News:
July 23, 2024
Finance Minister, Dr. Mohammed Amin Adam has assured parliament that the country is living within its means in accordance to the 2024 budget appropriation, and would not seek for additional funding.
Presenting the 2024 Mid-Year Budget Review on the floor of the House on Tuesday, July 23, 2024, he said “we have reined in expenditures to ensure we are within 2024 Budget Appropriation and exceeded the mid-year revenue target by 0.2 percent by end-June, 2024. In effect, Mr. Speaker, we are living within our means. Indeed, consistent with our programme with the IMF, we are on course to achieving a primary surplus of 0.5 percent of GDP by end of the year”.
Additionally, he said, the completion of the Debt Restructuring programme with the Official Creditor Committee (OCC), covering US$5.1 billion dollars has resulted in approximately 2.8 billion US Dollars of debt relief. “This means that we will not service our debt to our official creditors from 2023 to 2026;
“We have concluded negotiations with our Eurobond holders, covering 13.1 billion US Dollars, which will lead to a cancellation of 4.7 billion US Dollars of our debt and provide debt service relief of 4.4 billion US Dollars between 2023 and 2026”.
The Minister also disclosed that all outstanding Bank Transfer Advice (BTAs) up to 2022 have been cleared and working hard to pay BTAs from 2023.
Ghanamps.com