Stalled projects will be continued after external debt restructuring – Oppong-Nkrumah

Minister of Information, Kojo Oppong-Nkrumah, has assured that projects that have stalled due to Ghana’s debt crisis will resume once the external debt restructuring is concluded.

According to him, the government has a plan for the continuation of those projects awaiting the conclusion of debt talks with external creditors.

Speaking on Accra-based Asaase Radio on October 16, 2023, Oppong-Nkrumah said: “Yes there is a plan; the first part of the plan is to conclude the external debt restructuring. When you conclude the external debt restructuring then you have clarity on how much you can pay on an annual basis on external debt and then you resume servicing.

When you resume servicing the banks that are financing those projects will now resume releases to the contractors for them to get back to work.”

He continued, “Remember that those projects were stalled because the government announced the suspension of external debt servicing in pursuance of the external debt restructuring…”

The Information Minister added that it was necessary to establish certain terms with creditors in order to reach sustainable debt levels.

“It was important to sit at the table with external debt creditors and come to a certain understanding of what the new payment terms should be. Once you are able to do that then you can resume service and then you would expect new releases and those projects can get back on track.

… the president is very keen that these projects get back on track so that we are able to achieve the full benefit for our people,” Oppong Nkrumah said.

Ghana is targeting to secure the second tranche of the $600 million package in November this year with plans to further engage bilateral creditors on an external debt restructuring programme.

The Ministry of Finance on its part has called on its bilateral creditors to swiftly come to an agreement to enable Ghana to secure the second bailout package of the $3 billion Extended Credit Facility.

SSD/MA

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