Authorities has debunked reviews that it’s working to restructure money owed owed native contractors.
The Finance Ministry in assertion issued on Monday, September 9, 2024 mentioned there are not any such plans on the desk.
“No such restructuring has been contemplated throughout and even after the home debt restructuring programme, which commenced in December 2022 and got here to an in depth in October 2023”, the assertion mentioned.
Background
Throughout a query and reply part at a current press briefing, Minister for Finance, Dr. Mohammed Amin Adam revealed that authorities is working to restructure about US$2.8 billion for exterior business collectors.
Nonetheless, the ministry noticed that the reply was misunderstood to imply a debt restructuring of native contractors.
The Minister, has careworn that there are not any plans to restructure money owed owed native contractors.
Finance Ministry on Debt owed contractors
In response to the ministry, the debt restructuring refers back to the reorganization of Ghana’s inventory of debt, comprising loans and bonds.
“Home contractors’ liabilities, however, are fee claims, not loans or bonds, and don’t fall beneath the class of obligations eligible for restructuring”.
“The Ministry of Finance has by no means engaged or invited contractors for debt restructuring discussions” the assertion added.
It defined that the finished Home Debt Change Programme solely lined home bonds held by the central financial institution, Pension Funds, and retail debt buyers, with no point out of contractors’ funds.
Replace on Ghana’s Debt Change Programme with Collectors
On the standing of the debt restructuring with collectors, the Finance Ministry revealed that it has made important progress within the Exterior Bilateral Collectors.
This consists of finishing an MOU with the Official Creditor Committee beneath the G20 Widespread Framework.
Authorities has additionally launched the Consent and Change Solicitation course of for Eurobond debt to try to restructure some US$30 billion and that provide ought to finish on September 30 2024.
Authorities has additionally introduced that it’ll begin participating exterior Business Collectors to succeed in deal within the coming weeks.