Ghana’s Minister of Finance, Dr. Mohammed Amin Adam, has said that the Ghanaian economy has recorded a robust recovery and the reversal of negative economic trends.
Speaking during the mid-year budget presentation in Parliament on Tuesday, July 23, the minister assured that the economy was rebounding faster and stronger than anticipated.
“It is clear that we are on the right path. The economy is performing better than expected.
“The choices we have made and the policies we are implementing are yielding results. All indicators are showing improvement. We will continue to make the right decisions and maintain this positive trajectory,” Dr. Adam said.
According to the minister, the government’s efforts over the past six months had been to expedite the implementation of key programmes and support growth-enhancing initiatives.
The minister, who announced the successful conclusion of the second review of Ghana’s Extended Credit Facility with the International Monetary Fund (IMF), stated that the disbursement of the third tranche of $360 million has begun, bringing the total to approximately $1.6 billion.
He explained that the completion of the Debt Restructuring programme with the Official Creditor Committee (OCC), covering $5.1 billion, which resulted in about $2.8 billion of debt relief and that Ghana will not service its debt to official creditors from 2023 to 2026.
The minister added that negotiations with Eurobond holders have been concluded, covering $13.1 billion, leading to a cancellation of $4.7 billion of debt and providing debt service relief of $4.4 billion between 2023 and 2026.
The report by Daily Graphic on Wednesday quoted the minister as saying that Ghana has successfully negotiated with five out of seven Independent Power Producers, which resulted in savings of approximately $6.6 billion over the lifetime of the Purchasing Power Agreements (PPAs).
According to him, government expenditures have been controlled to stay within the 2024 Budget Appropriation and that the midyear revenue targets were exceeded by 0.2 percent by the end of June 2024.
GIK/APA
Ghana: Finance minister says economic measures showing positive results
