Finance Minister

We Need $271.7Bn To Expand Roads – Finance Minister
08 Aug

We Need $271.7Bn To Expand Roads – Finance Minister

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The country needs an estimated $271.7 billion to achieve its target of expanding the road network from 78,401km in 2016, to 253,000 km by 2047. The target, which was captured in the Ghana Infrastructure Plan, is also to increase paved roads to 70 per cent while linking urban areas with multi-lane carriageways and constructing long-span bridges across the Volta Lake. The Minister of Finance, Mohammed Amin Adam, who announced this, said the targets translated  into approximately $9 billion annually. Additionally, he said, $1.3 billion would be required annually for road maintenance and improvements. Dr Amin Adam, who was speaking at…
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Debt Restructuring: Government To Reach Agreement With IPPs In May
23 Apr

Debt Restructuring: Government To Reach Agreement With IPPs In May

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The government has given an indication about reaching an agreement with Independent Power Producers (IPPs) on debt restructuring as part of measures to reduce deficit in the energy sector. That, Dr Mohammed Amin Adam, Finance Minister, said would be essential in solving the country’s energy sector financial challenges, which has been largely attributed to recent power outages across the country. The Minister was speaking at a press briefing to wrap up Ghana’s activities at the just ended International Monetary Fund (IMF)/World Bank Group (WBG) Spring Meetings in Washington, US, monitored by the Ghana News Agency. He noted that though the…
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Ghana Expects Debt Agreement With Bilateral Creditors In May – Finance Minister
22 Apr

Ghana Expects Debt Agreement With Bilateral Creditors In May – Finance Minister

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Dr Mohammed Amin Adam, Finance Minister, says Ghana will in May 2024 sign a Memorandum of Understanding (MoU) with its official bilateral creditors as a draft of the agreement is soon to be shared with the country. This MoU is in relation to the restructuring of some US$13 billion external debt to meet IMF’s debt sustainability parameters, with the country reaching an agreement in principle with official creditors in January 2024. “Essentially, we’ve agreed to all that we need to do for the [second review programme] to go to the Board, with the only outstanding issue being the draft of…
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Finance Minister Optimistic About Meeting IMF Conditions For Debt Restructuring Approval
22 Apr

Finance Minister Optimistic About Meeting IMF Conditions For Debt Restructuring Approval

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Finance Minister Dr. Mohammed Amin Adam has revealed that the Official Creditor Committee has circulated a preliminary document outlining Ghana’s debt restructuring plan to its members for assessment. Speaking during a press conference at the IMF/World Bank Spring Meetings in Washington DC, Dr. Amin Adam disclosed that once the committee finalizes the document and shares it with Ghanaian authorities, an agreement can be reached. The IMF is not requiring a finalized deal from bilateral creditors before proceeding to its board; instead, it seeks consensus on the memorandum of understanding (MOU) wording, which will suffice for the IMF board's consideration. Dr.…
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Ghana’s Low Exposure To Loans From China Has Enhanced Its Debt Restructuring – World Bank
09 Apr

Ghana’s Low Exposure To Loans From China Has Enhanced Its Debt Restructuring – World Bank

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Ghana has a relatively lower exposure to loans from China compared to Zambia (36%) and Ethiopia (25%), the World Bank has revealed in its April 2024 Africa Pulse Report. The country accounts for 7.0% of the share of Public and Publicly Guaranteed (PPG) external debt owed to China. According to the World Bank, the lower exposure to multiple creditors has enabled Ghana and other debt-ravaged countries to reach or be close to reaching agreements with their external creditors. “In January 2024, the Official Creditor Committee (OCC) reached an agreement in principle with the Government of Ghana on the terms of…
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Revenue Mobilisation Is My Topmost Priority – Finance Minister
26 Mar

Revenue Mobilisation Is My Topmost Priority – Finance Minister

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The Minister of Finance, Dr. Mohammed Amin Adam, has declared revenue mobilisation as his topmost priority for the running of the state. According to him, this has become necessary due to the many expenditure handles in the country’s governance structure. He made the declaration in an interaction with officers of the Customs Division of the Ghana Revenue Authority as part of his tour of the port. He therefore charged the tax officials to reverse the shortfall of about 11 percent in the first quarter revenue target. The Minister also had a closed-door meeting with the officers and management of the Ghana…
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Finance Minister Courts Okyehene’s Support On Ghana’s Environmental Sustainability
22 Feb

Finance Minister Courts Okyehene’s Support On Ghana’s Environmental Sustainability

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Dr Mohammed Amin Adam, Finance Minister, has called for the support of Osagyefo Amoatia Ofori Panin, the King of Akyem Abuakwa, Eastern Region, for continued effort in ensuring environmental sustainability in Ghana. The Minister made this call when he visited the Okyehene on Wednesday evening for his blessings and counsel for the new role he assumed about a week ago, following President Akufo-Addo’s ministerial reshuffle. “You [Amoatia Ofori Panin] have done so much for this country since your ascension to the throne, especially, your leadership in the fight against illegal mining and have become a champion of environmental sustainability, not…
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New Finance Minister Under Pressure — Calls On Him To Remove ‘Nuisance Taxes’
20 Feb

New Finance Minister Under Pressure — Calls On Him To Remove ‘Nuisance Taxes’

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Industry players are beginning to mount pressure on the newly appointed Minister of Finance, Dr Mohammed Amin-Adam, as they demand the removal of what they describe as ‘nuisance taxes’ from the country’s tax regime. The industry players believe that, the Mid-Year Budget Review expected to be laid before Parliament in the next few months can be used to remove those taxes such as Electronic Levy  (E-Levy), the taxes on electricity consumption, and the emission tax among others. The numerous port charges are also eating deep into the finances of importers, making it difficult to produce at costs competitive to enable…
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Amin Adam Replaces Ofori-Atta As Finance Minister
14 Feb

Amin Adam Replaces Ofori-Atta As Finance Minister

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Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam has been announced as the new Minister of Finance. He takes over from Ken Ofori-Atta who was relieved of his duties by President Nana Addo Dankwa Akufo-Addo in a major government reshuffle on Wednesday. In February 2023, Dr Mohammed Amin Adam was announced Minister of State at the Finance Ministry as a replacement of Charles Adu Boahen who was removed following a corruption expose by investigative journalist Anas Aremeyaw Anas. Amin Adam’s Profile Dr. Mohammed Amin Adam is an Economist, Energy and Petroleum Policy Expert, and Resource Governance Advocate.…
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External Debt Restructuring: Eurobond Holders To Face Nominal ‘Haircut’ Of Between 30-40%
17 Oct

External Debt Restructuring: Eurobond Holders To Face Nominal ‘Haircut’ Of Between 30-40%

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Finance Minister, Ken Ofori-Atta, has stated that Eurobond holders may face a nominal haircut of between 30% and 40% as part of the restructuring of the external debt. According to him, coupons may also not exceed 5% with final maturities of not more than 20 years. “So in our indicative scenario, the restructuring terms for bondholders involve maybe a nominal haircut between 30 and 40%, looking at maybe coupons of not more than 5% and final maturities of not more than 20 years are sort of the contours of what we are discussing and analyzing”. Updating investors about the state…
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