Finance Minister, Dr. Mohammed Amin Adam has assured Ghanaians that the government is adhering to its budgetary limits.
During the presentation of the mid-year budget review in Parliament, he emphasised that the government has tightly controlled expenditures to remain within the 2024 Budget Appropriation.
Dr. Amin Adam also revealed that, the government surpassed its mid-year revenue target by 0.2 percent by the end of June 2024.
He assured that any new expenditures will be carefully considered to avoid jeopardising the recent economic progress achieved.
The Minister reaffirmed the government’s commitment to maintaining fiscal discipline and protecting the economic gains made so far.
“In effect, Mr. Speaker, we are living within our means. Indeed, consistent with our programme with the IMF, we are on course to achieving a primary surplus of 0.5 percent of GDP by end of the year,” he said on Tuesday, July 23,
“We have successfully concluded the second review of our Extended Credit Facility with the International Monetary Fund (IMF) which led to the disbursement of the 3rd tranche of 360 million US Dollars, bringing total disbursement to about US$1.6 billion; We have completed the Debt Restructuring programme with the Official Creditor Committee (OCC), covering US$5.1 billion dollars resulting in approximately 2.8 billion US Dollars of debt relief. This means that we will not service our debt to our official creditors from 2023 to 2026.”
“We have concluded negotiations with our Eurobond holders, covering 13.1 billion US Dollars, which will lead to a cancellation of 4.7 billion US Dollars of our debt and provide debt service relief of 4.4 billion US Dollars between 2023 and 2026,” he stated.
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