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DDEP saved Ghana about $12bn – Amin Adam
The Finance Minister, Dr. Mohammed Amin Adam, has disclosed that the successful implementation of the Domestic Debt Exchange Programme (DDEP) saved Ghana a staggering $12 billion.
Dr. Amin Adam made these remarks during a panel discussion held as part of the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, which took place on Wednesday, October 23.
The session focused on the difficulties faced by low-income countries in managing debt, a pressing issue for many nations grappling with financial instability, compounded by global economic uncertainties and other external shocks.
The Finance Minister emphasised that the DDEP had been an instrumental policy measure in addressing Ghana’s financial difficulties and alleviating its debt load, creating a more sustainable fiscal environment.
According to Dr. Amin Adam, the DDEP, launched in December 2022, was a monumental success that laid the groundwork for broader debt restructuring efforts.
He explained that this programme required domestic bondholders to exchange their existing bonds for new ones with different terms, a critical move aimed at reducing the government’s debt service obligations.
The Finance Minister also disclosed that the government is currently working to restructure about $2.7 billion with its commercial creditors.
According to him,“The DDEP was a great success and we followed that with the restructuring of our bilateral debt, which was also very successful and this led to a significant savings of about $2.8 billion and then following this, the restructuring of our Eurobonds which is about $13 billion, which was concluded in the first week of this month which is another great success.”
He said,“The benefits we have derived from this so far include an outright debt cancellation of about $5 billion and another debt service relief of about $4.3 billion and so between the bilateral creditors and the Eurobonds, we are talking about savings of about $12 billion and we think this is a great success and we are still having an outstanding restructuring with our commercial creditors involving about $2.7 billion and we are working very hard to conclude that.”
Source: Citinewsroom.com
The Ranking Member on Parliament’s Finance Committee and the member of parliament for Bolgatanga Central constituency, Isaac Adongo, has defended the Governor of the Bank of Ghana, Dr. Johnson Asiama, describing him as the right person to manage the country’s central bank.
According to Mr. Adongo, Ghana would have faced a difficult situation if the National Democratic Congress (NDC) had not won the 2024 elections and Dr. Asiama had not been appointed governor.
Speaking in an interview with Edem Mensah-Tsotorme, Online Editor for ghanaiantimes.com.gh, Mr.Adongo said the opposition New Patriotic Party (NPP), including Kojo Oppong Nkrumah, only wanted to remain relevant within their party.
“Well, the NPP and Kojo Oppong Nkrumah have a job to do. They want to remain relevant in their party. I don’t begrudge them,” he said.
Mr. Adongo praised President John Dramani Mahama for appointing Dr. Asiama as Governor of the Central Bank after returning to power.
He explained that the President carefully assessed the country’s economic challenges while in opposition and chose Dr. Asiama as the best person for the role.
According to him, the governor has so far shown strong leadership at the central bank.
“I’m not saying this because I work closely with him, but sitting on the board with him, his leadership is on par,” he stated.
The lawmaker further noted that the governor understands the concerns of Ghanaians, especially regarding the rising cost of living and economic pressures.
He said government had already done the “heavy lifting” in stabilizing the economy and would now reassess some of its policies to reduce pressure on public finances.
Mr. Adongo expressed optimism that the country would not witness the same level of government expenditure from 2026 onwards.
“We’ll go back to the drawing board and consider the fiscal implications of some of the actions we have taken. I believe that from 2026, we will not see the same magnitude of expenditures,” he added.
By: Jacob Aggrey
The Ministry of Tourism, Culture and Creative Arts has clarified that it did not approve or endorse the recent Karnival Kingdom Festival held in Accra.
In a statement issued on May 7, 2026, the ministry said it did not receive any proposal, request for approval or official communication concerning the organisation of the event.
According to the ministry, it was also unaware of the processes through which the festival was allegedly approved to take place in Ghana.
“The Ministry wishes to state unequivocally that it neither endorsed, sanctioned nor authorised the staging of the event,” the statement said.
The clarification follows public criticism and discussions on social media over activities associated with the festival, including the circulation of what many described as culturally unacceptable content.
The ministry acknowledged concerns raised by sections of the public and various stakeholders regarding the conduct and nature of the event.
It explained that as the supervisory institution for the tourism, culture and creative arts sector, it expects all organisers of public festivals and entertainment events to follow established regulatory procedures and engage the relevant state institutions before holding such activities.
The ministry therefore urged organisers of tourism, cultural, entertainment and recreational events to obtain the necessary approvals before staging programmes in the country.
According to the statement, the ministry remains committed to promoting tourism and cultural activities that respect Ghana’s laws, values and cultural identity.
It added that the country’s reputation as a safe and culturally respectful destination must be protected at all times.
By: Jacob Aggrey
