Ghana’s new Finance Minister, Mohammed Amin Adamu, on Thursday (February 15) said on Thursday (February 15) that he aims to complete external debt restructuring before December elections, and plans to open a US$3 billion International Monetary Fund (IMF) program. I promised to keep it on track.
President Nana Akufo-Addo has replaced Ken Ofori-Atta with Adamu, an oil economist who previously served as Minister of State at the Ministry of Finance.
Ofori-Atta led negotiations on the IMF $3 plan.
He, along with Mr. Adamu, had sought relief for the roughly $13 billion owed to private bondholders when he was fired.
“There will be no delay in the ongoing debt negotiations with the bondholders as I am also participating in the process,” Adam told Reuters in a phone interview.
“The advisers have not changed, the goals have not changed,” he said, noting that he had been involved in the talks from the beginning.
“There is no going back on the IMF’s fiscal consolidation program.Revenue mobilization will be aggressive on the back of new reforms in the Ghana Revenue Authority,” Adamu said.
He also said the expenditure would be efficient and directly benefit Ghanaians.
“I’m a reform advocate,” Adam said. “Therefore, we strongly support structural benchmarking under the IMF program.”
The IMF expressed its support for the new minister.
The World Bank’s board last month approved US$300 million for Ghana after the country reached an agreement with official creditors to restructure a US$5.4 billion loan.
Ghana is entitled to a three-part US$900 million Development Policy Management Loan from the World Bank, and Adamu told a local radio station early on Thursday that negotiations for the next loan would begin soon.
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