Dr Mohammed Amin Adam, Minister of Finance, has declared that Ghana and international bondholders have struck an interim agreement.

However, he stated that the accord still has to be adjusted to fulfil debt sustainability objectives set by the International Monetary Fund.

“We will therefore regroup to continue negotiations until we reach a deal that is consistent with IMF debt sustainability targets,” he wrote on the X platform on Monday.

The Finance Minister revealed earlier on Monday, April 15, that Ghana has failed to reach a sustainable debt agreement with two bondholder groups in its efforts to restructure $13 billion in international obligations.

Ruters stated that official discussions were on hold for the time being after the International Monetary Fund suggested that the proposal did not meet its debt sustainability criteria, according to a government statement.

“We will regroup to continue negotiations until we reach a deal that is consistent with IMF debt sustainability targets,” Finance Minister Mohammed Amin Adam’s office stated on X, after the government’s regulatory announcement.

He stated that Ghana had struck an “interim deal” with bondholders, but it needed to be adjusted to satisfy IMF criteria.

Ghana has been in official discussions with two groups of bondholders since March 16: one of Western asset managers and hedge funds, and another of regional African institutions.

The regional group also rejected several of the suggested amendments, including the option to keep the bonds’ original value with a longer term and lower coupon.

Ghana defaulted on the majority of its $30 billion external debt in December 2022, citing an economic catastrophe.

The economy of the world’s second-largest cocoa producer has recently begun to revive, with growth of 2.9% in 2023 beating the IMF’s January prediction of 2.3%.

Abubakar Tahiru, a Ghanaian student, has added his name to the Guinness World Records.

Abubakar, a forestry student at Auburn University in the United States, now holds the record for the most trees hugged by one human.

His incredible achievement involved hugging 1,123 trees in an hour.

The record-breaking attempt took place on March 25, 2024, in Auburn, Alabama, at the Tuskegee National Forest’s Pleasant Hills.

Elated Mr Tahiru used his Facebook page to proclaim the accomplishment.

Guinness World Records has also recognised the milestone on its website, praising Abubakar’s commitment to promoting sustainability and environmental awareness.

GWR said that Abubakar’s sincere love for trees served as the motivating element behind his ambitious attempt.

The Ghana Cocoa Board (COCOBOD) has drawn a bleak picture of Ghana’s impending loss of its premium position in the world cocoa market as a result of unlawful mining operations.

Prof. Michael Kwarteng, Director of COCOBOD’s Anti-Corruption Galamsey Unit, spoke with Bernard Avle on The Point of View on the negative impact of illicit mining, often known as “galamsey,” on cocoa output.

His views come after former EPA CEO Henry Kokofu warned of a probable restriction on Ghana’s cocoa bean exports to the global market owing to illicit miners’ rising activity.

“Per what we’re seeing, if nothing is done to stop this act [illegal mining], we may lose even our position as the number one premium cocoa. In terms of quality, we all know that, in the whole world, Ghana’s cocoa is the best. If we continue to this, then we’re going to lose that, the quality of our cocoa beans is going to be affected seriously.”

“I know our Cocoa Research Institute is researching that, and I’m sure they will come out with their findings. But per what we’re all seeing, we stand the risk of losing, so he’s right.”

In response to the EU’s study on a potential cocoa embargo on Ghana, he asked for an examination of the advantages of cocoa to Ghanaian residents.

“I believe we have not fully realised the benefits of cocoa production as a nation. COCOBOD is doing so much for us; cocoa production provides work, as does road development. Cocoa is the primary source of income for our cocoa producers. “I believe that as a nation, we should begin to assess the importance of cocoa production,” he stated.

Prof Kwarteng highlighted the difficulties cocoa growers have in acquiring water for irrigation on their fields, citing contaminated water bodies.

“There’s no way we can ignore cocoa and focus on minerals. All of our bodies of water are drying up, making it even more difficult for farmers to nurture their crops; some purchase sachet water and transport it to the farms.

Ghana has seen the lowest cocoa production in the last ten years.