• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Finance Ministry to disburse GHS 1.5bn in bailout package to banking sector clean-up victims

1 year ago
in Banking & Finance, Business, Economy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
200
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Finance Ministry to disburse GHS 1.5bn in bailout package to banking sector clean-up victims

President Nana Akufo-Addo has directed the Finance Ministry to disburse GHS 1.5 billion to customers affected by the banking sector clean-up.

This adds up to the already GHS 25bn spent by the Government in the banking sector clean-up exercise which took place in 2017.

The directive by the President was revealed by Finance Minister Dr. Mohammed Amin Adam over the weekend during a UK Town Hall meeting, where Dr. Amin Adam emphasized the urgency of the disbursement, which is to be completed between June and October.

Highlighting the government’s commitment to the welfare of the populace, Dr. Amin Adam stated, “Ideally, the 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. We know that those affected are suffering, with some cases resulting in death and suicide.”

“This government is so caring that we initially granted a bailout to all those affected. Now, the President has directed another bailout of GHS 1.5 billion to be released between now and October,” he added.

Meanwhile, Dr. Amin Adam has disclosed the successful completion of Ghana’s debt restructuring program with its creditors. The government has effectively restructured $5.1 billion in debt with these creditors and concluded the restructuring of $13.1 billion with Eurobond holders.

RelatedPosts

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

Addressing the attendees, Dr. Amin Adam underscored the significance of these negotiations, which resulted in $8 billion in savings for the country.

“Two weeks ago, we finalized negotiations with official creditors, restructuring $5.1 billion and securing $2 billion in savings. We have now also concluded negotiations with Eurobond holders on $13.1 billion, yielding a favorable deal for Ghana,” he stated.

These restructuring efforts are part of a broader strategy to meet IMF targets, including reducing the debt-to-GDP ratio to 55% by 2028 from a projected 109% before the restructuring began.

Ghana’s economy outperformed expectations, expanding by 2.9% in 2023 compared to the IMF’s initial forecast of 1.5%, supporting a revised Debt Sustainability Analysis (DSA) accommodating the new bondholder agreement.

Ghana began its debt restructuring over a year ago as part of an agreement with the IMF. The process included an agreement in principle with bilateral creditors under the G20 Common Framework for Debt Treatment, setting the stage for the successful restructuring of its Eurobond debt.

 

Tags: Finance Ministry to disburse additional GHS 1.5bn in bailout package to banking sector clean-up victims
No Result
View All Result

Highlights

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

Morocco Crowned World Champions at the FIFA U-20 World Cup

GPL: Gold Stars Seek Redemption, Eleven Wonders Hunt First Win in Super Monday Doubleheader

OMCs Begin Over 4% Fuel Price Reductions Amid Cedi Gains and Decline in Global Oil Prices

Nigerians to pay more for ChatGPT on OpenAI’s 7.5% VAT

Prof. Baah-Boateng Urges Bank of Ghana to Prioritise Cedi Stability Amid Sharp Currency Swings

Trending

Features

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

October 20, 2025

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release BudgIT, a prominent civic tech...

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

October 20, 2025

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

October 20, 2025

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

October 20, 2025

Morocco Crowned World Champions at the FIFA U-20 World Cup

October 20, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.