Government to restructure about 1 billion dollars of
liabilities and debt
Ave Hevi (VR), Aug. 2,
Ghanadot/GNA – The Government is seeking to refinance
nearly one billion dollars of public debt and liabilities in
order to reduce the strain imposed on the national economy
as a result of these obligation with a plan that spread the
credit over a longer period of time.
Vice President John Dramani Mahama who
announced the initiative on Saturday said the restructuring
would offer the government the needed respite to focus on
delivering its social agenda of a better Ghana to the
“The restructuring and refinancing of
these debts will make government breath freer and accelerate
The Vice President was addressing a durbar
at Ave Hevi to round off activities marking the annual Ave
Bliza or Maize Festival of the Ave Traditional area in the
Volta Region on Saturday.
Vice President Mahama said the Mills’
administration would not go back on the promises made during
the elections, however, “unknown to us the out-going
government had piled up lots of debt” which, he said, have
negatively affected the performance of the economy.
He said since taking over the reins of
power, the government has been saddled with a huge budget
shortfall, saying efforts of the government since that time
has been to reduce that discrepancy, leading to deep cuts in
He admitted that the resultant austerity
measures have caused some hurt, but said these measures were
essential in arresting the economy from the doldrums.
He said President Mills was more than
conscious of this situation and as a result the government
was not engaging in unnecessary expenditures.
Rather, he said strict measures have been
initiated to restore the vitality of the economy to create
jobs using time-tested economic measures that allow for
Consequently, refinancing the debts, he
explained, would give the government, the needed breathing
space to tackle urgent social development.
One of the critical steps being taken, the
Vice President spelt out, was to double investments in
agriculture, a sector that two-thirds of the populace
subsists for economic activity.
“It is logical that in reducing poverty
the government focuses on the thing most Ghanaians are
engaged in, which is agriculture.”
He said 2000 tractors were being imported
from Brazil to supplement agriculture, while bore holes are
to be drilled in selected areas to allow for small and
medium holder irrigation schemes in the Ave and other major
farming areas in the country.
Vice President Mahama commended the Member
of Parliament of Ave Avenor, Mr Doe Adzaho for being an
outstanding parliamentarian and encouraged him to continue
to bring to bear his sterling qualities on the development
agenda of the country, including mentoring fresh legislators
when they enter parliament.
Mr Adzaho assured his people that
government would not relent in its effort to address the
development challenges of the people including extending
electricity from the national grid to underserved
The Chairman of the Ave Development Union,
Mr Mc-Solo Dziwornu-Ziddah, called for the upgrading of the
Ave-Dakpa health and paving the poor road network in the
Mr Dziwornu-Ziddah called for repair works
to be undertaken on the Ave Afiadenyigba dam’s spillage,
which has affected their source of drinking water.
Mr Joseph Amenowode, Volta Regional
Minister, promised to team up with the traditional area to
quickly address some of the concerns that were raised.
Vice President later donated GHC1,000 in
support of an educational endowment fund organized by the
traditional council. He promised to make further
contribution to the fund.