Ghana’s economy positioned for sustainable growth – Dr. John Kumah

In a recent Facebook post, Deputy Finance Minister Dr. John Kumath stated that Ghana’s economy has successfully overcome recent challenges and is now positioned for sustainable growth. This positive outlook is based on the unanimous approval of Ghana’s request for debt treatment under the G-20 Common Framework.

Dr. Kumath expressed his gratitude to the people of Ghana for their unwavering support of the government’s measures and policies, particularly in mitigating the adverse impacts of the COVID-19 outbreak and the Russia-Ukraine war. He believes that the approved debt treatment is a crucial step towards sustained economic progress and ultimately benefits the citizens of Ghana.

Dr. Kumath emphasized the importance of confirmation that Ghana’s public debt is on a sustainable trajectory as a prerequisite for the IMF Programme. As part of this, Ghana has begun restructuring both domestic and external debt, with the Domestic Debt Exchange Programme already completed with significant participation. The approval of bilateral debt treatment is expected to provide momentum for ongoing negotiations on commercial debt (Eurobonds).

The Deputy Finance Minister acknowledged that there is still more work to be done, but celebrated the unanimous approval of Ghana’s request for debt treatment under the G-20 Common Framework, commending the Official Creditor Committee’s decision to support the government’s efforts.

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, also expressed satisfaction with Ghana’s economic policies and reform commitments, stating that they are yielding the desired outcomes. She emphasized that these commitments are in the best interest of the Ghanaian people and commended the assurances received from Ghana’s external creditors.