Debt relief cuts Ghana external debt payments
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Accra, Ghana, 06/23 - Finance and economic planning minister Kwadwo Baah-Wiredu Wednesday said the recent debt relief given Ghana by multilateral creditors has resulted in a reduction in external debt payments by about 72 per cent. This has resulted in a sharp reduction in pressure on foreign currency demand and is expected to improve the sovereign credit rating of Ghana, which prior to the Multilateral Debt Relief Initiative stood at B+. Addressing the 13th Consultative Group (CG)/Annual Partnership Meeting here, the Finance Minister said key economic indicators and elements of Ghana`s development recently demonstrated the nation`s efforts to create a congenial investment environment. “In doing business in Ghana today, one is assured of a stable economy, a stable political environment, stable business conditions, a large consumer market comprising the ECOWAS sub- region, a literate workforce and an improving infrastructure base,” he said. The Meeting is under the theme: “Results and Resources: A Partnership for Shared Accelerated Growth”. The Minister said the forum reinforces the on-going efforts to track implementation of progress, using indicators derived from the Growth and Poverty Reduction Strategy (GPRS). It would also examine management of the economy especially the use of donor funds, sourcing of extra and new funding for development and to address the thorny issue of delays in fund disbursements. He said this year`s meeting would touch on topics dear to government since it is eager to achieve the 8 per cent growth target. Baah-Wiredu said the quantum of investment needed to achieve this level of growth has been worked out and would be shared with partners. |