Finance Minister to present Mid-Year budget review July 12/15

The Finance Minister is anticipated to deliver the 2024 Mid-Year Budget review on either July 12th or 15th. This update follows the Minister’s recent announcement regarding the conclusion of the country’s debt restructuring in line with the International Monetary Fund’s (IMF) requirements.

Although the Majority Chief Whip, Frank Annoh-Dompreh, mentioned that the exact date is still pending confirmation, he stated during a Parliament session on Tuesday that there will be a joint caucus meeting on July 3rd in preparation for the Finance Minister’s upcoming presentation.

International investors and Eurobond holders believe that Ghana may soon have the opportunity to access the international capital markets for new dollar borrowings following the recent $13.1 billion debt restructuring agreement. Previous restrictions preventing Ghana from borrowing on the international market were due to escalating debt levels, sluggish economic growth, and inadequate balance of payment accounts.

After disclosing the debt restructuring deal with commercial creditors, the government has initiated measures to safeguard investors’ funds, as informed by the Eurobond holders. The anticipated successful conclusion of the debt restructuring is expected to rebuild market confidence.