Efficiency, Accountability and Integrity

Finance Minister to present Mid-Year budget review mid-July

June 28, 2024

The Finance Minister is expected to present the 2024 Mid-Year Budget review on July 12th or 15th.

This comes days after the Minister announced an end to the country’s debt restructuring as part of the International Monetary Fund’s (IMF) conditionalities.

According to the Majority Chief Whip, Frank Annoh-Dompreh, the specific date “is yet to be confirmed.”

Speaking in Parliament on Tuesday, Frank Annoh-Dompreh said “we will have a joint caucus [Meeting] on Wednesday which is the 3rd of July as a preparation for the coming of the Finance Minister.”

Ghana could soon have access to the international capital markets for new dollar borrowings.

This is the view of some international investors and Eurobond holders after government reached a deal on restructuring about $13.1 billion.

Ghana has over the past two years been prevented from going onto the international market to raise dollars from investors, due to rising debt levels, slow economic growth and low balance of payment accounts.

Government was shut out of that market after it announced that it was working to restructure debts owed to commercial creditors.

The Eurobond holders have also disclosed that, government is now undertaking some measures which will protect investors’ funds. It is expected that the conclusion of the debt restructuring will restore some market confidence.

Source: Myjoyonline