Finance Minister, Ken Ofori-Atta has highlighted the importance of the Debt and Debt Exchange Programme (DDEP) in minimizing interest payments and supporting Ghana’s debt management efforts.
He further outlined strategies to enhance economic resilience, including reducing import dependency and improving operational efficiency.
Addressing a joint press conference between the Government of Ghana and the International Monetary Fund on Thursday on the country’s $3 billion bailout package, Mr. Ofori-Atta emphasized the significance of the DDEP exercise in reducing the burden of interest payments on Ghana’s debt.
Moreover, the finance minister expressed optimism about receiving initial support from the World Bank in the third quarter.
Acknowledging the budget deficit, the finance minister confirmed that Ghana is committed to maintaining a zero-financing approach to support ongoing programs.
Looking ahead, he stressed the importance of improving operational efficiency in the country’s deployment of resources.
Mr. Ofori-Atta further highlighted government’s commitment to reducing import dependency.
“The DDEP exercise was really crucial to be able to reduce the level of interest that we are paying to support our debt. Yes, the World Bank should hopefully in the third quarter be able to bring that initial support going forward. We are running a budget deficit and are also agreeing for a zero financing for that to continue to support the programmes for that. Going forward, we will find ways of ensuring that we are efficient in our deployment.”
“We will also try to reduce importation to its barest minimum, that way our economy can be resilient enough,” he added.