2024 BUDGET REVIEW: GOVT SET TO EASE FINANCIAL BURDEN ON PARENTS.

Minister of Finance,Mr Mohammed Amin Adam, has Ghanaians that the government is set to ease the financial burden on parents and guardians of public basic school pupils.

According to him, the government disbursed about Ghc 38 million as a capitation grant for the first half of 2024 to ensure schools have adequate resources to provide quality education.

He revealed that funds have been released  for the payment of feeding grants to all public special schools for the 2024 academic year. This signifies government support for  vulnerable students. 

Addressing Ghanaians on debt restructuring, he mentioned  that the government is committed to securing debt treatment from external creditors with the comparability of treatment principle enshrined in the G20 common framework.

Mr Amin Adams announced that on 24th June 2024, the government reached an agreement in principle with the Eurobond holders Committees to restructure  approximately US$13.1 billion of outstanding Eurobonds. 

He added that this reduces the normal value of the outstanding Eurobonds by US$4.7 billion  and provides debt services relief of about US$4.4 billion during the program period. 

The debt restructuring will result in reducing the present value of the public debt to 55 per cent by 2028 as embedded in the IMF  supported PC-PEG program.

Outlining the measures in mobilising revenue for the rest of the year, he emphatically stated that the government will develop a framework for the reintroduction of Road and Bridge Tolls to facilitate the processes for the implementation of a modernised and efficient road and bridge tolling system commencing 2025

Report by: PKB