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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
For the first time in its seven-year history, the celebrated Guinea Fowl Bazaar has been brought to Accra, marking a significant expansion of an event that has, for the past six years, been a staple in Tamale.
The two-day cultural and culinary festival, held from May 1–2, drew over 500 patrons and featured nearly 20 vendors, to promote Northern Ghana’s rich food culture particularly guinea fowl delicacies.
Hosted by By Faith Catering Services, the bazaar brought together traditional leaders, cultural groups, food entrepreneurs, and government representatives in a display of heritage and enterprise.
Speaking at the event, Mr. Angelo Dogbe, the Northern Regional Director of the Ghana Tourism Authority underscored the importance of promoting indigenous cuisine as a tool for economic development and cultural preservation. Chiefs from the Northern Region also graced the occasion, lending traditional authority and reinforcing the cultural significance of the festival.
A major highlight of the bazaar was a series of captivating cultural performances representing the diverse tribes of the Northern Region. Attendees were treated to traditional music, dance, and attire, transforming the venue into a lively tapestry of Northern identity and pride.
Vendors expressed enthusiasm about the opportunity to showcase their products to a new audience in the capital. Many noted increased visibility, networking opportunities, and strong sales throughout the two-day event.
The Chief Executive Officer (CEO) of By Faith Catering Services, Mrs. Matilda Zenabu Pipio described the Accra edition as a strategic move to broaden the reach of the festival and create new economic pathways for vendors and producers from the north.
She announced plans to make the Accra bazaar an annual event, emphasizing its potential to boost employment, promote guinea fowl production, and introduce more Ghanaians to the unique flavours of Northern cuisine.
She said, the event is a platform for cultural exchange, economic empowerment, and national unity through food.
She commended partners and called on more organisers to support and invest in initiatives like this.
Meanwhile, the organizers of Guinea fowl Bazaar paid a courtesy call to the Editor of Spectator, Mrs. Georgina Naa-Maku Quaittoo and Mr. David Adadevoh, Acting Editor of The Ghanaian Times.
Both editors lauded the initiatives and encouraged the organizers to sustain it.
Organizers for the initiative and called on stakeholders and cooperate bodies to support this good course.
By Geoffrey Buta.
MTN Ghana has hosted more than 200 students from various educational institutions in Accra for an engaging, hands-on technology immersion at MTN House, bringing classroom theory to life and fueling interest in STEM and digital innovation.
Students from Ashesi University, Ghana International School, Cradle Star Academy, and Kinderland School explored MTN Ghana’s rich history, core values, customer-focused innovations, and digital transformation agenda.
They were introduced to the company’s sustainability and social impact initiatives, spanning education, youth empowerment and community development. A key highlight of the visits was a tour of MTN Ghana’s Network Operations Centre (NOC) and data centres.
The students gained first-hand exposure to the advanced technology, systems, and expertise powering seamless connectivity for millions daily – offering a rare look into how MTN ensures network performance, security, and resilience.
Speaking on the initiative, the Chief Corporate Services and Sustainability Officer at MTN Ghana, Adwoa Wiafe, noted, “Hosting students at MTN House reflects our commitment to shaping Ghana’s digital future. As we deliver our Ambition 2030 strategy, we are deepening investments in youth development through programmes like the Bright Scholarship, the MTN Digital Skills Academy, and collaborations on the One Million Coders Programme and the Girls in ICT initiative led by the Ministry of Communications, Digital Technology and Innovation.”
Paschal Paaga, Manager for IT Projects Implementation, emphasised the importance of experiential learning.
‘’By opening our doors, we are helping to bridge the gap between academia and industry. We want young people to see the real-world impact of technology and be inspired to pursue careers in STEM.”
For many participants, the experience was transformative. Maame Sapomaa, a Level 300 Information Systems student from Ashesi University, shared, “The visit was incredibly inspiring. Everything we have learned in the classroom came to life, and we were exposed to new concepts beyond our studies. It has motivated me even more to pursue a career in technology.”
As MTN Ghana advances its Ambition 2030 vision, the company remains committed to driving digital inclusion, platform-led innovation, and building strategic partnerships that support Ghana’s long-term socio-economic development.
