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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
The 29th Annual Dagaaba-Frafra Friendly Games have once again demonstrated that sports can be a powerful vehicle for cultural preservation, business networking, friendship and peaceful coexistence.
Held at the El-Wak Sports Stadium in Accra last Saturday, the games brought together members of the two ethnic groups from across Ghana and abroad for a colourful celebration under the theme, “Unity in Diversity: The Dagaaba-Frafra Model for Peaceful Co-existence.”
The event, which has evolved from a friendly football match into a major annual gathering, featured football, volleyball, sack races, lime and spoon, tug-of-peace and a penalty shootout for senior citizens.
At the end of the competitions, the Frafra won four events, while the Dagaaba secured victories in five, with the men’s soccer match ending in a draw.
The Frafra triumphed in the men’s lime and spoon, men’s sack race, women’s sack race and women’s soccer, while the Dagaaba won the women’s lime and spoon, men’s volleyball, women’s volleyball, women’s tug-of-peace and the senior citizens’ penalty shootout.
However, the games extended far beyond the sporting arena. The stadium grounds and surrounding spaces became a vibrant marketplace, with patrons enjoying and purchasing a variety of traditional foods, drinks and cultural products.
Local delicacies, including TZ, tubaani, bambara beans, pork, guinea fowl, local fowls, dog meat and kosie, were sold alongside traditional alcoholic beverages. Traditional dresses and other culturally inspired items also attracted buyers, turning the gathering into an important platform for small businesses and vendors to make sales while promoting northern Ghanaian culture.
The cultural exchange continued long after the final sporting contests, as patrons remained at the venue to eat, drink, socialise, dance and party well into the night.
In her remarks, the Guest of Honour, Dr Matilda Aberese-Ako, said the gathering represented much more than competition, describing the Dagaaba-Frafra relationship as a historic bond that had evolved into a modern sporting tradition and an instrument for peace.
MTN Ghana has been the headline sponsor for the games for the past 10 years.
By Gordon Wellu
By Gordon Wellu
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MTN Ghana has undertaken a tree-planting exercise at the Chipa Forest Reserve as part of its commitment to protecting the planet and support the restoration of degraded sections of the forest.
The activity forms part of the company’s 2026 Sustainability Month celebration held under the theme “Small Actions: Big Impact,” and its 30th anniversary celebration.
It was held in partnership with the Forestry Commission (FC) and the Rainforest Alliance with MTN Ghana supporting the restoration of approximately two hectares of degraded forest through the planting of 1,666 trees.
Due to the current dry weather conditions, 833 trees were planted during the exercise, with the remaining 833 to be planted when the rain commences.
The exercise brought together MTN employee volunteers, officials from the Forestry Commission and representatives of the Rainforest Alliance, demonstrating the importance of collaboration in driving environmental sustainability.
Speaking at the event, the Acting General Manager for Sustainability and Shared Value at MTN Ghana, Georgina Asare Fiagbenu, emphasized the critical role trees play in sustaining life and protecting the environment.
“Trees are essential to human survival and healthy ecosystems. They absorb carbon dioxide, release oxygen, regulate temperatures, protect soil, support biodiversity and provide habitats for many species. They also conserve water, reduce erosion and help communities adapt to the effects of climate change,” she said.
The District Manager of the Tema-Ada Forest Services Division of the Forestry Commission, Linda Ansah, welcomed MTN Ghana’s support, describing it as a valuable contribution to efforts aimed at restoring degraded sections of the reserve.
The Country Director of the Rainforest Alliance, Nicholas Jengri, also welcomed the partnership and emphasised the importance of collective action in addressing environmental challenges.
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