Finance Minister, Ken Ofori Atta, addressed Members of Parliament on the progress of the government’s debt restructuring measures. During his presentation today on the floor of Parliament, the Minister discussed several critical issues, including the domestic debt exchange program, external debt operations, and post-debt operations, as well as Ghana’s response to its debt situation.
Mr. Ofori Atta called on the House to pass outstanding revenue Bills, which would facilitate effective budget implementation and increase Ghana’s tax-to-GDP ratio from less than 13% to the sub-Saharan average of 18%. According to the Minister, this move is crucial to bolster Ghana’s financial position and make it more resilient to the economic impacts of the COVID-19 pandemic.
The Finance Minister also revealed that approximately 85% of eligible holders had tendered in the exchange, which marks a significant milestone for the government. This move will help to restructure Ghana’s debt, making it more manageable and sustainable in the long run.
The Speaker of Parliament, Alban Sumana Kingsford Bagbin, urged the Finance Minister to reach out to Parliament in times of need. He emphasized that the House is always ready to receive the Minister and that Parliament represents the people’s sovereignty.
In attendance at today’s sitting was a delegation of members of the committee on legal affairs of the German Bundestag and members of the Pensioner Bondholders forum. These groups witnessed the debate between Members of Parliament and the Finance Minister, demonstrating the high level of interest in Ghana’s financial situation both domestically and internationally.