News
DDEP saved Ghana about $12bn – Amin Adam
The Finance Minister, Dr. Mohammed Amin Adam, has disclosed that the successful implementation of the Domestic Debt Exchange Programme (DDEP) saved Ghana a staggering $12 billion.
Dr. Amin Adam made these remarks during a panel discussion held as part of the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, which took place on Wednesday, October 23.
The session focused on the difficulties faced by low-income countries in managing debt, a pressing issue for many nations grappling with financial instability, compounded by global economic uncertainties and other external shocks.
The Finance Minister emphasised that the DDEP had been an instrumental policy measure in addressing Ghana’s financial difficulties and alleviating its debt load, creating a more sustainable fiscal environment.
According to Dr. Amin Adam, the DDEP, launched in December 2022, was a monumental success that laid the groundwork for broader debt restructuring efforts.
He explained that this programme required domestic bondholders to exchange their existing bonds for new ones with different terms, a critical move aimed at reducing the government’s debt service obligations.
The Finance Minister also disclosed that the government is currently working to restructure about $2.7 billion with its commercial creditors.
According to him,“The DDEP was a great success and we followed that with the restructuring of our bilateral debt, which was also very successful and this led to a significant savings of about $2.8 billion and then following this, the restructuring of our Eurobonds which is about $13 billion, which was concluded in the first week of this month which is another great success.”
He said,“The benefits we have derived from this so far include an outright debt cancellation of about $5 billion and another debt service relief of about $4.3 billion and so between the bilateral creditors and the Eurobonds, we are talking about savings of about $12 billion and we think this is a great success and we are still having an outstanding restructuring with our commercial creditors involving about $2.7 billion and we are working very hard to conclude that.”
Source: Citinewsroom.com
News
Craze for x’mas shopping: Crowded markets, low patronage
Vendors of food and other wares associated with the Christmas celebration have expressed surprise at the low patronage despite the increased number of visitors to some of the major markets across the capital.
Four days to the celebration(Christmas), the markets are filled with various products ranging from food, clothing, livestock and many other stuff, but according to the vendors, patrons are doing more ‘window’ shopping.
The Spectator on visits to some of the markets in the capital, notably the Odawna, Makola, Accra Central Business District, New Town and others made similar observations as shoppers crowd them but did little in terms of purchases.
The paper also observed that majority of vendors, originally selling other wares have switched to product related to the festive season.
What it means is that there are a lot more clothes, food and vegetables, livestock and poultry, toys, firecrackers, drinks of different types and many others on display.
The markets have also stretched to the pedestrian pavement, leaving very narrow spaces for commuters to move about freely.
That, in addition to a few of the female vendors dressed in coloured attires to reflect the occasion, has heightened the euphoria, leaving the low sales as the only headache for the vendors.
Speaking with this paper, they sounded very optimistic, believing that sales would improve in the last few days to the yuletide.
According to them, there was the opportunity to sell beyond Christmas as the New Year celebration offers similar opportunity to trade the same wares.
They urged patrons to throng the markets to shop since prices were quite moderate and products affordable for all.
News
Retirement service for Elder John Ackom-Asante,3 others
Retired Deputy Editor of The Spectator, Elder John Ackom-Asante, was last Sunday honoured by the Church of Pentecost Windy Hills District in Kasoa in the Central Region, with a retirement thanksgiving service, after serving for 26 year as an Elder of the church.
He was honoured with a citation and certificate of service along with three other elders who served in the capacity for various years.
Elder Ackom-Asante was baptised at the Darkuman Central Assembly in 1979 and ordained as an Elder in 1997.
The citation read “Your selfless service, zeal, willingness to relate wholeheartedly and your desire to effect change has gone a long way to shape the lives of many people in the church and the nation over the 26 years of your dedication to the service of the Lord.”
Elder Ackom- Asante held many positions at the Darkuman Central Assembly, Obuasi in the Ashanti Region and Tema, serving in various capacities as youth and evangelism ministry leader and marriage counsellor.
He was the founding member of the Darkuman Christian Fellowship, a member of the Greater Accra Christian Fellowship; member of Bible Society of Ghana; founding member Obuasi Chapter Full Gospel Businessmen Fellowship International and founding member of New Times Corporation Christian Fellowship and Chaplain, Methodist University Tema Campus 2009- 2010.
As a professional journalist, Elder Ackom-Asante combined effectively and efficiently his duty as a member and elder of the church and the demands of his profession, with admiration from the church, kith and kin, till his retirement on December
From Alhaji Salifu Abdul-Rahaman, Kasoa
