Ghana’s economy: NPP Communications Director touts successful debt negotiations as a victory for economic resilience

The Director of Communications for the governing New Patriotic Party (NPP), Richard Ahiagbah, has touted government’s successful negotiation of Ghana’s debt.

The latest negotiation with its lenders resulted in the cancellation of $15 billion, which is GH¢225 billion in principal and interest on external debts.

This achievement, coupled with $4.7 billion in debt cancellation on the country’s Eurobonds, according to Mr. Ahiagbah, has set the stage for a strong and resilient resurgence of the Ghanaian economy.

He explained that the achievement also underscored the Nana Addo Dankwa Akufo-Addo government’s determination to overcome the challenges posed by the COVID-19 pandemic and the Russia-Ukraine War.

“This success demonstrates the resilience and determination of Ghanaians and the government in overcoming the challenges posed by the pandemic and the Russia-Ukraine War” the NPP Director of Communications touted in a Facebook post on Tuesday, June 25, 2024.

“Ghana’s economy is on track for a strong and resilient resurgence. In the recent debt negotiations, the government successfully secured the cancellation or deferral of $15 billion (GH¢225 billion) in principal and interest on external debts while saving an impressive $4.7 billion in debt cancellation on our Eurobonds.”

Mr. Ahiagbah also recalled President Akufo-Addo’s earlier statement that “we know how to bring back the economy” which he said has now been vindicated, as the country’s economic fortunes appear to be on a positive path.

“This success demonstrates the resilience and determination of Ghanaians and the government in overcoming the challenges we have faced,” Ahiagbah wrote in the Facebook post.

“The economy is coming back, and Ghanaians must be happy about the recovery.”

The debt negotiations, which were conducted under the auspices of the International Monetary Fund (IMF) and other global financial institutions, have been hailed as a significant victory for the country and government by the Finance Minister Mohammed Amin Adam and members of the ruling party in general. They believe that the debt relief measures are expected to provide much-needed fiscal space for the country to invest in critical infrastructure, social services, and economic diversification initiatives.

However, experts caution that the journey to full economic recovery is still ongoing, and the government must continue to implement prudent fiscal and monetary policies to sustain the momentum and ensure the well-being of all Ghanaians.

By: Bright Yao Dzakah | Metrotvonline.com | Ghana

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