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Dr. Mohammed Amin Adam, the Minister of Finance, is certain that the government has surpassed the National Democratic Congress (NDC) in economic indicators.
He claims that the New Patriotic Party’s (NPP) economic record leaves nothing to brag about in the NDC’s campaign leading up to the 2024 elections.
This was stated by the Karaga lawmaker during his speech at a UK Town Hall meeting.
Dr. Adam declared during the ceremony that Ghana’s debt restructuring arrangement with its official creditors had come to an end.
The Minister clarified that in addition to finishing the restructuring of $13.1 billion with holders of Eurobonds, the government has successfully restructured its debt of $5,1 billion with these creditors.
On the back of this, he projected that the cedi will appreciate against the dollar adding that “watch the cedi to the dollar after tomorrow… Let’s watch it and see, the confidence will come.”
“The investors will return to Ghana and the growth trajectory will even become clearer for all of us.”
“This election is an election for us to win, NDC can no longer compete” he added.
“On the economy, our record is better than their record. On the size of the economy, we’ve done better than them. On per capita income, we’ve done better than them. On job creation, we’ve done better than them. On economic growth, we’ve done better than them.”
In a recently modified debt agreement with bilateral creditors, the government obtained postponement of the maturity date and postponed payment of interest.
Ghana’s $77 billion economy must cut its debt to 55% of GDP by 2028 in order to reach its IMF target. Prior to restructuring, the debt load was expected to be 109%.
The debt would remain just above that goal under the present bondholder arrangement.
Ghana’s economy performed better than anticipated, growing 2.9% in 2023 over the 1.5% initial IMF target. According to Adam, this implies that a modified DSA would take the bondholder agreement into account.
As part of an agreement with the International Monetary Fund, Ghana started restructuring its debt a little over a year ago. In January, it reached a preliminary understanding with bilateral creditors to restructure $5.4 billion in debt under the Group of 20 Common Framework for Debt Treatment.
Source: Ghanatodayonline.com
