This development comes after the International Monetary Fund (IMF) rejected the terms proposed, citing misalignment with its programme to achieve sustainable debt levels by 2028.

Finance Minister Dr. Mohammed Amin Adam discussed these developments on the sidelines of the recently concluded Annual General Meeting of the Africa Development Bank in Nairobi, Kenya.

“We are also close to ending our negotiations with the Eurobond holders. This year the figures we are seeing already show that we are likely to perform better than what was projected for the year,” he said.

“And this is as the result of the increasing investment in agriculture and industrialization but we are also launching a new programme: a SME growth and opportunity programme that will mobilize resources to increase financing to SMEs,” he added.

The Gross International Reserves position continued to demonstrate strength throughout the first four months of 2024, as reported by the Bank of Ghana.

In April 2024, the stock of Gross International Reserves surged to $6.59 billion, equivalent to 3.0 months of import cover. This marks a notable increase from the $5.91 billion (2.7 months of import cover) recorded at the close of December 2023.

Moreover, the Gross International Reserves, excluding encumbered and petroleum assets, experienced a significant uptick to $4.32 billion, compared to $3.66 billion at the end of December 2023