Due to limitations from the IMF-supported program and bilateral creditor debt restructuring, Ghana’s Finance Minister Dr. Cassiel Ato Forson has disclosed that it will take at least 12 years to finish the 55 projects that the previous government put on hold.
During his Budget presentation on Tuesday, March 11, Dr. Forson noted that the debt restructuring process has resulted in a significant financial burden, with roughly $300 million in unpaid bills and outstanding interim payment certificates (IPCs) and $3 billion in undisbursed loans remaining.
The Effia Nkwanta Regional Hospital, Kejetia Market Phase 2, the Bolgatanga-Bawku-Pulimakom Road Project, and the Tema-Aflao Road Project are just a few of the vital infrastructure projects nationwide that have been put on hold as a result of these financial difficulties.
The Minister said that, the IMF-backed program caps official bilateral loan disbursements to $250 million each year.
“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.
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