President Akufo-Addo has announced the resumption of stalled projects nationwide, following a $4.7 billion debt cancellation from the Eurobond restructuring deal. The government has agreed to restructure approximately $13 billion of its debt, providing a cash flow relief of about $4.4 billion until 2026.
“The agreement will result in significant savings to the government. The savings include the cancellation of $4.7 billion. Many of the projects stalled as a result of the debt negotiations will now resume,” President Akufo-Addo said at the Jubilee House.
The debt restructuring deal, worth $13.1 billion, demonstrates renewed confidence in Ghana’s economy. Additionally, Finance Minister Dr. Mohammed Amin Adam announced the completion of Ghana’s debt restructuring programme with official creditors, resulting in savings of $8 billion.
However, Associate Professor of Finance at Andrews University, Williams Kwasi Peprah, has questioned the accuracy of the Finance Minister’s claims, suggesting that the figures may not add up. “If you really do the maths very well, the figures do not tally based on what he said on the platform,” Mr. Peprah said on Joy FM’s Top Story.
The final document will be reviewed by Parliament in the mid-year budget to determine the true savings.
