The Finance Minister, Dr. Mohammed Amin Adam, revealed that the successful execution of the Domestic Debt Exchange Programme (DDEP) has saved Ghana an impressive $12 billion.
Dr. Amin Adam made this announcement during a panel discussion at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, held on Wednesday, October 23.
The discussion centered on the challenges low-income countries face in managing debt, a critical issue for many nations dealing with financial instability exacerbated by global economic uncertainties and external shocks.
The Finance Minister said the DDEP as a pivotal policy initiative in tackling Ghana’s financial challenges, easing its debt burden, and fostering a more sustainable fiscal environment.
“The DDEP was a great success and we followed that with the restructuring of our bilateral debt, which was also very successful and this led to a significant savings of about $2.8 billion and then following this, the restructuring of our Eurobonds which is about $13 billion, which was concluded in the first week of this month which is another great success.
“The benefits we have derived from this so far include an outright debt cancellation of about $5 billion and another debt service relief of about $4.3 billion and so between the bilateral creditors and the Eurobonds, we are talking about savings of about $12 billion and we think this is a great success and we are still having an outstanding restructuring with our commercial creditors involving about $2.7 billion and we are working very hard to conclude that.”
Source: Adomonline
