Minister of State responsible for Finance, Dr Amin Adam has said government is working to reduce over-reliance on Treasury Bill instruments to finance its initiatives.
Since Ghana has been been shut out from the international capital markets, government has had to resort to borrowing from the T-Bills market to sustain the economy.
But Dr Amin Adam, who was speaking in an interview on JoyNews' PM Express Business edition said government will continue to embark on an aggressive revenue mobilisation drive to secure the needed liquidity to address financing obligations.
“Government is working to reduce its over-reliance on T-bills by aggressively pursuing revenue mobilization and expenditure controls. To the extent that we’ve had a successful DDEP, our financing needs will reduce which offers government enough room to settle future debt obligations,” Dr Adam stated.
Meanwhile, government has settled the first coupon payment under the Domestic Debt Exchange Programme which was launched in December 2022. In a statement issued by the Finance Ministry, the settlement amounts to GH¢2,369,667,190.18, or approximately GH¢2.4 billion.
In view of this, government said it remains committed to honoring all future financial obligations associated with the DDEP which forms part of conditions set under Ghana’s current IMF programme.
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Dr. Mohammed Amin Adam, Minister of State responsible for Finance