Significant progress has been made in implementing the International Monetary Fund (IMF) program, according to Finance Minister Dr. Mohammed Amin Adam.
He noted that this progress has led to improved macroeconomic stability and signs of economic recovery.
“This is beneficial for promoting business growth and reducing the cost of living for households,” he stated at a town hall meeting in Accra on Tuesday, August 6.
He assured that the “Government is committed to stay the course on the implementation of the IMF-supported programme to ensure that we fully achieve programe objectives to better the lives of Ghanaians.
“We call on all key stakeholders including your good self to support government in the implementation of the PC-PEG.”
Dr Amin Adam further rendered an apology to Ghanaians for the hardships imposed on them by the Domestic Debt Exchange Programme (DDEP).
He explained that the debt restructuring was a requirement of the International Monetary Fund (IMF) program.
The Karaga lawmaker emphasized that the government did not intend to cause hardship for the people.
At a town hall meeting in Accra on Tuesday, August 6, he said, “We decided to restructure our debts because it was required by the IMF.
We began with the domestic debt exchange program, which was very successful, achieving 95 percent participation.
I would like to appeal to the people of this country to forgive us.”
“It is never the intention of any government to impose hardships on its people, more so the NPP government that has demonstrated that we want to reduce the burden of the Ghanaian people. ”
He added “It was a necessary, important decision at the time. If we had avoided it our development or economy would not be what it is today. All the support you gave us during the DDEP has contributed largely to the recovery our economy is seeing today.
“This is why I want to appeal to you to forgive us but also to thank you on behalf of the president for the sacrifices, for the efforts that you all have made to participate in the DDEP.”
The program initially aimed to exchange GH¢137.3 billion worth of Government of Ghana (GoG) bonds for new ones. It was later revised to GH¢109.84 billion.
Ultimately, the government achieved a voluntary exchange of GH¢87 billion, which was deemed successful.
