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He revealed that the government has successfully restructured $5.1 billion of debt with these creditors and has also concluded the restructuring of $13.1 billion with Eurobond holders.
In 2022, the government announced to undertake an external debt restructuring parameters.
Under the programme, domestic bondholders will be asked to exchange their instruments for new ones. Existing domestic bonds as of December 1, 2022, will be exchanged for a set of four new bonds maturing in 2027, 2029, 2032 and 2037.
The annual coupon on all of these new bonds will be set at 0% in 2023, 5% in 2024 and 10% from 2025 until maturity. Coupon payments will be semi-annual.
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The government said it is committed to Ghanaians and the investor community, in line with negotiations with the International Monetary Fund (IMF), to restore macroeconomic stability in the shortest possible time and enable investors to realize the benefits of this debt exchange.
Former Minister of Finance Ken Ofori-Atta announcing the programme said Ghana is facing a very challenging economic situation amid an increasingly difficult global economic environment, marked by the COVID-19 pandemic, the global economic shock created by the Russian invasion of Ukraine, and disruptions of the global supply chains.
However, Dr Amin Adam emphasised that these efforts have resulted in $8 billion in savings for the country.
Speaking at a UK Town Hall meeting, he said "Last two weeks, we concluded negotiations with the official creditors, and we have agreed to restructure 5.1 billion dollars. I am telling you that the government is good in negotiations and of this amount, we are going to make savings of $2 billion."
"As I speak to you, tomorrow morning, there will be an announcement that we have also concluded our negotiations with the Eurobond Holders of $13.1 billion, and ladies and gentlemen, when we announce it, please read the details. We have negotiated a good deal for Ghana and that is $8 billion," he said.
"Ideally, government should not be held responsible for the investment decisions of individuals, but this government is so caring.
"Mistakes were made and people were not well-informed, and they didn’t know who to consult to be advised, but we also know that the people who are affected are suffering, and we have heard that some people have died and others had to commit suicide."
"This government is so caring that in the first place, we granted some bailout to all the affected and I want to tell you again that the President has directed that we do another bailout. So between now and October, we will release GH¢1.5 billion to the affected people."
He indicated that the government has been working hard to minimise the impact of the domestic debt exchange on investors holding government bonds, particularly small investors, individuals, and other vulnerable groups.