The government has made significant progress on the new terms for paying the $13 billion owed to creditors, and is now getting close to reaching an agreement with holders of Eurobonds regarding debt restructuring.
This happened as a result of the International Monetary Fund’s (IMF) rejection of the suggested terms due to their inconsistency with its program, which aims to achieve sustainable debt levels by 2028.
On the fringes of the Africa Development Bank’s recently concluded Annual General Meeting in Nairobi, Kenya, Finance Minister Dr. Mohammed Amin Adam spoke about these developments.
“We are also close to ending our negotiations with the Eurobond holders. This year the figures we are seeing already show that we are likely to perform better than what was projected for the year,” he said.
“And this is as the result of the increasing investment in agriculture and industrialization but we are also launching a new programme: a SME growth and opportunity programme that will mobilize resources to increase financing to SMEs,” he added.
The Bank of Ghana reported that during the first four months of 2024, the Gross International Reserves position remained strong.
The Gross International Reserves reached a record high of $6.59 billion in April 2024, which is equal to 3.0 months’ worth of import cover.
Comparing this to the $5.91 billion (2.7 months of import cover) reported at the end of December 2023, there has been a noticeable rise.
Furthermore, as of the end of December 2023, the Gross International Reserves—which do not include petroleum or encumbered assets—had increased significantly to $4.32 billion from $3.66 billion.