Finance Minister, Ken Ofori-Atta has emphasized the significance of the Debt and Debt Exchange Programme (DDEP) in minimizing interest payments and supporting Ghana’s debt management efforts.
In addition, he outlined strategies aimed at enhancing economic resilience, which he said included reducing import dependency and improving operational efficiency.
During a joint press conference between the Government of Ghana and the International Monetary Fund on Thursday, Mr. Ofori-Atta highlighted the importance of the DDEP exercise in reducing the burden of interest payments on Ghana’s debt.
Furthermore, the Finance Minister expressed optimism about receiving initial support from the World Bank in the third quarter.
While acknowledging the budget deficit, the Finance Minister confirmed Ghana’s commitment to maintaining a zero-financing approach to support ongoing programs.
Looking ahead, the Finance Minister stressed the importance of improving operational efficiency in the country’s resource allocation.
Mr. Ofori-Atta also underlined the government’s dedication 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 to 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.