Governor Addison Highlights Parliament’s Role in Ghana’s Debt Restructuring

Dr. Ernest Addison, Governor of the Bank of Ghana (BoG), emphasized the pivotal role played by Ghana’s Parliament in the country’s debt restructuring efforts. Speaking at a joint capacity-building initiative, Dr. Addison outlined Parliament’s multifaceted involvement, which included approving the 2023 budget and its debt restructuring components.

He highlighted how Parliament’s approval of the budget provided the government with the necessary mandate to proceed with debt restructuring, instilling confidence in Ghanaian bondholders who initially opposed the program. This approval ensured thorough scrutiny of all aspects of the debt restructuring process, reassuring stakeholders and paving the way for their participation.

Moreover, Dr. Addison underscored Parliament’s role in ensuring that the debt restructuring adhered to due process and constitutional provisions, especially given its international dimensions. He commended the democratic process of checks and balances, acknowledging the valuable input provided by opposition parties and concerned citizens, such as retirees and domestic creditors.

Addressing attendees, Dr. Addison emphasized the importance of active engagement and collaboration in shaping robust public debt management strategies tailored to Ghana’s unique economic context. He urged participants to capitalize on the opportunity to contribute to long-term economic stability and debt sustainability.

Highlighting Ghana’s achievements in debt restructuring, Dr. Addison noted the successful renegotiation of $5.4 billion in loans with official creditors and the execution of a public offer to bondholders. These decisive actions aim to alleviate the effects of debt distress and pave the way for deeper economic reforms.

Looking ahead, Dr. Addison reaffirmed Ghana’s commitment to economic stability and debt sustainability, emphasizing the encouraging progress made in meeting quantitative performance targets. The collaborative efforts of stakeholders, including Parliament, will continue to shape Ghana’s economic future and impact future generations positively.

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