The Finance Minister of Ghana is set to present the 2024 Mid-Year Budget review, with potential dates being July 12th or 15th.
This announcement follows closely after the minister declared the completion of the country’s debt restructuring, a key requirement of the International Monetary Fund’s (IMF) conditionalities.
The exact date for the presentation is still to be confirmed, according to the Majority Chief Whip, Frank Annoh-Dompreh.
Addressing Parliament on Tuesday, Annoh-Dompreh mentioned, “We will have a joint caucus meeting on Wednesday, the 3rd of July, as a preparation for the Finance Minister’s appearance.”
In light of recent developments, Ghana might soon regain access to international capital markets for new dollar borrowings.
This optimistic outlook is shared by several international investors and Eurobond holders, following the government’s successful negotiation of a deal to restructure approximately $13.1 billion in debt.
For the past two years, Ghana has been unable to tap into international markets for raising dollars due to escalating debt levels, sluggish economic growth, and a low balance of payments. The government was effectively excluded from these markets after it announced plans to restructure its debts owed to commercial creditors.
However, Eurobond holders have expressed a renewed sense of confidence, noting that the government is now implementing measures designed to safeguard investors’ funds. The successful conclusion of the debt restructuring is anticipated to restore market confidence and potentially reopen international borrowing avenues for Ghana.
As the Finance Minister prepares to deliver the mid-year budget review, the focus will likely be on consolidating the gains from the debt restructuring process and outlining strategies for economic stabilization and growth.