - Minister of Finance

The Minister of Finance, Dr. Mohammed Amin Adam, has asserted that the country's economy is on a path to recovery after the challenges of the past few years.

During an address at the 2024 Mid-Year Stakeholder's Engagement held on July 11, 2024, in Accra, the minister stated that despite facing significant challenges and unexpected shocks, the economy is showing signs of robust growth, surpassing initial expectations.

"The Ghanaian economy has faced challenges and suffered unforeseen shocks like many other economies. However, we remain resilient and our efforts to restore the economy are paying off, with growth proving more resilient than initially expected," he remarked.

The Minister emphasized the critical juncture at which the Ghanaian economy stands and called for a collective effort to ensure sustainable growth and prosperity.

"Our economy is at a pivotal juncture, and it is imperative that we work together to ensure sustainable growth and prosperity for all. This meeting is a testament to our commitment to transparency, inclusivity, and shared responsibility in shaping our economic policies.

"We are living in a time of rapid change and uncertainty, but also of great potential. By leveraging our collective expertise and resources, we can create a resilient and dynamic economy that benefits every citizen," he added.

As part of efforts to unlock the next tranche of the IMF bailout funds under the three-year ECF program, Ghana has reached an agreement with bilateral creditors, clearing the way for the restructuring of $13 billion of Eurobonds.

The Official Creditor Committee, composed of Ghana's bilateral lenders, has approved the debt treatment, with Eurobond holders agreeing to a nominal principal haircut of 37%.

In addition, creditors have the option to choose between two payment instruments: one with an initial 5% interest rate and the other with a 1.5% interest rate.

ID/MA