The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has reaffirmed the Fund’s dedication to supporting Ghana's robust economic recovery.

She praised the Ghanaian government for its achievements in debt restructuring.

This statement was made in a post on her X page following the 2024 Annual Meetings of the IMF and the World Bank Group, which took place last week.

she said “Great meeting with Finance Minister Adam (@oofmghana) & @BankOfGhana  Governor Addison.

“I applauded Ghana’s remarkable progress on debt restructuring and the recent staff-level agreement on the third programme review. Our commitment to supporting Ghana’s recovery remains strong.”

Finance Minister Dr. Mohammed Amin Adam announced that the Domestic Debt Exchange Programme (DDEP) has saved Ghana an impressive $12 billion.

During a panel discussion at the 2024 Annual Meetings on Wednesday, October 23, he highlighted that the DDEP has been a crucial policy tool in tackling Ghana’s financial challenges and reducing its debt burden, thereby fostering a more sustainable fiscal environment.

Dr. Amin Adam emphasized that the DDEP, initiated in December 2022, was a significant success that established a foundation for more extensive debt restructuring initiatives.

“The DDEP was a great success, and we followed that with the restructuring of our bilateral debt, which was also very successful. This led to significant savings of about $2.8 billion. Following this, the restructuring of our Eurobonds, which is about $13 billion, was concluded in the first week of this month, marking another great success.

“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. So, between the bilateral creditors and the Eurobonds, we are talking about savings of about $12 billion. We think this is a great success, and we are still working on restructuring our commercial creditors involving about $2.7 billion, which we are working very hard to conclude,” he said.