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DDEP saved Ghana about $12bn – Amin Adam
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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
Mr. Alban Sumani Kingsford Bagbin has announced private sector led initiative that will see “Visit Ghana” on the “front of jersey” of Sunderland Football Club for the 2026/2027 football season.
The “Visit Ghana” project is a special marketing drive that will have presence on the front of jersey of Sunderland Football Club during the English Premier League.
Under this initiative, Sunderland FC will have on the front of their jerseys, “Visit Ghana” as part of efforts to drive and promote tourism in Ghana.
“We are entering a formal engagement with them to put Visit Ghana on their jerseys and all paraphernalia.
“We have gone far with the discussions, and therefore they usually showing interest,” Mr. Bagbin stated this at the 37th sitting of Parliament.
Mr. Bagbin explained further that, the initiative is not being sponsored by Parliament, but by the private sector adding that, the project will boost tourism in Ghana.
“This is not being sponsored by parliament. Infact the main sponsor is from the private sector, we are leading under my canopy to get this done.
“The GFA, the Ministry of Sports and Recreation and the Ministry of Finance have also been very supportive in this project,” he stated.
The Visit Ghana Front of Shirt Partnership with Sunderland, is expected to make Ghana the first African country to occupy such a position with a premier league club, and also offer global promotion for Ghana through EPL broadcasts, digital platforms and international media channels.
Motorists traveling between Accra and Kumasi are facing major delays today following a serious road crash at Birimso Bridge on the N6 Highway.
The accident, which involved a high-occupancy passenger bus, a loaded articulated truck, and a sedan, has completely blocked both lanes of the highway. As a result, all Accra-bound and Kumasi-bound traffic has been brought to a standstill.
Personnel from the Eastern South Regional Police MTTD, based in Kibi, are currently at the scene managing the situation.
To ease congestion, police have put in place temporary traffic diversions effective today.
By Edem Mensah-Tsotorme
