Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has revealed that the successful implementation of the Domestic Debt Exchange Programme (DDEP) has saved the country an impressive $12 billion. Speaking at the 2024 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group, Dr. Adam highlighted the DDEP’s crucial role in reducing Ghana’s debt burden and stabilizing its financial situation.
Launched in December 2022, the DDEP required domestic bondholders to exchange their bonds for new ones with adjusted terms, easing the government’s debt service obligations. In addition to the DDEP’s success, the Finance Minister disclosed that Ghana is in the process of restructuring $2.7 billion in commercial debt and recently concluded the restructuring of $13 billion in Eurobonds, further boosting the country’s financial recovery.
Dr. Amin Adam stated that between debt cancellation and relief from bilateral creditors and Eurobonds, the total savings amount to around $12 billion, marking a significant achievement for the country.
SOURCE: https://dew360.net
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