Finance Minister, Dr Mohammed Amin Adam, has given an update on the state of the Ghanaian economy putting the country’s public debt as of July 31, 2024, at ₵761.1 billion, equivalent to USD 51.1 billion.
He explained that this represents an increase from the previous amount of ₵587.7 billion, or USD 53.5 billion.
Speaking to the media at the Ministry’s monthly briefing on the economy, Dr Adam explained that, “The increase in cedi terms and the decrease in US dollars is attributed to a combination of factors, including cedi depreciation, disbursements from multilateral institutions, and domestic financing of the budget.”
Dr Adam said that the Ministry would be launching an exchange offer in the coming days, marking a critical step in the external debt restructuring process.
He however noted that the government is fully on track to achieve its debt targets under the International Monetary Fund (IMF) programme.
Giving further update on the external debt restructuring programme, he said the government is pleased to officially launch its exchange offer in the coming days, “marking a critical step in our external debt restructuring journey.”
He said the exchange offer “reflects the terms agreed in principle with bondholders on 24th June including important concessions from our bondholders, ensuring a fair burden sharing between our domestic, official, and commercial external creditors.”
The exchange will be open for 21 days, and we count on the full support of our bondholder community, both abroad and in Ghana, to reach high participation levels” he noted.
Source: Isaac Kafui Nyanyovor
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