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Apr
17
2024
By RACHEL SAVAGE and MAXWELL AKALAARE ADOMBILA
Ghana fails to reach debt deal with international bondholders

Ghana fails to reach debt deal with international bondholders

BUSINESS
GHANA has failed to secure a workable debt deal with two bondholder groups in its push to restructure $13 billion of international bonds, the government said on Monday, in a blow to its efforts to swiftly emerge from default and economic crisis. Formal talks were on hold for now after the International Monetary Fund indicated that the deal would not fit its debt sustainability parameters, the government said in a statement. "We will regroup to continue negotiations until we reach a deal that is consistent with IMF debt sustainability targets," the office of Finance Minister Mohammed Amin Adam said on…
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Mar
27
2024
By MAXWELL AKALAARE ADOMBILA and CHRISTIAN AKORLIE
Ghana seeks to speed up debt restructuring negotiations

Ghana seeks to speed up debt restructuring negotiations

BUSINESS
GHANA wants to speed up remaining debt restructuring negotiations, its finance minister said, as the government pushes for a deal to rework over $13 billion of international bonds. The West African country has been overhauling its debts as it tries to emerge from its worst economic crisis in a generation with the help of a $3 billion International Monetary Fund (IMF) programme. The government reached a deal in principle in January to restructure $5.4 billion of loans with official creditors. It has since started formal talks with one bondholder group under non-disclosure agreements, Reuters reported about two weeks ago, citing sources familiar…
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Feb
17
2024
By MAXWELL AKALAARE ADOMBILA
Ghana’s new finance minister pledges to keep IMF programme on track

Ghana’s new finance minister pledges to keep IMF programme on track

BUSINESS
GHANA'S new finance minister, Mohammed Amin Adam, pledged to keep its $3 billion International Monetary Fund (IMF) programme on track as it aims to finish restructuring its overseas debt before an election in December. President Nana Akufo-Addo replaced Ken Ofori-Atta with Adam, a petroleum economist who was minister of state at the finance ministry, in a cabinet reshuffle after criticism of the ex-banker's leadership during the West African country's worst economic crisis in a generation. Ofori-Atta negotiated the IMF bailout loan to address the crisis, which saw inflation and debt servicing costs spiral upwards in 2022. He was, alongside Adam, seeking relief…
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Feb
15
2024
By CHRISTIAN AKORLIE and MAXWELL AKALAARE ADOMBILA
Ghana president replaces finance minister in reshuffle

Ghana president replaces finance minister in reshuffle

NEWS
GHANA'S president has replaced finance minister Ken Ofori-Atta in a cabinet reshuffle after criticism of the ex-banker's leadership during the West African country's worst economic crisis in a generation. The office of President Nana Akufo-Addo said that Ofori-Atta would be replaced by Mohammed Amin Adam, currently the minister of state at the finance ministry and previously deputy energy minister responsible for the petroleum sector. It did not give a reason for the change. Ofori-Atta has been overseeing Ghana's debt restructuring efforts after the West African gold, oil and cocoa producer defaulted on most of its external debt in December 2022.…
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