According to Finance Minister Dr. Cassiel Ato Forson, the IMF-supported program’s limitations and the restructuring of bilateral creditor debt will make it take at least 12 years to finish the 55 projects that the previous government put on hold.
The debt restructuring process has resulted in a significant financial burden, Dr. Forson explained during the presentation of the 2025 Budget Statement in Parliament on Tuesday, March 11.
This includes approximately $300 million in unpaid bills and outstanding interim payment certificates (IPCs), as well as approximately $3 billion in undisbursed loans.
A number of important infrastructure projects nationwide, like as the Tema-Aflao Road Project, the Bolgatanga-Bawku-Pulimakom Road Project, the Kejetia Market Phase 2, and the Effia Nkwanta Regional Hospital, have been put on hold as a result of these financial difficulties.
“Mr. Speaker, the IMF-supported Programme imposes an annual disbursement ceiling of US$250 million for official bilateral loans.
“This constraint means that it will take a minimum of 12 years from the recommencement of disbursements to complete these 55 stalled projects. We will be engaging, in the coming days, to resolve this,” he stated.
Source: Citinewsroom