Road Contractors Kick Against Govt Debt Restructuring Plans

Dr. Mohammed Amin Adam

 

A group of Ghanaian road contractors has rejected the government’s plan to include them in a debt restructuring program, citing that they have not received any official communication from the government.

The Finance Minister, Dr. Mohammed Amin Adam, had announced that the government would be sending letters to private banks and contractors to whom it owes about $2.8 billion for a debt restructuring.

However, the National Chairman of the Ghana Road Contractors, John Afful, said that the group has not received any such letter and is therefore not aware of any plans to include them in the debt restructuring program.

“We haven’t been reached and I think what I have read was pertaining to the foreign contractors. We local contractors haven’t been approached and I don’t think we will be involved because the amount we are owed is far, far less than the $2.8 billion,” Afful said in an interview with JoyFM’s Newsnight.

Afful also stated that the group would not participate in any debt restructuring program even if they were included, citing that the government has owed them since 2016.

“Hopefully, we can’t participate because our debt has been there for a very long time- from 2016 to now. So, I don’t think it will be right for any party to do anything like that. It will be very much unfair to us,” he added.

This development comes after the government announced plans to restructure its debt to private banks and contractors.

The move is seen as an effort to alleviate the country’s debt burden, which has been a major concern for investors and economists.

However, the rejection by the Ghana Road Contractors raises questions about the government’s ability to successfully restructure its debt.

-BY Daniel Bampoe

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