GHANA'S ECONOMY SHOWS STRONG RECOVERY, FINANCE MINISTER REPORTS

 

Finance Minister Dr. Mohammed Amin Adam presented the mid-year budget in Parliament, announcing that the government's economic measures are yielding positive results, with the economy rebounding faster and stronger than anticipated.

The Minister highlighted several key achievements, including:

- Successful conclusion of the second review with the International Monetary Fund (IMF), resulting in a $360 million disbursement, bringing the total to approximately $1.6 billion.

- Completion of the Debt Restructuring program with the Official Creditor Committee (OCC), covering $5.1 billion, resulting in $2.8 billion debt relief.

- Negotiations with Eurobond holders concluded, resulting in $4.7 billion debt cancellation and $4.4 billion debt service relief between 2023 and 2026.

- Successful negotiations with five out of seven Independent Power Producers, saving approximately $6.6 billion over the lifetime of the Purchasing Power Agreements (PPAs).

- Expenditures controlled, with mid-year revenue targets exceeded by 0.2% by the end of June 2024.

Dr. Adam emphasized that the government is on track to achieving a primary surplus of 0.5% of GDP by the end of the year and has cleared all outstanding Bank Transfer Advices (BTAs) up to 2022. He assured that the government will maintain this positive trajectory, having successfully reversed negative economic trends.