Tuesday, March 10

Tag: Finance Ministry

Ghana Signs Debt Restructuring Agreement with Belgium, Marks Eighth OCC Deal
No Comments
Business

Ghana Signs Debt Restructuring Agreement with Belgium, Marks Eighth OCC Deal

Ghana has signed a new debt restructuring agreement with the Kingdom of Belgium, marking a significant milestone in the country’s ongoing external debt recovery programme.In a statement issued after the signing ceremony, Finance Minister Cassiel Ato Forson said the agreement forms part of Ghana’s broader efforts to stabilise the economy following the severe financial crisis that hit the country between 2022 and 2023.From Crisis to RecoveryGhana endured one of its most challenging economic periods in recent history during 2022–2023, when mounting fiscal pressures and external shocks forced the government at the time to declare a debt default. The crisis triggered high inflation, currency instability, and significant hardship for households and businesses across the country.According to Dr. ...
Read More
Mahama Administration Settles US$1.47bn Energy Debt, Reinstates World Bank Guarantee Within One Year
No Comments
Business

Mahama Administration Settles US$1.47bn Energy Debt, Reinstates World Bank Guarantee Within One Year

The Government of Ghana, under the leadership of President John Dramani Mahama, has cleared a significant portion of legacy energy sector debt, paying approximately US$1.47 billion in 2025 to stabilise the sector and restore international confidence. Upon assuming office in January 2025, the Mahama Administration inherited an energy sector under severe strain, marked by years of non-payment for gas supplied from the Offshore Cape Three Points (OCTP) field. The situation had resulted in the complete depletion of a US$500 million World Bank Partial Risk Guarantee (PRG), a facility established in 2015 to backstop payments to Sankofa Gas Project partners ENI and Vitol and unlock nearly US$8 billion in private investment. Government sources say the exhaustion of the PRG had undermined Gha...
Read More
Finance Ministry Invites Public Contributions to 2026–2029 National Budget
No Comments
Business

Finance Ministry Invites Public Contributions to 2026–2029 National Budget

The Ministry of Finance (MoF) has called on the general public, business associations, professional bodies, financial institutions, civil society organizations, and faith-based groups to submit proposals for consideration in the preparation of the 2026–2029 Budget Statement and Economic Policy. In a statement issued in Accra, the Ministry expressed appreciation for the valuable contributions stakeholders have made to past national budgets and reiterated its commitment to ensuring broad citizen participation in the budget process. The Ministry announced that preparations for the 2026–2029 budget are already underway, ahead of its presentation to Parliament by November 15, 2025. The call for input, it said, aligns with government’s goal of developing inclusive policies that respond to ...
Read More
Ghana-India trade hits $3 billion amid strong bilateral ties – Foreign Minister
No Comments
Business

Ghana-India trade hits $3 billion amid strong bilateral ties – Foreign Minister

Trade between Ghana and India has reached an impressive $3 billion with Ghana maintaining a favourable balance, Foreign Affairs Minister Samuel Okudzeto Ablakwa disclosed on Monday ahead of the historic state visit of Indian Prime Minister Mr Shri Narendra Modi. In addition to the strong trade performance, Mr. Ablakwa highlighted India’s longstanding role as a trusted development partner, having extended to Ghana lines of credit exceeding US$450 million over the past two decades. These credit facilities, he said, had supported numerous transformative projects across sectors such as energy, agriculture, ICT, transport, and education, a testament to the depth of India-Ghana economic cooperation. Mr. Ablakwa, speaking at a press brifing in Accra, said the visit is expected to further...
Read More
//omg10.com/4/3711026